DUBLIN, May 12, 2023 /PRNewswire/ — The “Global Fuel Cell Generator Market Outlook by Type, End-user – Industry Revenue Estimation and Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
In 2022, the fuel cell generator market was worth around USD 330 million, and it is projected to advance at a 17.50% CAGR from 2022 to 2030, hitting USD 1,199 million in 2030, as per the report.
This development can be ascribed to several reasons, including the burgeoning need for the minimalization of CO2 emissions, easy availability of fuel cell generators, and demand for the renewable generation of energy.
Variants that Use Hydrogen Are Highest Revenue Contributors
Hydrogen fuel cell generators have the largest market share, of approximately 55%, mainly because they do not release any damaging gases. This, in turn, removes the prices associated with deploying a dedicated CCUS system. Moreover, these generators are dependable and offer 40-60% output efficiency and scalability.
Numerous nations are targeting to decrease their overall releases of CO2 to zero by 2050. This is because governments’ focus has amplified on making a decarbonized future over the past few years. To accomplish this aim, the introduction of renewable sources, including solar, biomass, hydro, wind, and geothermal, is vital.
However, the production of electricity from the sun and wind has a few drawbacks, the biggest of which is the output disparities, as these technologies are reliant on weather conditions.
Fuel Cell Generator Usage in Aquaculture To Grow at Highest Rate
Aquaculture will be the fastest-growing end user, witnessing a CAGR of approximately 19.2%, credited to the increasing aquaculture activities and strong ecological impact ascribed to it due to the high-volume consumption of electricity and water.
Thus, to lessen the environmental effects, governments have taken numerous steps for utilizing fuel-cell-based generators as an alternative to diesel generators.
As per the estimates of the NOAA, the aquaculture sector in the U.S. generates USD 1.5 billion every year and supports 1.7 million people engaged in fisheries.
North America Is Leading the Way in Fuel Cell Generator Usage
North America is dominating the industry, and it is projected to continue with the dominance throughout the decade. This can be ascribed to the acceptance of clean sources for generating heat and electricity.
In North America, the U.S. is leading the market, and it will develop with a CAGR of 18.1%, credited to the solid economic support of the government and the private sector.
The growth in the usage of renewable sources and snowballing electricity needs from the aquaculture and data centers industries are the major factors that will boost the industry in the future.
Key Topics Covered:
Chapter 1. Research Scope
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
Chapter 7. Global Market
7.2. Market Volume, by Type (2017-2030)
7.3. Market Revenue, by Type (2017-2030)
7.4. Market Revenue, by End-user (2017-2030)
7.5. Market Volume, by Region (2017-2030)
7.6. Market Revenue, by Region (2017-2030)
Chapter 8. North America Market
Chapter 9. Europe Market
Chapter 10. APAC Market
Chapter 11. LATAM Market
Chapter 12. MEA Market
Chapter 13. Competitive Landscape
Chapter 14. Company Profiles
Chapter 15. Appendix
- Bloom Energy Corporation
- Doosan Fuel Cell Co. Ltd.
- PowerCell Sweden AB
- Proton Motor Power Systems PLC
- Nedstack Fuel Cell Technology BV
- Panasonic Holdings Corporation
- Siemens Energy
- Toyota Motor Corporation
- Ballard Power Systems Inc.
- Teco 2030 ASA
- Cummins Inc.
- ABB Ltd.
- Powerup Energy Technologies
- Plug Power Inc.
- SFC Energy AG
For more information about this report visit https://www.researchandmarkets.com/r/8nj0si
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SOURCE Research and Markets
Originally published at https://www.prnewswire.com/news-releases/global-fuel-cell-generator-market-report-2023-sector-to-reach-1-19-billion-by-2030-at-a-17-5-cagr-301823303.html