Fuel Cell Generator Industry Gears Up For Strong Growth: The Brainy Insights
The global fuel cell generator market is expected to grow from 0.16 billion in 2021 to USD 0.81 billion by 2030, at a CAGR of 19.80% during the forecast period 2022-2030. Fuel cell electric vehicles are also essential for the low carbon in the future and recreate a significant role in reaching global carbon reduction objectives. Global automotive manufacturers’ increased technology investment in fuel cell electric vehicles is anticipated to drive the fuel cell generator market. Most of the world’s top automotive manufacturers have presented fuel cell electric vehicles globally, presenting the application of the technology in the real world. Some automotive players like Toyota, Honda, Hyundai, and Daimler have started creating fuel cell electric vehicles with hydrogen fuel cells. The fuel cell radiates products such as heat and water vapor, making it an accurate zero-emission locomotive technology.
The AFC segment dominated the market, accounting for around 0.056 billion global revenue in 2021.
The type segment is divided into AFC, SOFC, and PEMFC. The AFC segment dominated the market, accounting for around 0.056 billion global revenue in 2021. (AFCs) Alkaline Fuel Cells are simple to operate, have extremely high electrical efficiency, and are very convenient for dynamic working ways. They can be built into smaller compact systems and in big power plants.
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The aquaculture segment dominated the market, accounting for around 0.04 billion global revenue in 2021.
The end user segment is divided into data center, agriculture, emergency response generator, construction, marine, and aquaculture. The aquaculture segment dominated the market, accounting for around 0.04 billion global revenue in 2021.
Regional Segmentation Analysis:
The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific region is expected to be the largest market during the forecast period. In the Asia Pacific region, the government declared the Strategic Roadmap for Hydrogen and Fuel Cells, amended in March 2016 and March 2019. The government also reported the Basic Hydrogen Strategy in December 2017. In its 14th Five-Year Plan (2017–2021), China has formed domestic targets to lower emissions and enhance energy efficiency.
The market’s major players include Watt Fuel Cell Corporation, TW Horizon Fuel Cell Technologies, Plug Power, Hydro2Power SRL, GenCell Energy, Fischer Panda GmbH, EFOY Comfort, BOC HYMERA, among others.