HyAxiom

Apr 3, 2023

Fuel Cell Market Drivers and Restraints: Surging Demand for Clean Sources of Energy to Facilitate Market Proliferation Rising carbon emission is a leading cause of climate change and has prompted governments in several economies to impose stringent emission norms and look for environment-friendly alternatives. This, in turn, has boosted the demand for clean sources and energy and aided the fuel cell market growth. One such alternative is solid oxide fuel cell, which is used for various applications and enable the strengthening and diversification of energy infrastructure and is a clean & reliable source of energy. On the other hand, the high demand for electric and hybrid vehicles and the high costs associated with the construction and management of hydrogen fuel stations will hinder market expansion in the coming years. COVID-19 Impacts: Government Initiatives to Help SMEs Combat Pandemic-Induced Problems Drove Market Growth The spread of COVID-19 worldwide has affected the market growth negatively as projects were delayed and manufacturing facilities were shut down. Investments in the domain were paused, thus resulting in a fall in revenues and research & development activities. Small and medium-sized industries in several nations were affected due to lockdowns and travel restrictions. However, the economic booster packages announced by governments for various sectors helped them combat the revenue and cash flow problems. Besides, key players also focused on helping major industries in carrying on their operations smoothly. To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/fuel-cell-market-100733 Report Coverage: The report sheds a light on drivers, challenges, opportunities, and threats affecting market trends over the forecast timeframe. Moreover, it studies the market exhaustively by splitting it into segments and regions. Crucial information such as market share held, growth rate, and valuation of each segment and region are given as well. Leading companies and strategic decisions undertaken by them to maximize profits are documented as well. Segmentation of Market: Proton Exchange Membrane Fuel Cell Segment to Lead Owing to its Benefits As per type, the market is split into proton exchange membrane fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, and others. Among these, the proton exchange membrane fuel cell segment held a significant share owing to various benefits offered by them as compared to other alternatives. Some of the benefits include lightweight nature, low cost, compact design, and solidity of electrolytes. Transport Segment to Grow at Highest CAGR Due to Rising Demand for DMFCs & PEMFCs in the Automotive Sector According to application, the market is divided into stationary, transport, and portable. Among these, the transport segment is projected to display the highest CAGR due to rising inclination toward clean transport and growing investments toward an emission free environment. The inclination toward clean transport is increasing across the globe. Various countries are investing in an emission-free environment, further boosting the transportation market. Geographically, the market is segregated into North America, Europe, Asia Pacific, and Rest of the World. Fuel Cell Industry Analysis By Region: Asia Pacific to Dominate Due to Widespread Product Application in Several Sectors Asia Pacific held the largest fuel cell market share in the recent past due to widespread product application in different sectors and rising investment in this technology due to the growing need to cut carbon emissions. China is the largest contributor to the market share due to its increasing efforts to promote the adoption of clean fuel automobiles. The North America market is projected to showcase substantial growth in the forthcoming years due to rising investment in fuel cell installation in the region especially in the transport sector. The installation of portable applications is also growing in the region, thus promoting market expansion. Increasing efforts by the U.S. government to promote hydrogen-powered vehicles will escalate market augmentation in this region as well. The Europe market is slated to display significant expansion owing to increasing investments to achieve zero-emission targets and improve hydrogen infrastructure. The rising adoption of energy-efficient solutions will also contribute to regional market growth. Quick Buy -  Fuel Cell Market Research Report:  https://www.fortunebusinessinsights.com/checkout-page/100733 Competitive Landscape: Expansion of Product Portfolio by Industry Leaders to Aid Market Escalation Leading players in the global market are focusing on manufacturing products with higher power density to maximize profits and enhance their position in the market. For example, in April 2022, Doosan Fuel Cell Co., Ltd. joined forces with Ballard Power Systems and HyAxiom to develop Proton Exchange Membrane (PEM) hydrogen fuel cell mobility applications initially focused in South Korea. Also, in February 2022, Ceres Power Holdings Plc announced its decision to collaborate with Robert Bosch GmbH of Germany and Weichai Power of China to develop and manufacture solid oxide fuel cells to target Chinese consumers. A List of Key Manufacturers Operating in the Global Market: Ballard Power Systems Bloom Energy Solid Oxide Fuel Cell