September 06, 2022 12:00 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Fact.MR projects the stationary fuel cell system market is expected to witness exhibiting growth at 20.3% CAGR amid 2022 and 2032 in contrast to a CAGR of 12.2% with which it grew from 2017 and 2021.
The stationary fuel cell systems market will record a hefty 17.9% y-o-y over 2018 to reach over US$ 2,159 million by the end of 2019, reveals a recent market study published by Fact.MR. The study offers a holistic assessment on various market dynamics and macro and micro-economic factors that are influencing adoption of stationary fuel cell systems in various industrial verticals.
The rising investment in the industry is likely to increase the demand for stationary fuel cell systems in the region. South Asia & Oceania is projected to capture around 180 BPS and create absolute dollar opportunities of more than USD 976 million amid 2022 & 2032.
Combined heat and power (CHP) or cogeneration is one of the most common applications of stationary fuel cell systems, which accounted for the largest revenue share of over 45% in 2018, according to the Fact.MR study.
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Key Takeways From Market Study:
“CHP is one of the most commonly used stationary power generation systems installed to generate electricity as well as heat. In the modern days, fuel cells are widely used in the manufacturing of CHP, which acts of the leading driving force for the growth of the stationary fuel cell systems market,” said a lead analyst at Fact.MR.
“When stationary fuel cell systems are incorporated in CHP, it offers extraordinary benefits in terms of efficiency, sustainability, reliability, and cost-efficiency. As compared to conventional power generation methods, which commonly involve combustion engines, CHP is considered environment-friendly and highly efficient, which is boosting adoption of stationary fuel cell systems among CHP manufacturers across the world.”
Apart from the efficiency- and sustainability-related benefits of incorporating stationary fuel cell systems in CHP, subsidies and incentives offered by governing bodies in various regions is providing a fillip to the global demand for stationary fuel cell systems in the CHP industrial sector. For example, the U.S. Environmental Protection Agency (EPA) removed policy barriers for CHP projects in the region, and it is establishing partnerships with CHP stakeholders to provide them with necessary resources, tools, and policy information.
The positive growth environments for CHP applications in various regions is expected to generate most lucrative opportunities for players in the stationary fuel cell systems market. Consumers’ awareness and favorable regularity framework for CHP is expected to make it the most popular application of stationary fuel cell systems in the upcoming years.
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Covid-19 Pandemic Slowed the Growth of the Market
The new coronavirus has rapidly spread throughout numerous countries and areas, having a massive influence on people's lives and the general community. It began as a human health crisis and has since become a major threat to global trade, economics, and finance.
Further, the COVID-19 pandemic has halted the manufacturing of several items in the tool making industry, owing to continual lockdown in key countries. Market leaders can only pay for complete lockdown for a part-time before having to alter their investing strategies. Furthermore, the number of COVID-19 cases is projected to fall in the near future when COVID-19 vaccinations hit the market.
However, this is also predicted to result in the re-starting of tooling companies at full capacity, assisting the market to recover by the beginning of 2022. After COVID-19 positive cases begin to drop, standard parts for toll making manufacturers must focus on protecting their employees, supply networks and operations, in order to respond to urgent emergencies and build new working practices.
Fact.MR has provided detailed information about price points of top manufacturers of stationary fuel cell system market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
According to the Fact.MR study, the APEJ region has witnessed the highest growth rate in the past few years, and accounted for over one third revenue share in the stationary fuel cell systems market in 2018. While developed countries have continually created a positive growth environment for stationary fuel cell systems, the Asia Pacific region excluding Japan (APEJ) has outpaced other regions to attract maximum investments from stakeholders in the stationary fuel cell systems market.
Recent developments and technological transformations in the automotive industry in the APEJ region have triggered the use of stationary fuel cell systems in modern vehicles. Increasing environmental concerns and governmental strategies are driving leading automakers in the region to boost the use of stationary fuel cell systems in electric vehicles for stationary power generation in automobiles.
Recently, Korean Prime Minister Lee Nak-yon proposed to make use of world-class technology to use hydrogen fuel cell in police buses, in order to engage more eco-friendly vehicles in the country. As a result, the government projects a potential rise in domestic demand for emission-free vehicles, which will ultimately generate lucrative opportunities for manufacturers in the stationary fuel cell systems market.
In addition, Hydrogen Utility (H2U), an Australian infrastructure company, has proposed to establish a $117.5 million, hydrogen-fuelled electrolyzer plant in South Australia. The company received a $7.5 million loan and $4.7 million grant from the state renewables fund, which signifies favorable governing policies that are a positive growth environment for stationary fuel cell systems market players in the Asia Pacific region.
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Global Stationary Fuel Cell System Market Segments
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