CHICAGO, July 20, 2022 /PRNewswire/ — fuel cell generator market should go from $0.3 billion in 2022 at $1.4 billion by 2030, at a CAGR of 19.9% according to a new report from MarketsandMarkets™. Government policies and incentives provided for fuel cells are a key factor driving the growth of the fuel cell generators market. In Asia Pacific, China, Japanand India are the leading countries emphasizing the use of fuel cells for various applications including large-scale power generation. In 2021, Hypower Lab developed a hydrogen fuel cell drone that can be used for precision farming, fertilizer spraying, crop spraying, crop survey, health monitoring crops, sowing, soil or field analysis, etc. The company plans to market it in India. In June 2019, the South Korean government has implemented the third energy master plan. The vision of this law was to achieve sustainable growth and improve the quality of life through the energy transition. The third energy master plan is built on the idea of a sustainable energy system stipulated in the first and second energy master plans, while also focusing on the innovative transition of the overall energy system from production and from distribution to consumption. In July 2021the Australian Renewable Energy Agency (ARENA) has announced the creation of a new organization for fuel cells and hydrogen in Australia, which includes FCHEA members Hyundai, Toyota and BOC Australia, a subsidiary of the Linde Group. In August 2020, Siemens Energy has installed a fuel cell generator at a major infrastructure construction site in the UK, eliminating demand for a diesel generator. This fuel cell generator provides enough power for building a village. These factors are the major reasons for the growth of the Fuel Cell Generator market in Asia Pacific and Europe.
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Aquaculture Segment to Become Fastest Growing Market by End User
This segment is estimated at $0.6 million in 2022 and should reach $5.2 million by 2030, at a CAGR of 32.2% from 2022 to 2030. About 50% of the fish products consumed worldwide come from aquaculture, this percentage is expected to increase by 20% by 2050. This will increase the number of aquaculture facilities and environmental protection. Aquaculture-related impacts such as energy and water consumption. In January 2021Pilot-E grants on $3.3 million for hydrogen agricultural boats. Through this project, Moen Verft and Moen Marin entered into a partnership to develop a hydrogen-powered electric workboat that will be used by the fish farming company Midtnorsk Havbruk.
Asia Pacific is likely to become the second fastest growing fuel cell generator market by region
Asia Pacific is estimated to be the second fastest growing market for fuel cell generators over the forecast period. The Asia Pacific The market is mainly driven by government energy and climate regulations, strict GHG emissions laws. The adoption of sustainable and clean energy solutions in Japan increases as private sector and government focus on fuel cell investment. The government announced the strategic roadmap for hydrogen and fuel cells in June 2014which was changed to March 2016 and March 2019. The government has also announced the basic hydrogen strategy in December 2017. China, in its 13th five-year plan (2017-2020), set national targets for reducing emissions and improving energy efficiency. In addition, to accommodate a large amount of renewable energy in its network, China invested up to $31 billion by 2020 and modernize its network system
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Bloom Energy (USA), Doosan Fuel Cell Co., Ltd. (South Korea), Nedstack Fuel Cell Technology BV (Netherlands), Ballard Power Systems (Canada) and Powercell Sweden AB (Sweden) are the major players in the global fuel cell generator market.
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