According to a new report, published by KBV research, The Global Fuel Cell Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 19.2% CAGR during the forecast period.
The Solid Oxide Fuel Cell (SOFC) segment is showcasing a CAGR of 19.7% during (2022 - 2028). High CHP efficiency, fuel flexibility, and high-power output during processes ranging up to several megawatts are just a few of the advantages SOFC has over other options. As a result, their increasing usage is likely to boost segment growth. One of the key advantages of SOFCs is that there is no requirement for electrolyte loss. Furthermore, their capacity to operate at high temperatures eliminates the need for expensive catalysts like ruthenium. SOFCs are most commonly used in stationary applications.
The Stationary segment acquired maximum revenue share in the Global Fuel Cell Market by Application in 2021, thereby, achieving a market value of $8.5 billion by 2028. This is credited to increased demand for fuel cells from backup power applications and distributed generating facilities. In addition, fuel cells are increasingly being employed in combined heat and power applications. Hence, these aspects are anticipated to boost the growth of the segment during the forecasting period.
The Asia Pacific market dominated the Global Fuel Cell Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7.2 billion by 2028. The Europe market is estimated to witness a CAGR of 18.8% during (2022 - 2028). Additionally, The North America market would exhibit a CAGR of 18.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/fuel-cell-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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