Stationary Fuel Cell Market Is Projected to Gain $9.0 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 13.1%: Allied Market Research
The global stationary fuel cell market growth is attributed to various factors, including the rise in demand for distributed power systems, strict government rules to manipulate growing stages of pollution, and initiatives to develop a hydrogen economy.
Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) — Allied Market Research released a report, titled, “Stationary Fuel Cell Market by Capacity (More than 1MW, 250kW to 1MW, 5kW to 250kW, 1 KW to 5kW, Less than 1kW), by Type (Direct Methanol Fuel Cell (DMFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), Proton Exchange Membrane Fuel Cell (PEMFC), Molten Carbonate Fuel Cell (MCFC), and Others), by Application (Uninterrupted Power Supply (UPS), Prime Power, Combined Heat and Power (CHP), and Others), by End-Use Industry (Defense, Transportation, Oil and Gas, Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global stationary fuel cell industry is expected to gain $9.0 billion by 2031, having witnessed a value of $2.6 billion in 2021, exhibiting a remarkable CAGR of 13.1% from 2022 to 2031.
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Prime Determinants of Market Growth:
The global stationary fuel cell market growth is attributed to various factors, including the rise in demand for distributed power systems, strict government rules to manipulate growing stages of pollution, and initiatives to develop a hydrogen economy. On the other hand, the high price of the catalyst leads to a higher fuel cell price, and the existence of alternative energy sources for storing energy and producing electricity hampered the market growth. Moreover, the growing demand for fuel cells and the development of technology in the field of fuel cells present remunerative opportunities for market growth.
The 5kW to 250kW segment to maintain its leadership status over the projection period-
By capacity, the 5kW to 250kW segment held the highest market share in 2021, accounting for more than two-fifths of the global stationary fuel cell market revenue, and is anticipated to maintain its leadership status over the projection period. Government initiatives and subsidies, particularly in OCE (Organization for Economic Cooperation and Development) organizations in countries like the United States, the United Kingdom, Germany, and Japan, are expected to stimulate the growth of combined heat and power, which has a significant effect on the growth of fuel cells from 5 kW to 250 kW. On the other hand, the more than 1MW segment would display the highest CAGR of 14.0% from 2022 to 2031. 1MW stationary fuel cells have a variety of uses in power generation.
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The proton exchange membrane fuel cell (PEMFC) segment to rule the roost by 2031-
By type, the proton exchange membrane fuel cell (PEMFC) segment accounted for the highest market share in 2021, acquiring nearly three-fifths of the global stationary fuel cell market revenue, and is projected to rule the roost by 2031. The growth of the segment is attributed to increased investment in research & development and a high penetration of zero-emission vehicles. The molten carbonate fuel cell (MCFC) segment, on the other hand, is expected to grow at the fastest CAGR of 14.6% from 2022 to 2031. The production of molten carbonate fuel cells (MCFCs) is the result of the usage of carbon dioxide as a reagent in the development of fuel cells. Global warming caused by greenhouse gases, particularly CO2, is a major factor in the alteration of the environment. Therefore, the use of molten carbonates as raw material to produce MCFCs is essential.
Asia-Pacific region garnered the major share in 2031-
By region, Asia-Pacific held the major market share in 2021, garnering nearly three-fifths of the global stationary fuel cell market revenue, and is expected to maintain its dominance throughout the forecast period. The same region would also showcase the highest CAGR of 13.5% from 2022 to 2031. This is due to the growth of the automotive industry and the expansion of the power & electronics industry in China and India is driving the growth of fuel cells from these industries, and this is expected to fuel the market growth in the coming years.
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Industry-Leading Players: –
- Plug Power Inc.
- Ballard Power Systems
- Mitsubishi Hitachi Power Systems Ltd.
- Posco Energy
- Horizon Fuel Cell Technologies Pte Ltd.
- FuelCell Energy Inc.
- Denso Corporation
- Toshiba Fuel Cell Power Systems Corporation
- Fuji Electric Co., Ltd.
- Aisin Seiki Co., Ltd.
The report offers an in-depth evaluation of the prominent players in the global stationary fuel cell market. They have adopted various strategies to expand their presence in the market, such as mergers & acquisitions, novel technological advancements, product launches, and partnerships. The report provides insights into the business performance of each market player, the operating segments they are active in, the product portfolio they have developed, and the trends they confront.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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