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The global fuel cell market was worth US$ 10.37 Bn in 2020. The market is likely to rise at a CAGR of 23.64% during the forecast period, from 2021 to 2031. The global fuel cell market is anticipated to attain the valuation of US$ 107.03 Bn by 2031. Participants in the global fuel cell market are making the technology more widely available in order to lower the cost of its usage in vehicles in the near future. Companies are expecting reliable revenue streams as fuel cells become more widely accepted for uses in consumer appliances, automobiles, as well as transportation uses.
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Fuel cells are electrochemical devices that have been promoted as a non-polluting source of energy. They are inherently more efficient than several other combustion engines available in the market today, making them suitable alternative green energy technology suppliers in automobiles. Fuel cell applications include various electric appliances, military power units, automobiles, uninterrupted power supply (UPS), submarines, and combined heat and power (CHP) systems. As it creates no pollutants, the fuel cell technology has become increasingly more common as a heating source in commercial properties. In the next few years, this factor is likely to benefit the global fuel cell market.
Owing to the rising need for more electricity, decreasing dependence on fossil fuels and growing acceptance of green energy technologies, the Asia Pacific fuel cell market has been developing at an incredible rate. In addition, growing development in this region is expected to drive the demand for fuel cells dramatically. Furthermore, strict government regulations aimed at reducing emissions of greenhouse gas (GHG) are expected to boost the Asia Pacific fuel cell market in the near future. The rising need for alternative sources of energy is one of the major factors predicted to propel the Asia Pacific fuel cell market in the forthcoming years. Reducing environmental impact and rising number of private-public companies are two factors that are expected to stimulate market demand. Governments are expected to contribute to these improvements by offering financial assistance for R&D efforts as well as suitable finance schemes.
Key Findings of Market Report
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Global Fuel Cell Market: Growth Drivers
Global Fuel Cell Market: Key Competitors
Global Fuel Cell Market: Segmentation
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