According to a market research study published by Contrive Datum Insights, The Asia-Pacific region is expected to witness the highest growth during the forecast period due to increasing government support for fuel cell technology and rising demand for clean energy in the region.
Farmington, March 28, 2023 (GLOBE NEWSWIRE) — The Global Fuel Cell Device Market Size Was Valued At USD 4.1 Billion In 2022 And Is Expected To Grow USD 32.0 Billion By 2030 at a CAGR Of 23.2% From 2023 To 2030. The global market for fuel cells has been expanding at a consistent rate over the course of the past few years, and this trend is anticipated to continue in the years to come.
Fuel cells are electrochemical devices that produce electricity by converting the chemical energy released by a fuel during a chemical reaction. They are significantly more beneficial to the environment, in addition to being significantly more effective than conventional sources of energy. The increasing need for sustainable energy, expanding government backing for fuel cell technology, and rising investments in research & development activities are the primary factors driving the global market for fuel cells.
The market is segmented by type, application, and region. By type, the market is segmented into proton exchange membrane fuel cells, solid oxide fuel cells, molten carbonate fuel cells, and others. Transportation, stationary power generation, and portable power generation are the three submarkets that make up this market’s application-based segmentation.
The market for fuel cells is now led by Asia-Pacific, followed by the North American and European regions. The Asia-Pacific region is predicted to exhibit the largest growth throughout the projection period due to increasing government support for fuel cell technology and rising demand for sustainable energy in the region.
In the future years, it is anticipated that the global market for fuel cells will experience significant expansion. This growth will be driven by an increasing need for clean energy as well as actions taken by governments to encourage fuel cell technology.
Request Sample Copy of Report “Fuel Cell Device Market Size, Share & Trends Estimation Report By Product Outlook (GI Videoscopes, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices (ERCP), Capsule Endoscopy, Endoscopic Ultrasound, Endoscopic Mucosal Resection (EMR), Hemostasis Devices & Other) By End Use Outlook (Hospitals, Clinics & Dialysis Centers, Ambulatory Surgical Center) By Region, And Segment Forecasts, 2023 – 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Product Type Insights:
PEM Fuel Cells, also known as Proton Exchange Membrane Fuel Cells, are a specific kind of fuel cell technology. This fuel cell technology makes use of a polymer electrolyte membrane to transport protons between the electrodes. As addition as being utilized in stationary power generation systems for residential, commercial, and industrial applications, they are also utilized in transportation applications such as fuel cell automobiles, buses, and trucks.
Phosphoric acid fuel cells, also known as PAFCs, are a particular kind of fuel cell technology that makes use of phosphoric acid as an electrolyte to facilitate the movement of ions between the electrodes. They are often put to use in applications that involve fixed power generating, such as combined heat and power systems for buildings and power generation systems that are located in remote locations.
These product categories illustrate the wide variety of fuel cell technologies that are currently accessible to consumers on the market. Each distinct variety of fuel cell technology possesses a distinct set of benefits and drawbacks, as well as a range of applications and use cases that are best suited to it. We can anticipate to see continued innovation and development in these product segments, as well as the emergence of new fuel cell technologies and applications, as the market for fuel cells continues to expand and develop.
End User Insights:
Transportation are increasingly being used as a source of power that is both clean and efficient for transportation applications. Some examples of these applications include fuel cell cars, fuel cell buses, and fuel cell trucks. They operate more quietly, produce fewer emissions, and are more efficient than traditional internal combustion engines, all of which are advantages that they offer over the latter. It is anticipated that the transportation sector will be one of the segments of the fuel cell market that would exhibit one of the highest rates of growth in the years to come.
These application segments are representative of the wide variety of business and economic fields that are currently making use of fuel cell technology. We should anticipate the continuation of research and development in these application areas, as well as the creation of new application areas and use cases, as the market for fuel cells continues to expand and advance.
Regional Outlook:
In the years to come, it is anticipated that the Asia-Pacific area will constitute the most lucrative market for fuel cells. The expansion of the market for fuel cells in the region is being pushed forward by a number of reasons, including the increasing need for sustainable energy solutions, investments in research and development, and actions taken by the regional government. When it comes to the widespread use of fuel cells, countries such as Japan, China, and South Korea are at the forefront of the movement.
The market for fuel cells is one of the markets that is expanding at the highest rate, and it is anticipated that this growth will continue in the years to come in North America. There are a number of factors that are contributing to the expansion of the fuel cell market in North America. These factors include initiatives taken by the government, investments made in research and development, and the desire for clean energy solutions.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 23.2% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 32.0 Billion |
| By Product Type | GI Videoscopes, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices (ERCP), Capsule Endoscopy, Endoscopic Ultrasound, Endoscopic Mucosal Resection (EMR), Hemostasis Devices, Others |
| By Sales Channel | Online Retailing, Medical Stores & Brand Outlet, Others |
| By End-use | Hospitals,, Clinics & Dialysis Centers, Ambulatory Surgical Center, Others |
| By Companies | Dole Food Company, Inc., Fresh Del Monte, Keelings, Tanimura & Antle, BelOrta, FreshPoint Inc., Mirak Group, C.H. Robinson Worldwide, Inc., Goknur Gida, Fruitable Fresh Sdn Bhd., Global Fresh Trading FZE |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Driving Factors
Growing demand for backup power solutions: As a result of its high level of dependability and overall efficiency, fuel cells present an appealing choice for supplementary power solutions. This is of utmost importance in areas that are prone to blackouts caused by natural catastrophes or power outages.
Increasing investments in research and development: Governments, private firms, and academic institutes are investing extensively in research and development initiatives to improve fuel cell technology and lower prices. This is projected to boost the expansion of the fuel cell market in the future years.
Restraining Factors:
Competition from other clean energy sources: Fuel cells are up against tough competition from other forms of clean energy, such as solar and wind power, which are becoming more widely used and increasingly cost-effective.
Regulatory challenges: Fuel cells are subject to a number of regulatory difficulties, including those pertaining to safety and environmental standards, which can be difficult to manage and take up a lot of time.
Opportunity Analysis:
Expansion of the hydrogen infrastructure: The presence of a hydrogen infrastructure is one of the most important enabling factors for the expansion of the fuel cell sector. It is projected that the expansion of the fuel cell market would be boosted by the numerous countries that are investing in the development of hydrogen infrastructure. This infrastructure includes the production, storage, and distribution of hydrogen.
Growing demand for off-grid power solutions: Fuel cells are also being employed as a form of off-grid power generation in isolated places of the world when traditional forms of power generation are unavailable. The expansion of the fuel cell market is anticipated to be driven by the rising need for power solutions that do not rely on the grid.
Key Segments Covered:
Top Market Players:
Dole Food Company, Inc., Fresh Del Monte, Keelings, Tanimura & Antle, BelOrta, FreshPoint Inc., Mirak Group, C.H. Robinson Worldwide, Inc., Goknur Gida, Fruitable Fresh Sdn Bhd., Global Fresh Trading FZE, and others.
By Product
- GI Videoscopes
- Biopsy Devices
- Endoscopic Retrograde Cholangiopancreatography Devices (ERCP)
- Capsule Endoscopy
- Endoscopic Ultrasound
- Endoscopic Mucosal Resection (EMR)
- Hemostasis Devices
- Other Product Types
By Sales Channel
- Online Retailing
- Medical Stores & Brand Outlet
By End-Use
- Hospitals,
- Clinics & Dialysis Centers
- Ambulatory Surgical Centers
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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