The global fuel cell for stationary power market is poised to exhibit substantial growth with an impressive CAGR of 11.1% throughout the forecast period. This market trajectory is anticipated to propel the market’s value from US$ 1,981.4 million in 2023 to a noteworthy US$ 5,676.8 million by 2033.
Embracing Hydrogen-Powered Fuel Cells for Sustainable Energy
Driven by the pursuit of sustainable energy sources, the exploration of hydrogen-powered fuel cell technology has garnered significant attention. These advanced fuel cells hold the potential to replace conventional fuel sources while demonstrating enhanced efficiency and minimal pollution levels. Notably, the rapid expansion of stationary hydrogen fuel cells has precipitated a swift decline in technology costs, thereby contributing to the recent surge in the fuel cell for stationary power market.
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Key Insights from FMI’s Analysis of Fuel Cells for Stationary Power Market:
- The United States is poised to dominate the fuel cells for stationary power market with a projected 21.7% market share in 2023.
- Germany is anticipated to secure a significant market share of 5.8% in the fuel cell for stationary power industry in 2023.
- Japan is expected to capture a substantial market share of 4.2%.
- Australia’s foothold in the fuel cell for stationary power market is predicted to reach 0.7% by 2023.
- Asian nations, including China and India, are projected to showcase robust growth, with expected CAGRs of 13.2% and 12.6%, respectively, in the coming years.
- The United Kingdom is set to experience steady expansion with a CAGR of 8% from 2023 to 2033.
- According to FMI’s research, the top device segment, ranging from 3 kW to 10 kW, is anticipated to capture a substantial value share of 42.2% in 2023.
- The commercial end-use segment is forecasted to account for a significant value share of 40.6% in 2023.
Driving Factors for Fuel Cell for Stationary Power Market Growth
The expansion of the fuel cell for stationary power market is set to be propelled by an enhanced array of products catering to short-term supply needs across tetra networks, telecommunication base stations, and data centers. Industry players are fervently focused on innovation, driving the creation of novel solutions.
Regional Catalysts Fueling Market Expansion
In South Korea and Japan, intensive research and development endeavors targeting efficient power generation and transmission solutions are poised to drive the decarbonization of the energy sector. Robust government funding initiatives, coupled with a surge in large- and small-scale stationary fuel cell deployments, are anticipated to fortify regional growth. For instance, South Korea’s government has outlined ambitious plans to introduce approximately 15 GW of utility-scale fuel cells by 2040.
China’s Technological Focus and Policy Impetus
China’s fuel cell for the stationary power industry is expected to flourish as the government pivots its emphasis toward technological advancements in hydrogen fuel cell applications. In 2021, the Ministry of Science and Technology (MOST) highlighted fuel cell cogeneration as a pivotal hydrogen-energy technology. Furthermore, the rollout of comprehensive state and national-level policies across China is projected to catalyze the expansion of cogeneration technology.
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Key Players Operating in the Fuel Cell for Stationary Power Market
- Cummins Inc.
- Ballard Power Systems
- Plug Power Inc.
- Nuvera Fuel Cells, LLC.
- Bloom Energy
- Doosan Fuel Cell Co., Ltd.
- Siemens Energy
- Fuji Electric Co., Ltd.
- Fuel Cell Energy, Inc.
- Toshiba Corporation
- SFC Energy AG
- Aris Renewable Energy LLC.
- Altergy
- AFC Energy PLC
- General Ltd.
Key Segments
By Device:
- < 3 kW
- 3 kW to 10 kW
- 10 kW to 50 kW
- > 50 kW
By Application:
- Prime power
- CHP
- Others
By End Use:
- Residential
- Commercial
- Industrial or Utility
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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