Rise in inclination toward the use of fuel cells in place of conventional batteries is boosting the market growth
Wilmington, Delaware, United States, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global stationary fuel cell market is prognosticated to gain a valuation of US$ 13.41 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). This suggests that the market is projected to expand at a CAGR of 12.07% during the forecast period, 2022 to 2031.
TMR’s research report on stationary fuel cell market offers a panoramic view of the global market. Hence, readers gain access to in-depth study of the growth drivers, expansion avenues, R&Ds, and recent developments in stationary fuel cell market. Moreover, this study sheds light on the fastest growing market for stationary fuel cell, the list of leading players, and prominent marketing strategy for stationary fuel cell in the market.
The need for the efficient use of energy sources is being increasing in the recent years as the demand for electricity is rising globally owing to many factors including the surge in the industrialization in many developed and developing nations. Owing to this factor, there has been increase in the adoption of emission-free and clean resources of energy including fuel cells across the globe. This factor, in turn, is expected to drive the future market demand for stationary fuel cell market, note analysts of a TMR study.
The Asia Pacific stationary fuel cell market is prognosticated to gain sizable growth opportunities during the forecast period. This growth is ascribed to a rise in the industrial activities in developing nations such as India, Japan, and China and the rapid development of the manufacturing sector in the region.
Stationary Fuel Cell Market: Key Findings
The use of emerging fuel cell technologies is being increasing in green electricity generation activities and backup power systems including uninterrupted power supply (UPS) and portable charging devices. The popularity of stationary fuel cell power systems is being rising across the globe owing to their ability to advance the fuel efficiency of portable devices and assist in decrease the pollution levels. Moreover, these cells offer high performance, boost productivity, and decrease refueling time, energy cost, and battery weight. Hence, the demand for these cells is being rising in the automobile sector, note analysts of a TMR study on the global stationary fuel cell market.
The use of fuel cell technology is being increasing in the power generation as well as transport sectors in the recent years. One of the key factors boosting the demand opportunities in the stationary fuel cell market includes the lower prices of stationary fuel cells. This aside, the government authorities of several nations across the globe are executing strict regulations in order to reduce the pollution levels. These factors are fueling the sales growth in the global stationary fuel cell market.
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Stationary Fuel Cell Market: Growth Boosters
Surge in inclination toward the use of low-noise alternatives to combustion engines is driving the propelling market
Increase in the preference for fuel cells instead of traditional batteries is creating profitable prospects in the market
Stationary Fuel Cell Market: Key Players
Some of the key players profiled in the report are:
Ballard Power Systems Inc.
Plug Power Inc.
FuelCell Energy, Inc.
Ceres Power Holdings plc
Intelligent Energy Limited
Mitsubishi Hitachi Power Systems, Ltd.
FC TecNrgy Pvt Ltd.
Sainergy Tech, Inc.
Power & Energy, Inc.
K- Pas Instronic Engineers India Private Limited
Stationary Fuel Cell Market Segmentation
Proton Exchange Membrane Fuel Cell (PEMFC)
Phosphoric Acid Fuel Cell (PAFC)
Molten Carbonate Fuel Cell (MCFC)
Solid Oxide Fuel Cell (SOFC)
Direct Methanol Fuel Cell (DMFC)
Others (Including Alkaline Fuel Cell)
Planar Bipolar Stacking
Stacks with Tubular Cells
Middle East & Africa
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