The fuel cell for stationary power market size surpassed $ 1.6 B in 2021 and is expected to increase at a CAGR of over 12.8% from 2022 to 2030. By 2030, the industry expects 1.5 GW of capacity.
The growing market for clean energy generation in developed regions, greater use of fuel cell-based vehicles, a burgeoning power sector, and increased power generation capacity globally are all contributing to the fuel cell technology expansion.
The expanding market for small and large capacity fuel cell devices, as well as increasing commercial and public sector investments focusing on creating H2 infrastructure, is likely to provide enough opportunity to fuel the demand for fuel cell for stationary power. Product rollout will also be aided by favorable legislation and norms, as well as increased investments in electrification in distant locations.
COVID-19 has had an impact on economic development in numerous regions, which has had an impact on the fuel cell for stationary power market. Many manufacturing operations have been suspended because of lockdowns and curfews, resulting in an increase in gasoline prices.
Furthermore, increasing customer awareness of the need to cut GHG emissions and improve air quality will boost the development of fuel cell power plants. The bulk R&D efforts are concentrated on the development and advancement of fuel cell-powered cars, which is likely to open new market prospects.
The lack of H2 fueling infrastructure may have an impact on the future need for H2 generation by fuel cell vehicles. The development of H2 fueling stations will necessitate significant investment and extensive assistance from both public and commercial groups. As a result, the market for H2-based fuel cells is now stifled due to a lack of supporting infrastructure.
Until 2030, the industrial/utility fuel cell for stationary power market is expected to grow by more than 12%. The market of fuel cells for power generation will be stimulated by the implementation of attractive government policies, greater financing for technology development, and a shift in consumer awareness toward clean and sustainable energy.
Product penetration will be bolstered by rising off-grid electricity use and increased compliance with regulatory norms and regulations. Additionally, the implementation of large-scale stationary systems, particularly in the utility sector, is expected to be influenced by the introduction of H2 roadmaps and standards.
Key takeaways
Competitive Landscape
Cummins, Ballard Power, Plug Power, Posco Energy, SFC Energy, GenCell Ltd., Fuel Cell Energy, Bloom Energy, Altergy, Aris Renewable Energy LLC, and AFC Energy are among the major participants in the sales of fuel cell for stationary power.
Continuous investments in technological breakthroughs, as well as increased research and development operations for new product creation, would help them expand their fuel cell for stationary power market share. Inorganic strategy actions such as joint ventures, mergers and acquisitions, and others, on the other hand, will promote product deployment across geographies.
For example, Ballard Power Systems announced a strategic relationship with the road equipment manufacturer in 2022 for 31 H2 fuel cell modules that can offer 3 MW of power.
These insights are based on a report on Fuel Cell for Stationary Power Market by Future Market Insights
