August 21, 2023 05:33 ET | Source: Research and Markets Research and Markets
Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Fuel Cell Generator Market by End User (Marine, Aquaculture, Construction, Agriculture, Data Centers, Emergency Response Generators), Size (Small (Up to 200 kW), Large (>200 kW)), Fuel Type (Hydrogen, Ammonia, Methanol), Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering. 60kva Generator
The global fuel cell generator market is on a trajectory of substantial expansion, poised to surge from its current valuation of USD 0.4 billion in 2023 to an impressive USD 2.1 billion by 2030, marking an extraordinary Compound Annual Growth Rate (CAGR) of 25.4%.
The driving forces behind this remarkable growth are the escalating demand for reliable energy solutions for data centers and emergency response scenarios, firmly establishing fuel cell generators as the go-to power source in these critical settings.
Within this landscape of rapid evolution, Europe emerges as a dynamic epicenter for the fuel cell generator market's growth during the forecast period. The region stands as a trailblazer in sustainability endeavors, exemplified by its resolute commitment to reduce greenhouse gas emissions and embrace clean energy alternatives.
Fuel cell generators, renowned for their low-emission and zero-pollution power generation capabilities, seamlessly align with Europe's ambitious environmental targets. The continent has successfully orchestrated a supportive policy and regulatory framework, fostering the development and adoption of fuel cell technology.
Financial incentives, grants, and robust research funding have collectively catalyzed innovation and investments in the fuel cell sector. Europe's robust hydrogen infrastructure further amplifies its standing, enabling efficient production, storage, and distribution of hydrogen as a fuel for fuel cell generators.
In the realm of the fuel cell generator market, a select group of major players holds sway, boasting extensive regional presence. Key industry leaders including Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Ballard Power Systems (Canada), ABB (Switzerland), and Loop Energy Inc. (Canada) steer the course of this thriving market segment.
Hydrogen: The largest segment of the fuel cell generator market, by fuel type
Based on fuel type, the fuel cell generator market has been split into three types: hydrogen, ammonia, and methanol. Compared to other fuel cell technologies, hydrogen fuel cells have quick refueling times, enabling speedy deployment for vehicles and other uses. Additionally, hydrogen fuel cells have a high-power density, which allows them to supply a lot of power in a tiny, light design.
Small size (up to 200 kW) segment is expected to emerge as the largest segment based on size
By size, the fuel cell generator market has been segmented into small scale (up to 200 kW) and large scale (above 200 kW)
. Recent advancements in fuel cell technology, such as improved efficiency, durability, and cost reduction, have made small-scale fuel cell generators more viable and attractive. These technological developments have increased the overall performance and reliability of fuel cell systems, making them a practical and competitive option for small-scale power generation applications.
By end user, the marine segment is expected to be the fastest growing market during the forecast period
Based on end user, the fuel cell generator market is segmented into marine, aquaculture, construction, agriculture, data centers, and emergency response generators. Fuel cell generators can be used as auxiliary power units on ships and boats.
They provide a reliable and efficient source of electricity for various onboard systems, including lighting, navigation, communication equipment, refrigeration, and other electrical loads. Fuel cells offer quiet operation, reduced vibrations, and improved energy efficiency compared to traditional diesel generators, enhancing the overall onboard experience.
For more information about this report visit https://www.researchandmarkets.com/r/hgkljd
Silent Type Generator About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.