Chicago, June 06, 2022 (GLOBE NEWSWIRE) — According to new market research report from MarketsandMarkets™, the “Fuel Cell Market by type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), application (portable, stationary, vehicles (FCV)), size (small and large), end user (residential, C&L, transport, data center, military and Defense, Utility), Region – Global Forecast to 2027″, is estimated to reach USD 2.9 billion in 2022 and is projected to reach USD 9.1 billion by 2027, growing at a CAGR of 26.0%. during the forecast period.

Government policies and incentives provided for fuel cells are a key driver for the growth of the fuel cell industry. In Asia-Pacific, China, Japan, and South Korea are the major countries emphasizing the use of fuel cells for various applications, including large-scale power generation. In 2019, China’s Ministry of Finance, Ministry of Industry and Information Technology (MIIT), Ministry of Science and Technology and National Development and Reform Commission jointly announced grants for new energy vehicles. Additionally, companies such as Bloom Energy and its subsidiaries have worked closely with the South Korean government to set up large-scale SOFC-based power plants. Two different power plants of 19.8 MW and 8.1 MW will be installed over the years in two different cities. Additionally, SK E&C (Bloom Energy) and South Korean authorities have signed a contract to develop a SOFC-based microgrid by 2022. These factors are major reasons for the growth of the fuel cell market in Asia-Pacific and North America.

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The fuel cell vehicle segment is set to become the fastest growing segment of the fuel cell market by application

Proton exchange membrane fuel cells (PEMFCs) are mainly used in fuel cell vehicles. One of the biggest R&D ventures of the early 21st century is the decarbonization of transportation. According to the United States Environmental Protection Agency, approximately 4.7 metric tons of CO2 are emitted by a passenger car per year. Comparatively, a heavy-duty vehicle emits more greenhouse gases than a passenger car. Therefore, there is more need to control automotive emissions, especially in heavy vehicles such as trucks and buses, which supply the market.

SOFC segment expected to be the fastest growing market by type

The growth of the segment is due to its simple mechanism, extended service life and high efficiency. Solid oxide fuel cells with an operating temperature of up to 1000°C are suitable for process heat extraction and thus for stationary use in power plants and combined heat and power plants. electricity, as well as for heating systems in the residential, commercial and industrial sectors. Solid oxide fuel cells have a high electroconversion area; therefore, they also have a high efficiency rate compared to other fuel cells. The by-product of such a chemical reaction is usually heat and water (H2O). A SOFC, coupled with an electrolyzer, is called a solid oxide electrolyzer cell (SOEC) and can further improve operational efficiency by reusing the by-product of the SOFC. It is a highly efficient energy conversion device, which provides fuel flexibility, which in turn facilitates market growth.

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Asia-Pacific is expected to become the fastest growing fuel cell market

Asia-Pacific is estimated to be the fastest growing market for fuel cells over the forecast period. The Asia-Pacific market is mainly governed by government energy and climate regulations, strict laws on GHG emissions. The adoption of sustainable and clean energy solutions in Japan is on the rise as the private sector and government focus on investing in fuel cells. The government announced the hydrogen and fuel cell strategy roadmap in June 2014, which was amended in March 2016 and March 2019. The government also announced the basic hydrogen strategy in December 2017. The hydrogen and fuel cell strategic roadmap, which included a plan for FCV deployment, was released in March 2016, setting a target of 40,000 FCV on-road by 2020, 200,000 FCV d by 2025 and 800,000 FCV by 2030. Japan has shown the world the potential of hydrogen and fuel cell technology.

Bloom Energy (USA), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), Plug Power Inc. (US), Ceres (UK), Ballard Power Systems (Canada), and Powercell Sweden AB (Sweden) are the major players in the global market fuel cell market.