The Asia Pacific Fuel Cell Market would witness market growth of 19.3% CAGR during the forecast period (2022-2028).
A fuel cell is a device that generates and conducts electricity by combining a cathode and an anode submerged in an electrolyte liquid. These units work like a battery, giving the necessary power to the system, but instead of charging at regular intervals, they use hydrogen-based fuel. The technology converts chemical energy into electrical energy using a basic electromechanical mechanism. The hydrogen is produced when the fuel is divided into protons and electrons on the anode, while oxygen is produced at the cathode. The protons pass through the electrolyte liquid, while the electrons complete a circuit between the electrodes. After this chemical reaction is complete, all of the negative and positive ions, as well as oxygen, combine at the cathode to produce electricity as a final product, along with water and heat as by-products.
Fuel cells create electricity directly from hydrogen and oxygen, resulting in no emissions of carbon dioxide or other pollutants. When hydrogen is produced in this way, a small amount of dangerous compounds are released. However, the high cost of fuel cell systems, which results in a high cost of FCEV, may limit market expansion. In addition, one of the major obstacles to the market is investment risks such as capital and operational expenditures, as well as underutilization of various FCEV facilities.
The regional market is characterized by a high need for developments in fuel cell technology due to the region's expanding utilization of fuel cell-powered automobiles. Because of favorable government regulations in nations like China, Japan, and South Korea, the Asia-Pacific area is one of the most potential regional markets for fuel cells in the next years. The PEMFC is the most widely used fuel cell technology in the region among the existing fuel cell technologies. China's fuel cell business has a lot of promise, as the government is increasingly focusing on methods to use sustainable energy technologies to transition to a low-carbon economy. Furthermore, the hydrogen fuel cell industry in the country has been gaining steam as a result of favorable national and provincial government subsidies as well as local government incentive programs to encourage the use of hydrogen vehicles to reduce pollution. The government of Zhangjiakou City in China has placed an order for 74 fuel cell electric buses (FCEBs) in preparation for the 2022 Winter Olympics. FCEB implementation is expected to increase in more Chinese cities in the near future.
The China market dominated the Asia Pacific Fuel Cell Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,178 Million by 2028. The Japan market is experiencing a CAGR of 18.6% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 20.2% during (2022 - 2028).
Based on Product Type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), and Others. Based on Application, the market is segmented into Stationary, Portable, and Transport. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Fuel Cell Market is Projected to reach USD 11.9 Billion by 2028, at a CAGR of 19.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ballard Power Systems, Inc., Plug Power, Inc., SFC Energy AG, Bloom Energy Corporation, Cummins, Inc., Hyster-Yale Materials Handling, Inc., Doosan Fuel Cell Co., Ltd., Intelligent Energy Limited (Meditor Group), FuelCell Energy, Inc., and Nedstack Fuel Cell Technology BV.
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