Fuel Cell Market Share

North American Market Forecast   

The North American fuel cell market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the rise in the number of data centers and the growing count of fuel cell vehicles in the region. According to reports, more than 2,600 data centers in the United States use more than 1.5% of the country's total energy. Moreover, there are now nearly 328 colocation data centers, around 24 network fabrics, and over 500 service providers in Canada. Besides this, as of February 2019, there were more than 6,500 fuel cell vehicles on American roads.

APAC Market Statistics

The Asia Pacific solid oxide fuel cell market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The market growth in the region is expected on the account of rising efforts to boost the usage of renewable energy. China and India want to increase the installed capacity of renewable energy sources to more than 50% by 2025 and 2030, respectively. India is the world's third-largest generator of renewable energy, and non-fossil fuels account for 40% of the nation's installed electrical capacity. Moreover, Vietnam’s eighth national power development plan (PDP8) for 2021–30, issued by the Ministry of Industry and Commerce includes increasing the capacity of both solar energy and wind energy by 2030 by 18.6 GW and 18 GW, respectively. Additionally, Indonesia aims to build 41 gigawatts of capacity over the next ten years, with renewable energy making up the vast majority of that capacity for the first time.