(Credit: Pixabay)Fuel cell markets are growing, especially as areas such as clean transportation and efficient data centers become more of a focus.
A Reports and Data analysis finds the hydrogen fuel cell market is expected to grow at a CAGR of 21.2% through 2030 and be valued at $80.48 billion. A separate report from Research and Markets finds the fuel cell generator market will grow at almost a 20% rate through 2030 and be valued at $1.4 billion.
Fuel cells generate constant energy by converting fuel, such as hydrogen, into electricity and heat. They can be used for a range of functions, including vehicles, buildings, and backup energy sources.
According to Reports and Data, the hydrogen fuel cell market is being driven by transportation, especially the development of electric vehicles. Research and Markets says a growing need for efficient energy production is driving the fuel cell generator market, and data centers are the leading user of the platforms.
Data centers use a significant amount of energy, which has led to operators looking for a variety of ways to increase their sustainability. Research and Markets also says data centers require backup power sources to stay operational, which is growing the need for efficient generators.
Atmos Energy recently installed a natural gas-powered fuel cell at its corporate data center, which the company says offsets three times more carbon than other renewable energy sources. GenCell Energy and RedHawk Energy Systems also partnered for fuel cell backup power systems to support infrastructure such as the US rail system.
The study also says fuel cell generators are helping improve efficiency in manufacturing and construction. North America is the leading region for the fuel cell generator market, holding a 37% share, as there increasingly are policies and programs to reduce emissions. Europe follows at 28% of the market, with Asia-Pacific holding 25%.
Hydrogen is growing in use as a clean fuel, which is increasing its use in fuel cell systems. Transportation and commercial vehicles especially are benefiting from hydrogen fuel cells, according to Reports and Data.
The report says Asia-Pacific is a leader in the market, especially with several governments offering subsidies for fuel cell electric cars, which is driving private investment and technology advancement. The US is led by California, which has 47 public hydrogen refueling stations with 55 more in production.
Hydrogen fuel cell advancements include their use in Toyota’s Woven City project in Japan, which the report highlighted. General Motors also said earlier in 2022 that it would start using hydrogen fuel cells in areas beyond vehicles, such as generators and mobile energy platforms.
According to Reports and Data, key players in the hydrogen fuel cell market include Fuel Cell Energy, Cummins, Ballard Power Systems, Plug Power, Bloom Energy, AFC Energy, Doosan Fuel Cell Co., Toshiba, Hyster-Yale Materials Handling, Panasonic, Intelligent Energy, and Pearl Hydrogen.
Key players in the fuel cell generator market include Bloom Energy, Doosan Fuel Cell Co., Cummins, PowerCell Sweden AB, Toshiba, Ballard Power Systems, AFC Energy, Proton Motor Fuel Cell GmbH, Altergy, Nedstack Fuel Cell Technology, PowerUP Energy Technologies, Panasonic, EODev, TECO 2030, Siemens Energy, BOC, H2SYS, Gaussin, Yanmar Holdings, ABB, Freudenberg Sealing Technologies GmbH & Co., and Loop Energy.
