Fuel Cell Market - Growth Insight, Regional Statistics, Trend and Forecast to 2030

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Fuel Cell Market to 2030 - Segments, Key Drivers
and Competitive Landscape
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• Fuel cells are playing a major role in the global
  step toward achieving a carbon-neutral society
  and are being increasingly deployed as a highly
  efficient technology to generate power in myriad
  sectors, including transportation. As compared to
  combustion engines, fuel cell technology has
  lower or zero emissions, addressing critical
  climate challenges.
• The growing implementation of clean energy
  initiatives is emerging as a key factor powering
  the fuel cell market. For example, in April 2021,
  the U.S. DOE (Department of Energy) and other
  governments announced six sustainable
  initiatives. This effort was taken in support of
  the Leaders Summit on Climate convened by
  President Biden to help America meet the domestic
  targets of 100 clean electricity by 2035, as
  well as net-zero carbon emission by 2050.
• To support customers with resilient, economical,
  and reliable power solutions while achieving
  climate-related goals, leading backup power
  providers are entering agreements to design
  sustainable power systems. Citing an instance, in
  November 2021, Caterpillar announced a 3-year
  project via a partnership with Ballard Power
  Systems and Microsoft. This project was aimed at
  demonstrating a power system that incorporates
  large-format hydrogen fuel cells to deliver
  sustainable and reliable backup power for
  Microsofts data centers. The project was also
  designed to explore the scalability of low
  carbon-intensity hydrogen-powered fuel cell
  systems from performance and cost perspectives.

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• In developing nations, automotive manufacturers
  are emphasizing a sustainable and practical
  reduction in fossil fuel consumption and carbon
  dioxide emissions. To reach this target, Toyota
  unveiled its first hydrogen fuel cell-based
  electric vehicle, Mirai, in India in March 2022.
  This FCEV launch was a part of a pilot project
  introduced by the ICAT (International Center for
  Automotive Technology) and Toyota Kirloskar Motor
  to examine Toyota Mirai on roads as well as
  climatic conditions in India. This introduction
  of environment-friendly vehicles with no tailpipe
  emissions could support the overall fuel cell
  business landscape.
• To boost the innovation of NEV (new energy
  vehicle) technology and reach sustainability
  goals, multiple auto companies in the emerging
  markets have been focusing on new fuel cell
  development activities. A notable example is the
  launch of the M4 fuel cell stack platform and M4
  stack platform-based PROME P4H as well as P4L
  fuel cell systems equipped with core performance
  indicators by Shanghai Hydrogen Propulsion
  Technology Corporation (SHPT) in November 2021.
  The introduction of these self-developed fuel
  cell systems marked a breakthrough for its parent
  company, SAIC Motor, including other Chinese
  companies in the core technologies of the new
  energy fuel cells.

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• As a part of the efforts to allow vehicle makers
  and suppliers to develop a net-zero path, a range
  of initiatives has been taken in developing
  economies like India. For instance, in December
  2021, Sentient Labs introduced the Made in
  India bus powered by hydrogen fuel cells, in
  collaboration with the CSIR (Council of
  Scientific and Industrial Research), Central
  Electrochemical Research Institute, and National
  Chemical Laboratory. This 32-seater bus was
  developed to offer a range of 450 kilometers by
  utilizing 30-kg of hydrogen. The use of fuel
  cells to generate electricity has made it an
  environment-friendly mode of transportation,
  further bolstering sustainable mobility, and
  influencing the fuel cell market expansion in the
  region.

• Competitive Analysis

• The major companies operating across the fuel
  cell market consist of Cummins, Ceres Power,
  Ballard Power, Plug Power, SFC Energy, Fuel Cell
  Energy, Arcola Energy Limited, Bloom Energy, AFC
  Energy, and Panasonic Corporation, among others.

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