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Pune, India, Sept. 29, 2022 (GLOBE NEWSWIRE) — The global fuel cell market to grow at a CAGR of 36% and reach USD 28.95 billion during forecast period of 2021-2028. The market was valued USD 2.62 billion in 2020. The market growth is attributed to factors such as growing demand for innovative energy products and the increasing focus on developing zero-emission vehicles across the globe. Increasing focus on development of hydrogen fuel infrastructure in Asia-Pacific to stoke demand.
Key Industry Development:
Ceres Power and Bosch announced their collaboration to boost the prototyping and large-scale SOFC systems production. The two companies aim to develop a system with an initial capacity of 200 MW for a wide range of industries by 2024.
Navistar Inc., General Motors, and OneH2 announced their partnership to develop advanced solutions for long haul transportation systems with zero emissions. The companies aim to develop an ecosystem for hydrogen-powered trucks.
Hydrogen conversion specialist, Ulemco, Ocado, Lyra Electronics, and Promech Technologies announced the development of London’s first-ever hydrogen ambulance, Zerro.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 36.0% |
| 2028 Value Projection | USD 28.95 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.62 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), Others), By Application (Portable, Stationary, Transport) and Regional |
| Growth Drivers | Increasing Focus on Deployment of Zero-Emission Vehicles to Aid Growth |
| Collaboration between Major Companies to Expand Their Product Portfolio and Boost Sales Revenue |
Market Highlights:
Driving Factors:
The government of the State of New Jersey updated the financial benefits…
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