Product ID: SQMIG10B2034
Global Fuel Cell Market Size, Share, Growth Analysis, By Product(Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell), By Application(Stationary, Transportation) - Industry Forecast 2024-2031
Report ID:
SQMIG10B2034 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
65 |
Figures:
75
Global Fuel Cell Market Dynamics
Fuel Cell Market Driver
Increasing Installments of Fuel Cell System
- More and more FC systems are being installed to generate combined heat and power (CHP) for small homes and commercial buildings like hotels, hospitals, educational facilities, and public buildings. In order to encourage the integration of the devices in many applications, several state and federal authorities have developed favourable legislative frameworks and subsidy schemes. As an illustration, the New Jersey state government has modified its financial incentives for FC CHP installations made on or after October 1, 2020. With financial assistance of up to USD 3 million per project to the producers, its CHP-FC Program structure is made to encourage new manufacturers.
Growing Need to Reduce Greenhouse Gas (GHG) Emissions
- The growing need to reduce greenhouse gas (GHG) emissions from many sources and considerable efforts to create a society free of carbon are projected to be positive factors for the expansion of the global fuel cell industry. Additionally, the growing need for hydrogen fuel cell vehicles in order to meet the strict government goals for accelerating the deployment of clean energy is projected to accelerate the adoption of battery cell systems across a variety of areas. For instance, in January 2019, South Korean government declared its goals to promote FCEVs and increase the number of FCEVs on the road to over 1.8 million by 2030.
Fuel Cell Market Restraint
- Bipolar plates, catalysts, membrane electrode assemblies (MEAs), gaskets, and many other parts are needed for the production of FC systems. Because of this, these goods are quite expensive, and manufacturing a limited number of FC systems could result in unaffordable high expenses for the businesses involved. Additionally, the business prospects may be hampered by the restricted availability of highly technical hydrogen infrastructure in a number of countries. To close the gap and give businesses and consumers access to zero-emission technologies, government agencies like the U.S. Department of Energy (DOE) are regularly taking action.
Global Fuel Cell Market Report Snapshots
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