20 September 2022
Douglas Insights has analysed various aspects of the Fuel Cells Market and revealed the changes in market trends due to increased awareness of climate change and global warming due to fossil fuel emissions. Its comparison engine has generated many research articles and reports, making it possible for several experts, analysts, and researchers to obtain essential information relating to key growth drivers and market restraints to make predictions and provide reports offering many insights into the global recycling market. The digital tool effectively compares all existing research and Publisher Ratings, Table of Contents, and Publication Dates.
The global market for Fuel Cells is expected to see a general upward trend with significant growth in the next forecast period. The CAGR is expected to grow by 26% by 2025. The major cause for this upward trend we see is the rising demand for clean power generation on a global scale. Additionally, regulations and restrictions regarding carbon emissions are becoming more stringent in countries all over the world, resulting in the increased need for fuel cells. As global warming reaches unprecedented levels and the effects of climate change are wreaking havoc in different regions, many of the world's political leaders are determined to reduce their country's carbon footprint. This means there needs to be a shift from fossil fuel-generated power to green and renewable power. Fuel cells are the solution to lowering carbon emissions. This growing global climate consciousness is the foremost driver of the market for fuel cells.
DMFC, PAFC, and PEM are the most commonly used fuel cells. These cells rely on metals such as platinum to produce energy. Platinum and other rare metals are very expensive, and the fact that fuel cell energy generation depends on these metals means that the whole process itself becomes very expensive. These high costs are a major restraint to the Fuel Cells Market because fossil fuels, in contrast, are still much cheaper to use for energy and power generation.
An opportunity to overcome market restraints is presented by hydrogen refuelling stations for vehicles. For example, Germany has a program known as the H2Mobility program, which develops fuelling stations in order to encourage the use of fuel cell-powered vehicles. Unfortunately, fuel cell technology is very expensive and still relatively new, meaning that not many regular people can make the switch to fuel cell electric vehicles.
As for market segmentation, the small-scale segment accounting for up to 200 kW held the major share of the Fuel Cells Market this last year. During the next forecast period, however, it is expected that the commercial and industrial segments of the market will grow the fastest. This is because commercial and industrial end users can use almost any type of fuel cells, therefore not restricting them to just DMFC, PAFC, and PEM, which require expensive metals to produce energy.
The Asia Pacific region was the most significant region for the Fuel Cells Market last year and is expected to remain the largest region. This, in part, is a result of the upgraded fuel cells policy adopted by China in March 2022. The country is aiming to have over 50,000 fuel cell vehicles on the roads by the year 2025.
Some of the key market players to look out for include Aisin Corporation (Japan), Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Ballard Power Systems (Canada), KYOCERA Corporation (Japan), and Ceres (UK).
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