Protonic Ceramic Fuel Cell Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Protonic Ceramic Fuel Cell Market was worth US$ 69.5 Mn and is expected to grow at a CAGR of 26.7% over the forecast period. The market is expected to hit US$ 740.9 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 21.8%, the market underwent significant growth.
Protonic Ceramic Fuel Cell (PCFC) is a relatively new technology in the fuel cell industry and acts as one of the promising electrochemical devices for efficient and clean conversion of hydrogen and low hydrocarbons into electrical energy.
STRINGENT GOVERNMENTAL REGULATIONS ACROSS THE GLOBE DRIVES THE MARKET
Energy is a fundamental need for all living beings on earth. Green and renewable energy have been the focus of global leaders worldwide, and wars have been fought over them. The energy sector is working towards sustainable energy to reduce its carbon emissions, and fuel cells are among them. The non-emission solution gives fuel cells high market demand among consumers and government authorities looking to curb air pollution.
THE HIGH COST OF INSTALLATION HAMPERS THE MARKET GROWTH
The key challenge in the development of fuel cells has been the use of expensive catalysts, which increases the cost of fuel cells. Further research in developing more efficient catalysts can help us reduce fuel cell costs and make them more competitive with other technologies such as solar and wind power. The high cost of catalysts used by a fuel cell is projected to inhibit the growing advances in the fuel cell technology market in the coming years.
INCREASING NEED FOR CLEANER FUEL CREATES AMPLE OPPURTUNITIES FOR THE MARKET
The need to stop climate change is urgent and overriding. We must work together to find better solutions to tackle this important challenge by pursuing a carbon neutral and sustainable energy economy. Hydrogen is a promising fuel for future mobility and transport. H2Mobility is Germany’s leading initiative to bring hydrogen to the fore. The program is also paving the way for the industry with its support of several projects and its deployment of fueling stations across Europe.
Market Segments Covered in Report
By End User:
By Region and Country:
Why are Small scale Type Protonic Ceramic Fuel Cell projected to have the highest CAGR?
The small-scale fuel cell market is projected to experience strong growth shortly owing to the government of Japan’s efforts to make clean energy a major power source over a long period. Fuel cells are devices that convert chemical energy from hydrogen or other fuels into electricity by electrochemical reaction. Most fuel cells today are based on solid oxide (SOX) technology, the leading technology for decades for power generation and industrial processes.
Why is the Commercial & Industrial segment expected to expand the fastest during the forecast period?
Although hydrogen is a highly abundant element in the universe, it has been challenging to produce it at reasonable prices and durability standards. In recent years, advancements in leading-edge electrolytic technology have enabled high-temperature electrolyzer systems to be scaled up to meet commercial and industrial hydrogen demand.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The key players in the industry are continuously focusing on introducing new products to woo more and more customers. Furthermore, they have adopted various organic and inorganic strategies such as partnerships, collaborations, and moving towards online shopping platforms to expand their global footprint.
Some of the key developments that have taken place in the Protonic Ceramic Fuel Cell Market include the following:
A list of some of the key suppliers present in the market are:
Global Protonic Ceramic Fuel Cell Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, End-Use, Size, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 26.7%.
Global manufacturers are being driven to create sustainable energy generation goods by the increase in greenhouse gas emissions. Throughout the forecast period, these factors are anticipated to support the expansion of the worldwide fuel cell market.
Major global Protonic Ceramic Fuel Cell Market players are Ballard, Toshiba, PLUG Power, FuelCell Energy, Hydrogenics, Doosan Fuel Cell, Horizon, Intelligent Energy, Hyster-Yale Group, Nedstack, Pearl Hydrogen, Sunrise Power .
The North America region is expected to account for the largest market revenue share in the Global Protonic Ceramic Fuel Cell market.
Facing issues finding the exact research to meet your business needs? Let us help you! One of our Research Executives will help you locate the research study that will answer your concerns.Speak to Analyst