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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Fuel Cell Global Market Report 2022' -
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The global fuel cells market is expected to grow from $3.00 billion in 2021 to $3.92 billion in 2022 at a compound annual growth rate (CAGR) of 30.7%. The fuel cells market is expected to grow to $10.32 billion in 2026 at a compound annual growth rate (CAGR) of 27.4%.
The fuel cell market consists of sales of fuel cell solutions by entities (organizations, sole traders, and partnerships) that use the chemical energy of hydrogen or any other fuel to produce electricity by electrochemical reactions.The reactants have been continuously supplied to the electrodes from the reservoir.
Fuel cells are unique in terms of the variety of their potential applications. They will use a wide range of fuels and feedstocks and will provide power for systems as large as a utility power station and as small as a laptop computer.
The main types of fuel cells are polymer electrolyte membrane fuel cells (PEM), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and others.Polymer electrolyte membrane fuel cells are proton exchange membrane fuel cells in which hydrogen is used as the fuel to operate at relatively low temperatures and quickly vary their output to meet shifting power demands.
These operate at relatively low temperatures and can quickly vary their output to meet varying power demands.The different applications include portable, stationary, and transport.
The various end-users involved are commercial and industrial, data centers, transportation, military and defense, utilities and government, among others.
Asia Pacific was the largest region in the fuel cells market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The fuel cell market research report is one of a series of new reports that provides fuel cell market statistics, including fuel cell industry global market size, regional shares, competitors with a fuel cell market share, detailed fuel cell market segments, market trends and opportunities, and any further data you may need to thrive in the fuel cell industry. This fuel cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
An increasing focus on reducing greenhouse gas emissions is expected to propel the growth of the fuel cell market going forward.Greenhouse gas refers to any gas that has the property of absorbing infrared radiation that is emitted from Earth's surface and reradiating it back to Earth's surface.
Like electric vehicles, fuel cell vehicles (FCVs) are zero-emission vehicles that will have no smog-related or greenhouse gas tailpipe emissions.For instance, according to the data released by the government of the Netherlands, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 and a 95% reduction by 2050.
Therefore, the increasing focus on reducing greenhouse gas emissions will drive the growth of the fuel cell market.
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the fuel cell market.Major companies operating in the fuel cell industry are searching for strategic alliances to help them strengthen their position.
For instance, in September 2021, Eaton's Vehicle Group, an Ireland based power management company, partnered with Ballard Fuel Cell Systems and the National Renewable Energy Laboratory for an undisclosed amount.Through this partnership, Eaton's Vehicle Group obtained funding from the US Department of Energy to create highly efficient hydrogen fuel cells capable of powering heavy-duty machinery.
Ballard Fuel Cell Systems is a Canada- based developer and manufacturer of proton exchange membrane (PEM) fuel cell products.Moreover, in September 2019, Hyundai Motor Company, a South Korea based automotive manufacturer, collaborated with Cummins for an undisclosed amount.
This partnership allows Hyundai to expand its footprint in the North American commercial vehicle market while also allowing Cummins to expand its electrified power product line by using Hyundai's leading fuel cell technologies. Cummins is a US-based company that manufactures engines, filtration, and power generation products.
In September 2019, Cummins, a US-based company, acquired Hydrogenic Corporation for an amount of US $290 million.The acquisition would enhance Cummins' clean, fuel-efficient, and high-performing products and innovate hydrogen fuel cell technologies across a range of commercial markets.
Hydrogenic Corporation is a Canada-based company that designs, develops, and manufactures hydrogen generation, storage, and fuel cell systems.
The countries covered in the Fuel Cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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