Global Fuel Cell Generator Market (2022 to 2030) - Increasing Adoption of Fuel Cell Generators for Backup Power in Data Centers Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Fuel Cell Generator Market by Type (PEMFC, SOFC, AFC), End User (Marine, Aquaculture, Construction, Agriculture, Data Center, Emergency Response Generator), Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global fuel cell generator market size is estimated to be USD 0.3 billion in 2022 and is projected to reach USD 1.4 billion by 2030, at a CAGR of 19.9%.

The market has a promising growth potential due to several factors, including the stringent norms on GHG emissions across the globe, increasing R&D grants, and the increasing need of energy-efficient power generation.

Data center: The largest segment of the fuel cell generator market, by end user.

This segment includes backup power solutions installed in data centers. Growing requirement for backup power during outages is expected to fuel the growth of the data centers segment. The need to process massive amounts of data will only become more critical as technology continues to touch our daily lives in our increasingly digitized environment.

The Internet of Things (IoT) will continue to develop, allowing us to improve almost every aspect of our lives. The technology can be utilized to improve manufacturing operations and equipment monitoring.

North America: The largest region in the fuel cell generator market.

North America is one of the leading markets which is continuously shifting its focus toward green and renewable technologies to meet the targets set by the governments for reducing GHG emissions.

Furthermore, countries such as US and Canada are increasing their investments to adopt fuel cell technology.

Market Dynamics

Drivers

• Rising Pressure on Maritime Industry to Reduce Co2 Emissions
• Increasing Awareness About Benefits of Fuel Cell Generators
• Supportive Government Policies and Provision of Incentives and Rebates on Fuel Cell Generator Installation
• Growing Preference for Clean Energy Sources due to Stringent Emission Norms

Restraints

• High Cost of Catalysts Used in Fuel Cell Generators
• High Capital Expenditure Associated with Hydrogen Energy Storage

Opportunities

• Increasing Adoption of Fuel Cell Generators for Backup Power in Data Centers
• Rising Installation of Fuel Cell Generators in Construction Sites to Achieve Decarbonization
• Growing Number of Government Initiatives to Support Development of Hydrogen Economy

Challenges

• Water Management in Proton-Exchange Membrane Fuel Cells
• High Start-Up Time of Solid Oxide Fuel Cells

Companies Mentioned

• ABB
• AFC Energy plc
• Altergy
• Ballard Power Systems
• Bloom Energy
• BOC Limited
• Cummins Inc.
• Doosan Fuel Cell Co., Ltd.
• Eodev
• Freudenberg Sealing Technologies GmbH & Co. Kg
• Gaussin
• H2Sys
• Loop Energy Inc.
• Nedstack Fuel Cell Technology Bv
• Panasonic Corporation
• Powercell Sweden Ab
• Powerup Energy Technologies
• Proton Motor Power Systems plc
• Siemens Energy
• Teco 2030
• Toshiba Energy Systems & Solutions Corporation
• Yanmar Holdings Co., Ltd

For more information about this report visit https://www.researchandmarkets.com/r/xvv6d5