According to the report by Expert Market Research (EMR), the global fuel cell stack market size is projected to grow at a CAGR of 9.80% between 2023 and 2028. Aided by the mounting demand for cleaner energy alternatives and increasing application of fuel cell stacks in the automotive industry, the market is expected to grow significantly by 2028.
Fuel cell stacks are essential parts of fuel cell systems because they enable the chemical reaction that turns hydrogen and oxygen into electricity. Due to their high efficiency and low emission qualities, they are utilised in a variety of fields, including power generation, automobiles, and portable electronics.
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The global fuel cell stack market growth is primarily driven by the escalating consumer demand for cleaner energy solutions. With growing environmental concerns and stringent emission standards, there has been a significant transition towards cleaner energy sources, leading to a spike in demand for fuel cell technology.
Additionally, the surging trend of electrification in the automotive industry has greatly contributed to the burgeoning popularity of fuel cell stacks. Their high energy efficiency, long lifespan, and the ability to quickly refuel make them an attractive alternative to conventional batteries in electric vehicles, thus fuelling the market growth.
The expanding applications of fuel cell stacks in various sectors also significantly contribute to the fuel cell stack market expansion. Due to their capacity to produce dependable and clean power, fuel cells are being employed more frequently in the power generation sector. Furthermore, because of their lightweight and compact design, they are being incorporated into portable devices like laptops and mobile phones.
Additionally, there is a greater emphasis on fuel cell stacks as a result of the rising need for reliable emergency backup systems and efficient power solutions in remote locations. They can produce electricity without a grid connection, which makes them a practical option for rural regions, thereby driving the market forward.
In addition, the fuel cell stack market development has been significantly influenced by hydrogen’s emergence as a possible renewable energy source. Fuel cell stacks, the main component of hydrogen fuel cells, have experienced a major increase in demand as a result of the development of hydrogen-based economies and the increased emphasis on green energy.
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Fuel Cell Stack Market Segmentation
The market can be divided based on product type, application, and region.
Market Breakup by Product Type
• Air Cooled
• Liquid Cooled
Market Breakup by Application
• Portable Power
• Backup Power
• Motive Power
• Material Handling Equipment
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global fuel cell stack companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Solvay S.A.
• Robert Bosch GmbH
• Horizon Fuel Cell Technologies
• Ballard Power Systems
• Nedstack Fuel Cell Technology BV
• ElringKlinger AG
• Nuvera Fuel Cells, LLC
• Others
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