Portable Fuel Cell Market size was valued at USD 3.79 Billion in 2023 and is likely to reach USD 77.97 Billion by the end of 2036, expanding at around 26.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of portable fuel cell is assessed at USD 4.68 Billion. The primary growth factor for the development of the global market during the forecast period is the rising demand for energy along with the need for an uninterrupted power supply to carry out various applications and services. As per recent statistics, it is forecasted that the global electricity demand is expected to considerably grow by the end of 2023. Furthermore, it is stated that an additional 2,500 terawatt hours (TWh) of electricity demand is anticipated to be added by 2025. Thus, this 9% growth would take the global electricity demand to almost 30,000 terawatt hours (TWh).
A portable fuel cell is a technologically advanced device that acts as a battery, and does not need recharging or does not run down, as long as fuel is supplied as an oxidant. Hence, these portable fuel cells are a high-demand product in numerous industries including automotive, electrical & electronics, and others. This is considered to be a major factor for market growth during the predicted period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
26.2% |
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Base Year Market Size (2023) |
USD 3.79 Billion |
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Forecast Year Market Size (2036) |
USD 77.97 Billion |
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Regional Scope |
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Fuel Type (Hydrogen, Methanol, Ethanol, Butane, Oxide)
The hydrogen segment in the portable fuel cell market is estimated to gain the largest revenue share of about 31% in the year 2036, owing to the rising preference for hydrogen which lessens the reliance on fossil fuels and lowers the emission of carbon dioxide for protection of the environment. Further, the demand for hydrogen is estimated to increase as the result of several government regulations to save nature and the earth is anticipated to bolster segment growth in the estimated period. For instance, in 2021, the world's demand for hydrogen increased by 5% to 94 Mt, primarily owing to increased activity in the chemical and refining industries. Moreover, the consumption of hydrogen was 91 Mt in 2019.
End User (Marine, Automotive, Government Utilities, Defense)
Portable fuel cell market from the automotive segment is expected to garner a significant share in the year 2036. This can be impelled by the rising demand & production rate of automobiles and the high utilization rate of the portable fuel cell to ensure the proper functioning of the electrical system of the vehicle. The International Organization of Motor Vehicle Manufacturers (OICA), released global sales of vehicle statistics which revealed that it rose to 56 million in 2021 from 53 million in 2020. Whereas, the global production of vehicles was calculated to be 57 million in 2021.
Our in-depth analysis of the global market includes the following segments:
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Fuel Type |
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Application |
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End User |
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Type |
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North America Market Forecasts
The portable fuel cell market in North America is poised to be the largest with a share of about 35% by the end of 2036. The major growth factor for the market expansion in the region can be attributed to the rise in the number of data centers and the growing count of fuel cell vehicles in the region which generates the need for a portable fuel cell for proper functioning in the longer run. 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 portable fuel cell market is estimated to grow significantly during the time period between 2023 – 2036. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of rising demand for EVs in Japan and South Korea, along with increasing usage of fuel cells in vehicles in the region. Apart from this, the growing government investments in clean power generation are also expected to boost market growth in the region.
Author Credits: Dhruv Bhatia
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