Fuel Cell Generator Market to Grow $1.4 Billion by 2030

Fuel Cell Generator Market to Grow $1.4 Billion by 2030
The global fuel cell generator market size is expected to grow from an estimated USD 0.3 billion in 2022 to USD 1.4 billion by 2030, at a CAGR of 19.9% during the forecast period.

According to the new market research report Fuel Cell Generator Market by Type (PEMFC, SOFC, AFC), End User (Marine, Aquaculture, Construction, Agriculture, Data Center, Emergency Response Generator), Region (North America, Europe, Asia Pacific, Rest of the World) – Global Forecast to 2030”, published by MarketsandMarkets™, The global fuel cell generator market size is estimated to be USD 0.3 billion in 2022 and projected to reach USD 1.4 billion by 2030, at a CAGR of 19.9%. A key factor driving the growth of the fuel cell generator market is government policies and incentives provided for fuel cells. In Asia Pacific, China, Japan, and India are the prominent countries that are emphasizing the use of fuel cells for various applications, including utility-scale power generation. In 2021, Hypower lab has developed a hydrogen fuel cell drone which can be used for Precision Agriculture, Fertilizer Spraying, Crop Spraying, Crop Survey, Crop Health Monitoring, Seeding, Soil or Field Analysis etc. The company has planned to commercialize it in India. In June 2019, the South Korean government brought the Third Energy Master plan to action. The vision of this act was to attain sustainable growth and enhance the quality of life through energy transition. The Third Energy Master Plan is built on the idea of a sustainable energy system stipulated in the first and second Energy Master Plans, while also focusing on the innovative transition of the overall energy system from production and distribution to consumption.

In July 2021, the Australian Renewable Energy Agency (ARENA) announced the foundation of a new fuel cell and hydrogen organization in Australia, which includes FCHEA members Hyundai, Toyota, and BOC Australia, a Linde Group subsidiary. In August 2020, Siemens Energy installed fuel cell generator at a building site of major infrastructure in UK removing the demand for diesel generator. This fuel cell generator provides enough power for construction of village. These factors are the prime reasons for the growth of the fuel cell generator market in Asia Pacific and Europe.

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Aquaculture segment to emerge as the fastest growing market by end user

This segment is estimated to be USD 0.6 million in 2022 and is projected to grow to USD 5.2 million by 2030, at a CAGR of 32.2% from 2022 to 2030. Approximately 50% of fishing products that are consumed worldwide comes from aquaculture, this percentage is set to increase by 20% by 2050. This will increase the number of aquaculture facilities and environmental impacts related to aquaculture like energy and water consumption. In January 2021, Pilot-E grants over USD 3.3 million for hydrogen powered farming boats. Through this project, Moen Verft and Moen Marin entered into partnership to develop hydrogen electric work boat which will be used by Midtnorsk Havbruk fish farming company.

Asia Pacific is likely to emerge as the second fastest growing fuel cell generator market by region

Asia Pacific is estimated to be the second fastest growing market for fuel cell generator during the forecast period. The Asia Pacific market is principally driven by government regulations on energy and climate, strict laws on emission of GHG. The adoption of sustainable and clean energy solutions in Japan is increasing as both the private sector and the government are focusing on investing in fuel cells. The government announced the Strategic Roadmap for Hydrogen and Fuel Cells in June 2014, which was amended in March 2016 and March 2019. The government also announced the Basic Hydrogen Strategy in December 2017. China, in its 13th Five-Year Plan (2017–2020), has set domestic targets to reduce emissions and improve energy efficiency. In addition, to accommodate a large amount of renewable energy in its grid, China invested upto USD 31 billion by 2020 and upgrade its grid system.

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Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Nedstack Fuel Cell Technology BV (Netherland), Ballard Power Systems (Canada), and Powercell Sweden AB (Sweden) are the key players in the global Fuel Cell Generator Market.

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