Trends in the Fuel Cell Market Scope, Global Opportunities, Challenges and key Players by 2028

The global fuel cell market is projected to reach USD 8.7 billion by 2028 from an estimated USD 3.3 billion in 2023, at a CAGR of 21.7% during the forecast period. The growing use of electronic devices in emergency, off-grid, and automotive applications will benefit the fuel cell generator business.

This report segments the fuel cell market based on type into proton exchange membrane fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, alkaline fuel cell, microbial fuel cell and others. Solid Oxide Fuel Cells (SOFCs) stand out due to their prolonged longevity, exceptional efficiency, and straightforward operation. Operating at temperatures reaching 1,000°C, these cells prove ideal for heating systems across commercial, industrial, and residential settings. Moreover, they excel in extracting process heat within power plants and combined heat and power facilities. Their expansive electro-conversion area contributes to their notably high efficiency compared to other fuel cell types. The resultant chemical reaction primarily yields heat and water (H2O) as byproducts, distinguishing SOFCs for their efficacy and minimal environmental impact.

Key Market Players

Prominent companies in this market include

• Bloom Energy (US),
• Doosan Fuel Cell Co., Ltd. (South Korea),
• Aisin Corporation (Japan),
• Plug Power Inc. (US),
• KYOCERA Corporation (Japan) among others...

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Based on the size, the fuel cell market is segmented into small scale, and large scale. Large scale is expected to hold the largest market share during the forecast period. Larger fuel cells can attain greater efficiencies by effectively managing heat and having a more favorable ratio of surface area to volume. This capability allows them to sustain ideal operating conditions more efficiently than smaller cells, leading to an overall enhancement in efficiency.

This report segments the fuel cell market based on application into four categories: portable, stationary, and fuel cell vehicles. Stationary is expected to hold the largest market share during the forecast period. Stationary fuel cells are engineered to supply power in specific, unchanging locations. Their applications encompass backup power generation, primary power production, and combined heat and power generation, serving industries like data centers, utilities, commercial enterprises, households, and more.

Based on end-user, the fuel cell market is segmented into transportation, commercial & industrial, residential, data center, utilities and government/municipal institutes, and military & defense. The transportation is expected to hold the largest market share during the forecast period. Fuel cells are increasingly pivotal in the transportation sector, serving dual purposes: providing primary propulsion power and extending the operational range of electric vehicles. Concerns regarding emissions in transportation are pressing, with a typical passenger car emitting around 4.7 metric tons of CO2 annually. Heavy commercial vehicles, in comparison, emit even more greenhouse gases, emphasizing the urgency to curb automotive emissions, especially in trucks and buses. Countries worldwide have been actively striving to reduce transportation emissions for several years now. Fuel cells, unlike traditional internal combustion engines (ICEs), offer zero emissions and double the efficiency, akin to battery electric drives.

Based on region, the fuel cell market is segmented into North America, Europe, Asia Pacific, and rest of the world. Asia pacific is expected to hold the largest market share during the forecast period. The rapid industrialization, urbanization, and economic growth in the region drive the fuel cell market.

Key Stakeholders

• Ceramic and electrolyte manufacturers
• Environmental research institutes
• Fuel cell and stack manufacturers
• Government and research organizations
• Institutional investors/shareholders
• Power and energy associations
• Repair and maintenance service providers
• Fuel cell technology manufacturing companies
• Organizations, forums, alliances, and associations
• Research and consulting companies
• State and national regulatory authorities

Asia Pacific is expected to be the largest region in the fuel cell market.

Asia Pacific is expected to be the largest fuel cell market during the forecast period. Governments in countries like Japan, South Korea, and China are proactively championing the advancement and integration of fuel cell technology as a pivotal component of their strategies to mitigate carbon emissions and foster the adoption of sustainable energy solutions particularly in Japan and South Korea have made substantial investments in fuel cell technology, directing their efforts towards diverse applications such as transportation and stationary power generation.

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Concentrating Solar Power Market by Technology (Solar Power Tower, Linear Concentrating System, Dish Stirling), Operation Type (Stand-alone, Storage), Capacity (<50 MW, 50-99 MW, 100 MW & Above), End User (Utilities, EOR), Region - Global Forecast to 2027

Cryogenic Equipment Market 2023 Future Growth Explored in Latest Research Report by 2028

According to a research report "Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps), Cryogen (Nitrogen, Argon, Oxygen, LNG, Hydrogen), End-user Industry (Energy & Power, Chemical, Metallurgy, Transportation), System Type, Application & Region - Forecast to 2028", the global cryogenic equipment market is projected to reach USD 16.6 billion by 2028 from an estimated USD 11.9 billion in 2023, at a CAGR of 6.9% during the forecast period. A cryogenic equipment is any storage or transportation apparatus that helps handle cryogenic fluids (liquefied industrial gases at temperatures below -150ºC). Typical equipment in this category include tanks, pumps, vaporizers, heat exchangers, valves, pressure regulators, and pipes. They are used in various applications, such as the production, storage, and transportation of LNG; preservation of biological materials including human tissues, sperms, and embryos; long-term storage of biological samples such as stem cells, cord blood, and tissues; development of hydrogen fuel systems, particularly for the automotive and transportation industries; as well as cooling scientific instruments on space telescopes and maintaining extremely low temperatures for space probes and vehicles, satellite launch facilities, and air separation units. The cryogenic equipment market is heavily dependent on the consumption of industrial gases that are liquefied for high-volume storage purposes. oxygen, nitrogen, argon, and hydrogen, wherein oxygen and nitrogen are such major industrial gases used across end-user industries for numerous applications. The increasing use of these industrial gases in industries such as energy & power, metallurgy, electronics, chemicals, and transportation is likely to propel the demand for cryogenic equipment. Moreover, growing popularity of liquefied natural gas as source of clean and efficient energy, will boost the demand for cryogenic equipment for the transportation and storage at LNG liquefaction and regasification terminals.

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The Tanks, by equipment, is expected to grow at the highest CAGR during the forecast period.

Based on equipment, the cryogenic equipment market has been split into tanks, valves, vaporizers, pumps and other equipments such as pipes, regulators, freezers, dewars, strainers, samplers, heat exchangers, leak detection equipment, dispensers, and accessories (manifolds, fittings, vacuum-jacketed/-insulated piping, hoses, connections). Tanks are expected to grow at the highest CAGR during the forecasted period. The increasing global demand for LNG tanks and microbulk tanks will be the major reason for the leading position of the tanks segment in this market in the coming years.

The nitrogen segment, by cryogen, is expected to be the largest segment during the forecast period.

This report segments the cryogenic equipment market based on cryogen into six segments: nitrogen, argon, oxygen, liquified natural gas (LNG), hydrogen, and other cryogens (helium, nitrous oxide, ethylene, and carbon dioxide). The nitrogen segment is expected to be the largest segment during the forecast period owing to its high availability in the atmosphere and its inert nature. Nitrogen is widely used in industrial and medical applications, nitrogen is also used in the energy & power industry to enhance oil recovery. It is used in fertilizers and chemical industries as well.

Asia Pacific is expected to be the largest region in the cryogenic equipment market.

Asia Pacific is expected to be the largest cryogenic equipment market during the forecast period. The Asia Pacific region comprises major economies such as China, India, Australia, Japan, Malaysia, and Rest of Asia Pacific. Rest of Asia Pacific primarily includes Thailand, the Philippines, Singapore, Indonesia, and Myanmar. . The high growth rate and market share of the Asia Pacific region can be attributed to constant LNG infrastructure developments in China, investments in the aerospace industry in India, and increasing investments in gas production and LNG imports in Australia and Japan, respectively. The significant demand for cryogenic equipment in the region is witnessed by  end-user industries such as healthcare, metallurgy, energy & power, and electronics.

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Key market players

Some of the major players in the cryogenic equipment market are including Linde plc (Ireland); Air Liquide (France); Air Products and Chemicals, Inc. (US); Chart Industries (US); Parker Hannifin Corp. (US); Flowserve Corporation (US); Nikkiso Co., Ltd. (Japan); and INOX India Limited (India). The major strategies adopted by these players include contracts, agreements, partnership, collaborations, and expansions.

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Micro Combined Heat and Power Market Size to Grow $4.8 billion by 2029

 According to a research report "Micro Combined Heat and Power Market by Technology (IC Engine, PEMFC, Rankine Cycle Engine, Stirling Engine, SOFC), Type (Engine, Fuel Cell), Application (Residential, Commercial), Capacity (<5kW, 5–10kW, 10–50kW) and Region - Global Forecast to 2029" published by MarketsandMarkets, the Micro Combined heat and power market is projected to reach USD 4.8 billion by 2029 from an estimated USD 3.1 billion in 2024, at a CAGR of 9.4% during the forecast period.

The demand for Micro combined heat and power (MCHP) is growing due to its efficiency in generating electricity and capturing waste heat for heating or cooling purposes, reducing energy costs and emissions. It offers benefits like increased energy efficiency, lower operational costs, and enhanced grid resilience. MCHP systems are used in various sectors like commercial, and residential complexes to meet energy needs sustainably.

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Residential, by Application, is expected to grow by the largest segment during the forecast period.

Based on application, the micro combined heat and power market has been segmented into residential and commerical. The residential segment of Micro CHP market is expected to grow the largest due to rising environmental awareness among homeowners, promoting sustainable and energy-efficient solutions. Micro CHP systems, by generating heat and electricity simultaneously, enhance energy efficiency and reduce reliance on traditional power sources, appealing to environmentally conscious consumers. Technological advancements have made these systems more accessible and affordable, further driving their adoption. Moreover, government incentives and regulatory support aimed at clean energy adoption provide additional impetus for homeowners to invest in Micro CHP systems.

The < 5 kW segment by Capacity is expected to grow fastest during the forecast period.

This report segments the micro combined heat and power market based on capacity into <5Kw, 5-10kW, 10-50kW. The <5kW segment is expected to grow as the fastest in the micro combined heat and power market due to advancements in technology that have resulted in more efficient and cost-effective smaller-scale units. These systems are tailored to meet the energy demands of residential and small commercial buildings, catering to a growing trend towards decentralized energy generation. Government incentives and policies further support this growth by promoting small-scale renewable and efficient energy technologies. Additionally, the flexibility and on-site energy generation capabilities of <5kW Micro CHP systems make them highly appealing to users seeking to reduce transmission losses and improve overall energy efficiency, driving their accelerated adoption.

Europe is expected to be the second largest growing region in the micro combined heat and power market.

Europe is expected to be the second largest growing region in Micro combined heat and power market during the forecast period. The Europe region has been subdivided into five key countries: Germany, UK, Italy, Netherlands and Rest of Europe. Rest of Europe  includes Belgium, Denmark, and Spain.

The Micro combined heat and power market is flourishing in the Europe due to strong emphasis on sustainability and energy efficiency, promoting the adoption of Micro CHP systems. The region's well-established market infrastructure for renewable energy technologies, coupled with supportive government policies, incentives, and subsidies, further fuels market growth.

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Key Players

Some of the major players in the Micro Combined heat and power market are AISIN CORPORATION (Japan), 2G Energy (Germany), BOSCH INDUSTRIEKESSEL GMBH (Germany), KyungDong Navien (South Korea), and YANMAR HOLDINGS CO., LTD. (Japan). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

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Combined Heat and Power Market by Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine), Capacity (Up to 10 MW, 10-150 MW, 151-300 MW, Above 300 MW), Fuel, End User and Region - Global Forecast to 2029