Global Fuel Cell Market Forecast 2023-2038 - Market Size, Drivers, Trends, And Competitors - 0 views
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Almira Coyne on 21 Mar 24The global fuel cell market is projected to reach USD 8.7 billion by 2028 from an estimated USD 3.3 billion in 2023, at a CAGR of 21.7% during the forecast period. The growing use of electronic devices in emergency, off-grid, and automotive applications will benefit the fuel cell generator business. This report segments the fuel cell market based on type into proton exchange membrane fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, alkaline fuel cell, microbial fuel cell and others. Solid Oxide Fuel Cells (SOFCs) stand out due to their prolonged longevity, exceptional efficiency, and straightforward operation. Operating at temperatures reaching 1,000°C, these cells prove ideal for heating systems across commercial, industrial, and residential settings. Moreover, they excel in extracting process heat within power plants and combined heat and power facilities. Their expansive electro-conversion area contributes to their notably high efficiency compared to other fuel cell types. The resultant chemical reaction primarily yields heat and water (H2O) as byproducts, distinguishing SOFCs for their efficacy and minimal environmental impact.