Fuel Cell Market size was valued at USD 2.90 Billion in 2022 and is poised to grow from USD 3.69 Billion in 2023 to USD 25.10 Billion by 2031, at a CAGR of 27.1% during the forecast period (2024-2031).
By interacting with an oxidizer, electrochemical fuel cells generate electricity. Electrolytes transport charged particles between positive and negative electrodes. There are different types of fuel cells, but they all work the same way. There are also other fuel sources like methanol and natural gas, but fuel cells use hydrogen ionized at the anode. For generating electricity ions releases electrons that flow through the external electrical circuit. When the hydrogen ions pass from the electrolyte to the cathode the electrochemical circuit is formed as they mix with atmospheric oxygen to generate water. As a result, fuel cells are far more effective in turning fuel into electricity, generating no harmful pollutants and wasting little heat. These cells are also better for many other uses like transportation, backup power, and portable energy as they provide consistent results and silently operate. The recent technological developments in the fuel cell market have immensely improved its performance and efficiency, expanding the market.
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Extensive and Successful Campaigns by Various Institutions to Augment Demand for EV
Successful campaigns endorsing electric cars, or EVs, are a significant factor propelling the fuel cell industry. Campaigns like these raise awarenesses of the advantages of fuel cell technology in electric vehicles (EVs).Nowadays, as people have become more environmental conscious companies try to focus on benefits like zero emissions and better driving feasibilityduring branding to attract more customers. Such smart marketing strategies are increasing the demand for fuel cells.
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Minimizing Greenhouse Gas with Renewable Sources is Boosting Market
In the last few years, there has been immense pressure on the automobile companies to reduce emissions. This has boosted the growth of the fuel cell market immensely as it relies on renewable sources of energy. This is because governments andindustries are placing greater emphasis on sustainable development. An increase in reliance on energy sources leads to an increase in investment in fuel cell technology, asthe basic function of fuel cells is to generate energy through the ecologically benign conversion of hydrogen or other renewable fuels into electricity. As a result, the market grows rapidly as stakeholders seek alternative energy sources instead of the harmful substance that harmsthe environment. A prototype of Honda’s next-generation hydrogen fuel cellsystem was on show at European Hydrogen Week in Brussels in November 2023, organized by Honda and General Motors.
- On October 2023, TECO 2030 built hydrogen fuel cells for ships and heavy-duty applications to operate emission-free. These fuel cells can generate clean energy with innovative technologies.
- In November 2023, Honda along with General Motors launched a prototype of their hydrogen fuel system at the European Hydrogen Week in Brussels.
- Cochin Shipyard Limited initiated a research project in January 2023 to develop a hydrogen-powered electric vessel utilizing low-temperature proton exchange membrane technology.
- In December 2023, General Motors and Komatsu announced their intention to form a partnership aimed at developing a hydrogen fuel cell power module for Komatsu’s 930E electric drive mining truck. In Japan, the truck is most use in the construction sector.
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Today, with innovative technologies and rising demand for EVs there are many opportunities for the fuel cell market. New innovative materials and designs are also increasing the efficiency and performance of the cells. In recent times, the transportation sector has become a huge market for fuel cells because of fuel cell electric cars (FCEVs). These cars have better range and faster refilling times compared to BEVs. The fuel cell market will witness significant growth because of the reducing expense of FCEVs and increasing use of hydrogen. Companies in the market also constantly launch new products to maintain a competitive edge in this ever-evolving market.
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