Fuel Cell Generator Market worth $2.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 26, 2023 /PRNewswire/ -- Fuel Cell Generator Market is projected to reach USD 2.1 billion in 2030 from USD 0.4 billion in 2023 at a CAGR of 25.4% according to a new report by MarketsandMarkets™.  The chemical energy of a fuel is converted directly into electricity by a fuel cell generator, which is an electrical power generation system that makes use of fuel cell technology. It is made up of a stack of fuel cells and any supporting plant balance parts. Hydrogen is the most typical fuel used in fuel cell generators, while other fuels can also be utilized. Depending on the precise type of fuel cell technology being used, other fuels like methanol or ammonia can also be utilized.

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Fuel Cell Generator Market Scope:

The marine segment, by end user, is expected to grow at the highest CAGR during the forecast period. 

Based on end user, the Fuel Cell Generator Market has been split marine, aquaculture, construction, agriculture, data centers, emergency response generators. In order to supply reliable, clean, and efficient power sources for the marine industry, fuel cell generators are being employed more and more. In comparison to conventional diesel generators, they act as auxiliary power units, supplying electricity for onboard systems, increasing energy efficiency, and lowering noise and vibration. Additionally, fuel cells can be used in hybrid power systems, enhancing energy management by collaborating with batteries and solar panels. Additionally, electric propulsion systems might be powered by fuel cells, which would result in zero emissions, decreased noise, and increased efficiency. They make it possible for zero-emission vessels to operate, supporting the achievement of sustainability objectives and environmental standards.

The small scale (up to 200 kW) segment, by size, is expected to be the largest segment during the forecast period.

This report segments the Fuel Cell Generator Market based on size into two segments: small scale (up to 200 kW), and large scale (above 200 kW). Solutions for localized power generation are becoming more and more in demand, especially in places with uneven grid connectivity or unstable electrical infrastructure. Small-scale fuel cell generators provide a dependable and independent source of electricity, ensuring energy security and lowering reliance on centralized power grids.

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North America is expected to be the largest region in the Fuel Cell Generator Industry 

North America is expected to be the largest Fuel Cell Generator Market during the forecast period. The growth of the Fuel Cell Generator Market in the North America region is attributed to several factors. There is an increasing emphasis on reducing greenhouse gas emissions and transitioning towards clean energy sources. Fuel cell generators, with their ability to produce electricity without combustion and zero emissions, align with these sustainability goals and regulations. Additionally, government support through policies, incentives, and funding programs has encouraged the deployment of fuel cell technology. Initiatives such as tax credits, grants, and research funding have incentivized businesses and organizations to invest in fuel cell generators.

Key Market Players:

Some of the major players in the Fuel Cell Generator Companies are Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Ballard Power Systems (Canada), ABB (Switzerland), and Loop Energy Inc. (Canada). The major strategies adopted by these players include sales contracts, agreements, alliances, partnerships, acquisitions, and expansions.

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Recent Developments

• In June 2023, PowerCell Sweden AB has entered into a partnership with Robert Bosch GmbH to produce the S3 fuel cell stack for PowerCell. This collaboration enables PowerCell to considerably expand its production capacity while emphasizing the scaling up of fuel cell system assembly and deliveries. Additionally, PowerCell will concentrate on the development of the next generation of fuel cell stacks.
• In February 2023, Doosan Fuel Cell and the government of South Australia have entered into an agreement that encompasses several key areas of collaboration. The agreement involves the exchange of equipment and expertise to facilitate the production of environmentally friendly hydrogen and its derivatives. It also entails the development of strategies and partnerships to enhance global competitiveness in hydrogen exports. Additionally, the collaboration aims to secure research partnerships and projects that will accelerate future decarbonization efforts.
• In November 2022, Bloom Energy signed a contract with Aspire Bakeries for the installation of fuel cell in California. The bakery's project, initiated in 2019, aims to decrease reliance on the Los Angeles power grid by generating 75% of its electricity through on-site fuel cells. These fuel cells utilize an electrochemical process to convert natural gas into electrical energy, thereby reducing the bakery's demand from the grid.

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