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Fuel Cell Market to increase by USD 13.63 billion between 2022 to 2027, The growing demand for efficient and clean energy sources to boost growth - TechnavioNEW YORK, Feb. 5, 2024 /PRNewswire/ -- The fuel cell market size is expected to grow by USD 13.63 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progressing at a CAGR of 23.29% during the forecast period. The fuel cell market is driven by the increasing demand for efficient and clean energy sources. This is because fuel cells offer reliable electricity generation with high efficiency and minimal emissions. They provide power through electrochemical reactions, emitting mostly water and heat, making them environmentally friendly compared to fossil fuels like coal, which contribute significantly to CO2 emissions. To find preview of the market overviews, market drivers, opportunities, and potentials request a free sample report
By Geography
The fuel cell market is fragmented due to presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid fuel cell market is expected to grow rapidly during the forecas period due to the Growing demand for efficient and clean energy sources. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Doosan Corp., FuelCell Energy Inc., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Intelligent Energy Ltd., KYOCERA Corp., Mitsubishi Heavy Industries Ltd., Niterra Co. Ltd., Panasonic Holdings Corp., Plug Power Inc., PowerCell Sweden AB, Proton Motor Fuel Cell GmbH, SFC Energy AG, Toshiba Corp., Watt Fuel Cell Corp., and Fuji Electric Co. Ltd. Ballard Power Systems Inc. - The company offers fuel cells such as Fcgen Lcs Mea and FCveloCity 9SSL Mea. By Product, the Proton Exchange Membrane Fuel Cell (PEMFC) segment is poised for significant growth during the forecast period. To know additional highlights and key points on various market segments and their impact in coming years, Get a FREE Sample Report. Imperative Insights on the following aspects:
Applications The fuel cell industry encompasses various types such as proton-exchange membrane fuel cells (PEMFC) and fuel cell vehicles, offering sustainable energy solutions crucial for environmental preservation and mitigating climate change. It operates at the intersection of chemistry, physical sciences, and energy technology, providing innovative and eco-friendly energy development solutions vital for a sustainable future amidst growing environmental concerns. Related Reports: The automotive fuel filter market size is estimated to grow at a CAGR of 4.67% between 2022 and 2027. The market size is forecast to increase by USD 673.69 million. The Tire-Derived Fuel (TDF) Market size is estimated to grow at a CAGR of 3.34% between 2022 and 2027. The market size is forecast to increase by USD 72.57 million. ToC: Executive Summary Market Landscape Market Sizing Historic Sizes Five Forces Analysis Segmentation by Product Categories Segmentation by Application Market Segmentation by Geography Customer Landscape Geographic Landscape Drivers, Challenges, & Trends Company Landscape Company Analysis Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios. Contacts Technavio Research View original content to download multimedia:https://www.prnewswire.com/news-releases/fuel-cell-market-to-increase-by-usd-13-63-billion-between-2022-to-2027--the-growing-demand-for-efficient-and-clean-energy-sources-to-boost-growth---technavio-302052746.html SOURCE Technavio |