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North America Fuel Cell Market Trends

Report ID: GMI5225
Published Date: Nov 2024
Report Format: PDF

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North America Fuel Cell Market Trends

Paradigm shift towards clean power sources and increasing regulatory norms towards the development of fuel cell infrastructure will augment the market growth. Growing requirement for advanced electricity sources driven by distributed power generation, high efficiency of heat & power followed by low emissions will spur the product demand. Heightened concerns over GHG emissions, coupled with technological advancements for efficient off-grid power supply, are set to drive business expansion. Supportive government policies promoting green energy, alongside increasing investments in innovative electricity solutions, are poised to boost the business landscape.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size for fuel cell in North America reached USD 1.64 billion in 2024 and is set to grow at an 8.1% CAGR from 2025 to 2034, driven by efforts to establish a hydrogen economy.

The portable segment is poised to witness a 27.5% CAGR through 2034, fueled by investments in distributed power generation technologies and rising electricity consumption.

The U.S. market is anticipated to reach USD 3.1 billion by 2034, led by government regulations targeting climate change and mandates promoting clean energy sources.

The key players in the industry include Aisin Corporation, AFC Energy, Air Liquide, Aris Renewable Energy, Altergy, Ballard Power Systems, Bloom Energy, Cummins, Doosan Fuel Cell America, Fuel Cell Energy, and Fuji Electric.