Fuel Cell Generator Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Fuel Cell Generator Market: Overview and Definition
The global fuel cell generator market size is estimated to be USD 0.5 billion in 2021 and is projected to reach USD 1.7 billion by 2032, at a CAGR of 19.9%. The global fuel cell generator market is expected to be driven by strict regulation for GHG emissions across the globe, demand for clean, green, and sustainable energy, and increasing investments in R & D processes by government and other institutions.
On the basis of type, the market is segmented into PEMFC, SOFC, MFC, and AFC. The PEMFC segment is expected to dominate the market in the forecast period of 2022-2030.
On the basis of application, the market is segmented into portable, stationary, and vehicles (FCV). The portable segment is expected to dominate the market during the forecast period of 2022-2030.
On the basis of end-use, the market is segmented into marine, aquaculture, construction, agriculture, data center, and emergency response generators. The data center segment is expected to acquire a considerable market share during the forecast period.
Key Market Drivers
The adoption of green energy to lower a nation's carbon footprint and the signing of the Paris Agreement has raised worldwide awareness of this issue and given green and renewable technologies a push to establish themselves in global markets. The top markets are consistently refocusing their attention on renewable and green technologies.
Different governments are taking various measures to replace diesel generators with fuel cell-based generators to lessen their damaging environmental effects. For instance, China will modernize its grid system and invest up to USD 31 billion by 2020 to absorb sufficient renewable energy. Additionally, Pilot-E provided about USD 3.3 million for hydrogen-powered farming boats in January 2021.
The global acceptance of sustainable and clean energy solutions is expanding, with the commercial sector and governments emphasizing fuel cell generators.
Government rules and policies have made a significant impact on the expansion of the fuel cell generator business. The South Korean government implemented the Third Energy Master plan in June 2019. The goal of this law was to achieve sustainable growth and improve quality of life through an innovative energy transition that shifts the entire energy system from one of production and distribution to one of consumption. Furthermore, Australia's Renewable Energy Agency (ARENA) announced the establishment of a new fuel cell and hydrogen organization.
Fuel cell generator market report provides market analysis of this industry including market drivers, key players, industry structure and dynamics, business strategies for success, and threats or opportunities.