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Fuel Cell Market: Innovations in Hydrogen Storage Drive 27.1% CAGR by 2031 | SkyQuest Technology
Global greenhouse gas emissions contain a significant amount of vehicle emissions. To curb this, governments of different nations are actively searching for alternative power solutions to be adopted in the transport industry. Hence, over the forecast period, the demand for fuel cell-based vehicles is projected to rise noticeably.
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The hydrogen segment held the majority share of the market supported by growing spending for the storage, infrastructure, and production of hydrogen. Besides, mounting demand in fuel cell vehicles, industrial uses, and stationary power generation is anticipated to aid the market growth.
However, the methanol segment is the fastest growing segment and will lead in the coming years. Methanol fuel cells are gaining popularity in numerous applications like backup energy systems. Electronic devices, and more. Also, methanol is readily available, can be transported easily, and holds optimal energy density. This makes it ideal for fuel cell applications, thereby driving the market.
By type, the solid oxide fuel cell is expected to be the dominating segment over the forecast period. The key reason behind the growth of the segment includes its compact design, which requires slow start time. This is essential mainly in stationary energy applications. It is prominently used owing to its simple design.
Conversely, Proton Exchange Membrane Fuel Cell is expected to be the fastest-growing segment owing to its expanding demand in vehicles. This type of fuel cell is heavily demanded by fuel cell vehicles, and the trend is expected to grow in the future. This mounting demand will greatly drive the fuel cell market.
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By application, the transport segment is the dominating segment and is expected to lead over the forecast period as well. The reason for the segment's larger growth is attributed to the growing shift towards cleaner transport worldwide. Many countries are heavily investing in zero-emission that will propel the transport segment in the future, thereby impacting the growth of the fuel cell market.
The stationary segment is projected to be the fastest-growing segment on the back of its wide use in applications including UPS, data center, and more. The use is expanding at a speedy pace among investment in green energy and zero-emission targets.
With strong inclination on zero-emissions transport supported by consumer demand as well as government regulations, the fuel cell market is anticipated to prosper in the coming years. The fuel cell-based vehicles are seeing early advances mainly for passenger cars by the leading players in the industry. Moreover, heavy-duty industry offers increasing opportunities with fuel-based buses and trucks that do not need refueling in short intervals. Apart from just the on-road cars, more potential will be seen in zero-emission trains and in marine applications.
Hydrogen Market
Hydrogen Energy Storage Market
Hydrogen Fuel Cell Vehicle Market
Electric Vehicle Market
Electric Vehicle Charging Infrastructure Market
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