NEW YORK, Feb. 8, 2023 /PRNewswire/ -- In 2022, the fuel cell generator market was worth around USD 330 million, and it is projected to advance at a 17.50% CAGR from 2022 to 2030, hitting USD 1,199 million in 2030, as per P&S Intelligence.
This development can be ascribed to several reasons, including the burgeoning need for the minimalization of CO2 emissions, easy availability of fuel cell generators, and demand for the renewable generation of energy.
Variants that Use Hydrogen Are Highest Revenue Contributors
Hydrogen fuel cell generators have the largest market share, of approximately 55%, mainly because they do not release any damaging gases. This, in turn, removes the prices associated with deploying a dedicated CCUS system. Moreover, these generators are dependable and offer 40–60% output efficiency and scalability.
Numerous nations are targeting to decrease their overall releases of CO2 to zero by 2050. This is because governments' focus has amplified on making a decarbonized future over the past few years. To accomplish this aim, the introduction of renewable sources, including solar, biomass, hydro, wind, and geothermal, is vital.
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However, the production of electricity from the sun and wind has a few drawbacks, the biggest of which is the output disparities, as these technologies are reliant on weather conditions.
Fuel Cell Generator Usage in Aquaculture To Grow at Highest Rate
Aquaculture will be the fastest-growing end user, witnessing a CAGR of approximately 19.2%, credited to the increasing aquaculture activities and strong ecological impact ascribed to it due to the high-volume consumption of electricity and water.
Thus, to lessen the environmental effects, governments have taken numerous steps for utilizing fuel-cell-based generators as an alternative to diesel generators.
As per the estimates of the NOAA, the aquaculture sector in the U.S. generates USD 1.5 billion every year and supports 1.7 million people engaged in fisheries.
North America Is Leading the Way in Fuel Cell Generator Usage
North America is dominating the industry, and it is projected to continue with the dominance throughout the decade. This can be ascribed to the acceptance of clean sources for generating heat and electricity.
Browse detailed report on Fuel Cell Generator Market Growth, Development and Demand Forecast to 2030
In North America, the U.S. is leading the market, and it will develop with a CAGR of 18.1%, credited to the solid economic support of the government and the private sector.
The growth in the usage of renewable sources and snowballing electricity needs from the aquaculture and data centers industries are the major factors that will boost the industry in the future.
Fuel Cell Generator Market Report Coverage
- Hydrogen Fuel Cell Generators
- Methanol Fuel Cell Generators
By End User
- Data Centers
- Emergency response generators
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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