Pune, India, Sept. 29, 2022 (GLOBE NEWSWIRE) — The global fuel cell market will grow at a CAGR of 36%, reaching USD 28.95 billion during the forecast period 2021-2028. The market was valued at $2.62 billion in 2020. The market growth is attributed to factors such as the growing demand for innovative energy products and the increasing focus on the development of zero-emission vehicles around the world. Increasing focus on developing hydrogen fuel infrastructure in Asia-Pacific to fuel demand.
Key Industry Development:
Ceres Power and Bosch announced their collaboration to advance prototyping and large-scale production of SOFC systems. By 2024, the two companies want to develop a plant with an initial capacity of 200 MW for a wide range of industries.
Navistar Inc., General Motors and OneH2 announced their partnership to develop advanced solutions for zero-emission, long-haul transportation systems. The companies want to develop an ecosystem for hydrogen-powered trucks.
Hydrogen conversion specialists Ulemco, Ocado, Lyra Electronics and Promech Technologies announced the development of London’s first hydrogen ambulance, the Zerro.
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| report coverage | details |
| forecast period | 2021-2028 |
| Forecast period 2021 to 2028 CAGR | 36.0% |
| Value prognosis 2028 | $28.95 billion |
| base year | 2020 |
| Market size in 2020 | $2.62 billion |
| Historical data for | 2017-2019 |
| number of pages | 210 |
| segments covered | By type (proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), solid oxide fuel cell (SOFC), other), by application (portable, stationary, transport) and regionally |
| growth accelerator | Increasing focus on deploying zero-emission vehicles to support growth |
| Cooperation between large companies to expand their product portfolio and increase sales |
Market Highlights:
Driving factors:
The New Jersey state government has updated the financial benefits for battery cell cogeneration…
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