Fuel Cell Generator Market To Generate $1,199 Million Revenue by 2030

The fuel cell generator market size is expected to advance at a CAGR of 17.50% during 2022–2030, to reach USD 1,199 million by 2030.

This is ascribed to the increasing pressure on marine industry to minimize CO2 emissions, increasing consciousness about the advantages of generators, increasing government support policies, incentives and rebates on the installation of fuel cell generator. The increasing preference for clean energy sources because of strict emission norms.

The hydrogen generators use methanol and water as feedstock which results in the production of hydrogen in a cost-effective way and a decrease in carbon dioxide emissions and air contamination when contrasted with gas and oil. This power generation can be completely carbon-neutral while utilizing sustainable methanol.

Growing Preference of Clean Energy Sources Drives Market

Fuel cell generators are basically the zero pollution power generators. They work as an electrochemical converter, in which gas fuels are used for production of electricity. Thermal engines are not utilized at a faster rate because of a few reasons, including thermal engines increased global warming and ecological contamination by discharging carbon dioxide. To diminish greenhouse gas discharges, these generators are utilized. Thermal engines frequently make use of petroleum derivatives which are initially compromised with depletion.

Additionally, the sustainability of damaged mechanical parts adds to financial expense for the production and activity of conventional engines. These are the reasons that provoked the search for new and sustainable renewable sources that can make up for the lack of conventional sources of energy generation and storage. The solution exemplifies the utilization of fuel cell generators, which are a source of efficient power as well as cover up the absence of benefits of both, thermal engines and batteries. They have limitless working capacity, and higher power density, to work more efficiently than a basic battery and a rechargeable battery.

APAC is Showing Significant Growth

APAC is demonstrating significant growth at a CAGR of more than 18%, attributed to the chemical deployment of fuel cell micro-CHP products. Various regional countries face issues related to electricity, which is the main factor encouraging these nations to adopt the transformation of energy generation system.

According to reports, China is building the world's biggest sun-based controlled "green hydrogen" plant in Xinjiang as a feature of its endeavors to decrease fossil fuel byproducts.

The venture in Kuqa in the south Australia’s auto market is mature, with modest growth expected going forward. In 2021 1,049,831 new passenger cars, SUVs, and commercial vehicles were sold in the local market (up from 916,968 in 2020). Sales of SUV’s accounted for 49.6% of the market, Passenger cars for 24.2%, light commercial vehicles 22.4%, and heavy commercial vehicles 6.4%. New vehicles must be sold in right-hand drive. Sixty vehicle brands and 380 vehicle models are sold in the Australian market. There are over 3,600 dealer locations utilizes environmentally friendly power sources, including sun-based and wind power, to deliver hydrogen that can be melted and moved to significant distances through gas pipelines, handling electricity deficiencies in the most populated parts of the country.

The market is also growing at a significant rate in the Europe, For instance: The German government has thought of substantial designs to change the country into a more hydrogen-based economy in the years to come. The nation has additionally planned an extension in hydrogen applications in the recent past for energy necessities in the transport sector, power production, storage, and other industrial purposes.

These are sustainable and climate cordial power generation technology. By replacing ordinary diesel generators, they altogether decarbonize the environment and, accordingly, add to the accomplishment of long- term environment targets.

The most-significant fuel cell generator market players are Bloom Energy, Doosan Fuel Cell Co., Ltd., PowerCell Sweden AB, Proton Motor Fuel Cell GmbH, Nedstack Fuel Cell Technology BV, Panasonic Holdings Corporation, Siemens Energy, Freudenberg FST GmbH, Toyota Motor Corporation, Ballard Power Systems.