Fuel Cell for Stationary Power Market Is Projected to Grow at A Robust CAGR Of 12.8% During the Forecast Period 2022-2032
Fuel Cell for Stationary Power Market to advance at a CAGR of 13.1%, Growing Market for Clean Energy to Fuel the Demand
The fuel cell for stationary power market size surpassed US$ 1.6 billion in 2021 and is expected to increase at a CAGR of over 12.8 per cent from 2022 to 2030. By 2030, the industry expects 1.5 GW of capacity.
The growing market for clean energy generation in developed regions, greater use of fuel cell-based vehicles, a burgeoning power sector, and increased power generation capacity globally are all contributing to the fuel cell technology expansion.
The expanding market for small and large capacity fuel cell devices, as well as increasing commercial and public sector investments focusing on creating hydrogen infrastructure, is likely to provide enough opportunity to fuel the demand for fuel cell for stationary power. Product rollout will also be aided by favorable legislation and norms, as well as increased investments in electrification in distant locations.
COVID-19 has had an impact on economic development in numerous regions, which has had an impact on the fuel cell for stationary power market. Many manufacturing operations have been suspended as a result of lockdowns and curfews, resulting in an increase in gasoline prices.
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Furthermore, increasing customer awareness of the need to cut GHG emissions and improve air quality will boost the development of fuel cell power plants. The bulk R&D efforts are concentrated on the development and advancement of fuel cell-powered cars, which is likely to open up new market prospects.
The lack of hydrogen fueling infrastructure may have an impact on the future need for hydrogen generation by fuel cell vehicles. The development of hydrogen fueling stations will necessitate significant investment and extensive assistance from both public and commercial groups. As a result, the market for hydrogen-based fuel cells is now stifled due to a lack of supporting infrastructure.
Until 2030, the industrial/utility fuel cell for stationary power market is expected to grow by more than 12%. The market of fuel cells for power generation will be stimulated by the implementation of attractive government policies, greater financing for technology development, and a shift in consumer awareness toward clean and sustainable energy.
Product penetration will be bolstered by rising off-grid electricity use and increased compliance with regulatory norms and regulations. Additionally, the implementation of large-scale stationary systems, particularly in the utility sector, is expected to be influenced by the introduction of hydrogen roadmaps and standards.
- Owing to the increased installation of large-scale CHP systems in countries such as the United States and South Korea, the 50-kW capacity category is expected to develop at a pace of roughly 13% through 2030.
- Japan and South Korea combined are anticipated to contribute more than US$ 17 Bn by 2030.
- In 2021, the China fuel cell for stationary power market was expected to be worth roughly USD 21 million. Shifting the government’s focus to scientific breakthroughs for hydrogen fuel cell applications will help the product reach its full potential.
- The fastest-growing end-user segment is expected to be fuel cell vehicles. Fuel cell-powered vehicles have a lot of promise because of the growing demand to minimize carbon emissions, which is predicted to enhance the market for fuel cell technology.
“The fuel cell for stationary power market is expected to develop as consumer awareness of clean energy technology, and solutions grows, as does demand for electricity and the application of regulatory standards and requirements.”
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Cummins, Ballard Power, Plug Power, Posco Energy, SFC Energy, GenCell Ltd., Fuel Cell Energy, Bloom Energy, Altergy, Aris Renewable Energy LLC, and AFC Energy are among the major participants in the sales of fuel cell for stationary power.
Continuous investments in technological breakthroughs, as well as increased research and development operations for new product creation, would help them expand their fuel cell for stationary power market share. Inorganic strategy actions such as joint ventures, mergers and acquisitions, and others, on the other hand, will promote product deployment across geographies.
For example, Ballard Power Systems announced a strategic relationship with the road equipment manufacturer in 2022 for 31 hydrogen fuel cell modules that can offer 3 MW of power.
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