Fuel Cell Material Market Size with Growth Opportunities, Future Trends and Share with Revenue Forecast 2022 to 2031

Kenneth Research recently added a report on Fuel Cell Material Industry Market  in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Fuel Cell Material Industry Market along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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“The size of the global fuel cell market in 2021 is estimated to be ~USD 15 billion, anticipated to expand at a compound annual growth rate of ~17% over the forecast period 2022-2030. One of the key growth drivers is the growing demand for non-traditional energy sources. Other factors such as building public-private partnerships and reducing pollution should drive demand. Governments around the world should encourage the provision of various forms of support, including funding for research activities and related funding programs.

Establishing a robust regulatory and policy framework is particularly important as government agencies must create an appropriate investment environment. The proportion of solid fuel cells is expected to reach 68% by 2022. Factors such as flexibility, high efficiency and the use of direct current for different types of fuel use are key factors that should drive stable demand for fuel cells over the forecast period.

Actual Outlook: 

Solid oxide fuel cells dominated the fuel cell market with a sales share of USD 7 billion in 2020. Product diversity and performance will allow certain sectors to maintain their lead. The transport sector is expected to experience the fastest growth during the forecast period owing to the growing demand for fuel cell lift trucks and increased R&D activity in the developed European economy. Portable fuel cell research program for personal electronics, wearables, laptops, cell phones, APUs, consumer products and more.

Product Information: 

Proton Membrane Fuel Cells (PEMFCs) account for more than 65% of units shipped in 2020. PEMFCs are widely used in applications such as forklifts, automobiles, communication systems, primary and power supply systems. Adaptability is the most important factor determining demand during the forecast period. The US Department of Energy (DOE) operates the Fuel Cell Technology Office (FCTO), Solid Oxide Fuel Cells (SOFC), and other fuel cell development programs.

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Solid oxide fuel cells (SOFCs) are expected to grow significantly in the near future. No electrolyte loss is required in SOFCs as all solid components are present. It can operate at high temperatures, eliminating the need for expensive catalysts such as ruthenium. In 2019, molten carbonate fuel cells (MCFCs) became the most important product segment with a demand of 380 MW. With the widespread use of molten carbonate fuel cells in large stationary power plants, the sector is expected to grow rapidly in the coming years.

Region: In Canada, the federal government supports organizations and companies involved in the field of fuel cells. For example, in 2017, the Canadian government invested $43 million in clean innovation, including $20 million in clean energy projects.

 Sections presented in this report:

The report forecasts global, regional and national sales growth and provides an analysis of the latest industry trends in each sub-sector from 2022-2030. This report studies the Global  Fuel Cell Market Break the report on by application. and product sector. Product Outlook (Volume, Unit, Capacity, MW, Revenue, USD Million, 2022-2030) PEMFCPAFCSOFCMCCFCO Other Program Perspectives (Volume, Unit, Capacity), MW, Revenue, USD Million, 2016-2027 Bureau of Solid Transportation-Fuel Cell Technology ( US Department of Energy (DOE) FCTO), Solid Oxide Fuel Cell (SOFC) and “Other Fuel Cell” Development Funding Program. Solid oxide fuel cells (SOFCs) have the potential to grow significantly in the near future.

No electrolyte loss is required in SOFCs as all solid components are present. Because they can operate at high temperatures, they do not require expensive catalysts such as ruthenium, making molten coal fuel cells (MCFCs) the largest generators with a demand of 380 MW in 2019. The industry is expected to grow rapidly in the coming years due to the widespread use of molten carbonate fuel cells in large stationary power plants

Regional perspective: 

In Canada, the federal government funds fuel cell organizations and businesses. For example, in 2017, the Canadian government invested $43 million in clean technology innovation, including $20 million to support pre-commercialization of clean energy projects. In the United States and Canada, these government-funded initiatives have facilitated product development and distribution in North America. The European market will focus more on public-private partnerships in the near future to achieve the goal of transitioning to a low-carbon economy and maintain more competitive advantage.”

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