Fuel Cell Car Lease: Stationary Fuel Cell Market To Grow At 13.1% CAGR To $9.0 Billion By 2031 – Gyaani Mind
Fuel Cell Car Lease: Stationary Fuel Cell Market To Grow At 13.1% CAGR To $9.0 Billion By 2031 – Gyaani Mind
Fuel Cell Car Lease: The global stationary fuel cell car lease market is driven by the development of distributed power systems, the demand for clean power generation in the transportation and energy sectors and the high efficiency of fuel cells compared to other power generating systems.
In Seattle, February 27, 2023, a study titled “Stationary fuel cell car lease Market by Capacity (Less than 1 kW, 1 KW to 5 kW, 5 kW to 250 kW, 250 kW to 1 MW, More than 1 MW), by Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol According to the report, the $2.6 billion market for stationary fuel cells worldwide is expected to grow to $9 billion by 2031, with a CAGR of 13.1% between 2022 and 2031.
The research provides a thorough analysis of the industry’s shifting trends, leading market segments, important investment areas, value chains, regional environments, and competitive environments.
Table of Contents
Fuel Cell Car Lease: Opportunities, Limitations, and Driving Forces
The fuel cell car lease market is driven by the demand for clean energy generation in the transportation and power sectors, the growth of distributed power systems, and the high efficiency of fuel cells compared to other power-generating systems.
The absence of infrastructure for hydrogen and the expensive cost of fuel cell car lease systems, however, limit the growth of the global industry.
On the other hand, in the upcoming years, the worldwide stationary fuel cell market will see new growth prospects due to technological developments in fuel cells, such as flexibility and improved operational efficiency, and increasing investment in fuel cell system R&D.
Over the forecast period, the 5kW to 250kW category will generate the most revenue.
In terms of capacity, the 5kW to 250kW sector represented more than two-fifths of the global Stationary Fuel Cell market in 2021, and it is expected that this segment will continue to dominate the market for the duration of the forecast period.
The growth of combined heat and power is anticipated to be fueled by government incentives and programs, particularly in organizations for economic cooperation and development (OCED) in nations like the U.S., the UK, Germany, Japan, and others. This will have a significant impact on the advancement of 5kW to 250kW fuel cells.
The category with a CAGR of 14.0% from 2022 to 2031 is expected to be larger than 1MW, though. There are numerous uses for stationary fuel cells in the 1MW category in the power generation sector.
Throughout the anticipated time, the proton exchange membrane fuel cell (PEMFC) sector will rule the market.
The proton exchange membrane fuel cell (PEMFC) segment accounted for the biggest type-based share of the worldwide Stationary Fuel Cell market in 2021, accounting for almost three-fifths of the industry’s total revenue. Increasing R&D spending and widespread use of zero-emission vehicles are the main factors driving the segment’s expansion.
The molten carbonate Fuel Cell (MCFC) market, on the other hand, is anticipated to grow at the quickest rate, with a CAGR of 14.6% from 2022 to 2031. This is because molten carbonate Fuel Cells, which employs CO2 as a reactant, have developed.
The acceleration of climate change brought on by greenhouse gases, particularly CO2, is a significant contributor to environmental changes. As a result, the raw material required to make MCFCs is molten carbonates.
Fuel Cell Car Lease: By 2031, Asia-Pacific will have the highest revenue and the quickest growth.
According to region, the market in Asia-Pacific accounted for roughly three-fifths of the global stationary fuel cell market in 2021 and is predicted to keep dominating over the anticipated time period.
Throughout the forecast period, the same market is most likely to exhibit the fastest CAGR of 13.5%. Due to growing government worries about zero-carbon emission standards in emerging nations like China, India, and South Korea, Asia-Pacific offers incredible potential for the stationary fuel cell market.
Fuel cells are expected to gain traction from these industries throughout the forecast period due to the expansion of the automotive industry and the power and electronics sector in China and India.
Fuel Cell Car Lease: Major Players in The Market
- Ballard Power Systems
- Fuji Electric Co Ltd.
- Horizon Fuel Cell Technologies Pte Ltd.
- Plug Power Inc.
- Mitsubishi Hitachi Power Systems Ltd.
- Toshiba Fuel Cell Power Systems Corporation
- Posco Energy
- Denso Corporation
- Fuelcell Energy Inc.
- Aisin Seiki Co., Ltd.
The report examines many significant players in the global stationary fuel cell market. These firms have taken a number of actions, such as collaborations, new product releases, expansion, and others, to increase their market penetration and strengthen their positions in the industry.
The study is useful for assessing each market participant’s business performance, operating segments, product portfolio, and innovations.
Fuel Cell Car Lease: By 2030, the market for fuel cell powertrains is anticipated to reach USD 12,530.3 million, growing at an estimated CAGR of 89.3% from 2023 to 2030.
20 February 2023, Farmington (GLOBE NEWSWIRE) — In 2021, the market for fuel cell powertrains was estimated to be worth USD 144 million. According to projections, the market will increase from USD 235.8 million in 2022 to USD 12,530.3 million in 2029, growing at an estimated CAGR of 89.3%.
The COVID-19 pandemic has shocked the world and is unprecedented. This has resulted in lower-than-anticipated fuel cell powertrain demand across all areas compared to levels prior to the epidemic. According to our analysis, the global market declined by 16.54% from 2019 to 2020.
A fuel cell is used in a fuel cell powertrain (FCP), an electric drive system, to convert hydrogen energy into electrical power. In contrast to ICE powertrains, FCPs don’t emit any toxic emissions from their tailpipes.
Fuel Cell Car Lease: Recently Occurring Events:
- Ferrari, a 75-year leader in luxury and the automotive industry, teams up with Bloom Energy in June 2022 to set a new standard for manufacturing carbon neutrality by 2030.
- Bloom’s solid oxide fuel cells will be installed in Ferrari’s growing manufacturing facility, which has its headquarters in Maranello, Italy, and will have a 1 megawatt (MW) capacity.
- A Memorandum of Understanding (MoU) was signed by Nuvera Fuel Cells and Hytech AS, a Norwegian technical services firm, in April 2022. The business will assess the E-45 fuel cell engine’s suitability for stationary and mobile power applications.
- Using Nuvera’s fuel cell technology, Hytech is also investigating the creation of hydrogen-powered hydraulic pumps and auxiliary power units.
Fuel Cell Car Lease: Segment Evaluation
Power Output Information
In 2021, the smaller than 150 kW segment dominated the market, and it is anticipated that this would continue for the remainder of the projection period.
The majority of sold fuel cell electric vehicles, particularly passenger automobiles, have less than 150kW of power.
The Toyota Mirai, one of the most well-known fuel cell vehicles, has a 128kW engine. Thus, the segment’s expansion is projected to be fueled in the near future by consumer demand for fuel-cell vehicles.
The market segment with the largest share is fuel cell systems, and over the following few years, this segment is anticipated to develop at the fastest rate.
The fuel cell system is one of an FCEV’s most crucial and costly components. The fuel cell is a component of the fuel cell system.
The fuel cell accounts for roughly 60% of the cost of an FCEV. As more FCEVs are sold, the demand for fuel cell systems increases, which contributes to the growth of the fuel cell systems market.
Car Type Information
The most popular kind of vehicle in 2021 was a passenger automobile, and this trend is anticipated to remain for the next few years. The market for powertrains powered by fuel cells is greatly aided by passenger cars.
The category is anticipated to expand over the course of the forecast period as a result of the rising demand for environmentally friendly transportation around the world and the popularity of fuel cell passenger cars like the Toyota Mirai, Hyundai NEXO, and others.
Forecast for the region
Asia Pacific accounted for the greatest portion of this market in 2021, and the quickest CAGR indicates that it will continue to do so for the duration of the projection.
The market for fuel-cell vehicles is expanding as a result of the increasing consumer demand in nations like South Korea and China.
The improvement of the hydrogen infrastructure in the region is a top priority for the South Korean government. For instance, the South Korean government stated in December 2021 that 43 hydrogen stations will be constructed beside highways by the end of 2022.
Green transportation is something the government is particularly interested in.
In 2021, North America held the second-largest proportion. In California, the demand for FCEVs is increasing, which is causing the market to expand.
A deal to construct 30 hydrogen fueling stations in California was agreed to by Chevron USA Inc. and Iwatani Corporation of America (ICA) in February 2022.
In order to service around 250,000 fuel-cell vehicles, the California Air Resources Board (CARB) estimates that there will be more than 176 hydrogen stations in the Golden State.
Because hydrogen infrastructure is improving and more individuals are interested in driving pollution-free vehicles, the market is expanding in the area in question.
Pure electric vehicles and FCEVs are growing in popularity as consumers worry more about the environment and the government seeks to combat climate change (EVs). In addition to the rapid expansion of electric vehicles, the US, South Korea, and other advanced economies are very interested in fuel cell vehicles.
The leading automakers are all focusing on green mobility so they can aid in global transportation in the future.
Thus, automakers are investing a lot of money to produce more environmentally friendly modes of transportation, such as electric and fuel cell vehicles that require fuel cell car lease powertrains.
For instance, Hyundai Motor Group stated in September 2021 that by the year 2028, all of its commercial cars would be equipped with hydrogen fuel cell car lease.
The manufacturer declared that it would continue to produce both hydrogen-fueled fuel cells and electric vehicles.
The business added that it would begin offering new cars with hydrogen fuel cell car lease engines for sale in 2023.