The Latin America, Middle East and Africa Fuel Cell Market would witness market growth of 21.4% CAGR during the forecast period (2022-2028).
The expanding market is expected to be fuelled by the rising need for sustainable energy in developing nations, a shift in focus toward FCEVs, and thriving power industry. Around the world, the use of DMFCs to replace batteries is becoming more common, particularly in material handling applications such as forklift trucks. The fuel cell deployment will be bolstered by a shift in customer focus toward sustainable energy and growing demand for zero-emission fuel sources.
The industry environment is likely to be complemented by increasing demand for backup energy sources to deliver electricity at off-grid sites, as well as a growing reliance on FCEVs and portable gadgets. In addition, enhanced electrical efficiency across a wide variety of power levels, a large power-to-area ratio, a low operating temperature, and ease of access are some of the factors boosting the market growth.
Various countries have announced plans to use H2 gas to improve renewable energy fuels. Governments and business stakeholders have also announced intentions to expand hydrogen infrastructure to help with the transition. In June 2019, Saudi Arabia opened its first hydrogen filling station, which was built by Air Products and Saudi Aramco.
Africa and the Middle East In comparison to other parts of the world, the fuel cell market is slow. However, there is a sizable market for fuel cell manufacturers and raw material suppliers, particularly in nations like the United Arab Emirates and South Africa. Fuel cells are a key enabling technology for the world's energy portfolio, with the potential to revolutionize how countries power their country by providing cleaner, more efficient alternatives to gasoline and other fossil fuel burning. Because fuel cells are energy-efficient, clean, and fuel-flexible, they have the potential to replace internal-combustion engines in automobiles and provide power in fixed and portable power applications.
The Brazil market dominated the LAMEA Fuel Cell Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $130.1 Million by 2028. The Argentina market is poised to grow at a CAGR of 22% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 21.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Fuel Cell Market is Predict to reach $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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