According to a market report, published by Sheer Analytics and Insights, The China fuel cell market was valued at $360 million in 2021 and it is expected to reach $8998 million at a CAGR of 34.3% between 2022 and 2032. As the government increasingly concentrates on ways to use sustainable energy technologies to transition to a low-carbon economy, China has significant potential in the fuel cell sector. Additionally, the nation is intended to advance fuel cell research and development, speed up the construction of hydrogen stations, and accomplish the mass manufacture of fuel cell vehicles under the 13th Five-Year Plan. Furthermore, one of the key factors encouraging the quick rise in the adoption of LIB technology in several industries, including renewable, autos, and others, is the falling price of lithium-ion batteries (LIB). It is anticipated that until LIB technology becomes cost-competitive, the rising use of this technology will continue to limit the growth of the fuel cell market. The market, however, is constrained by a lack of infrastructure for hydrogen fuel, the design's complexity, high manufacturing and maintenance costs, and the inability to match the performance of electric vehicles.
Fuel cell technology can reduce reliance on non-renewable energy sources including coal, natural gas, and petrochemical byproducts. Fuel cells use an electrochemical technique to produce energy and use fewer fuels in the process. Most electric cars use hybrid systems that combine fuel cells and conventional engines. A prominent market for platinum-using fuel cell electric vehicles, which offer the zero-emission mobility that the world so sorely needs to help combat severe climate change, is also expected to emerge in China.
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Moreover, the expansion of FCEVs is also aided by China's intentions to increase climate-friendly green hydrogen generation. Electrolyzers are necessary for the production of green hydrogen, and sales of PEM electrolyzers based on platinum are increasing steadily. In comparison to other nations, China has chosen an ambitious approach to the creation of hydrogen refueling stations, setting a goal of 1000 hydrogen stations by the year 2030, which is likely to be, achieved much sooner. Furthermore, future hydrogen fuel cell vehicles could include small buses, Lorries, trams, passenger cars, ships, aircraft, rockets, and 5G base stations.
Like the rest of the globe, China's market hasn't yet discovered a useful application for fuel cells. The infrastructure required to allow its commercialization is lacking, and current prices and efficiencies are too high. However, there is a huge, latent need for alternatives within the scope and diversity of the carbon energy demand. China will overtake the rest of the world as the largest market for fuel cells if the cost of hydrogen and fuel cell components approaches parity. Moreover, new business strategies such as the making of innovative products as well as mergers and acquisitions are expected to create more growth opportunities for the market.
According to the study, key players dominating the China fuel cell market are Ballard Power Systems (Canada), Bloom Energy (U.S), Ceres Power Holdings (U.K), Doosan Group (U.S), Horizon Fuel Cell Technologies (Singapore), Intelligent Energy (U.S), FuellCellEnergy Inc (U.S), Nedstack Fuel Cell Technology (Netherlands), Nuvera Fuel Cells (U.K), Plug Power (U.S), SFC (U.S), Toshiba Fuel Cell Power Systems (Japan), among others.
The China Fuel Cell Market Has Been Segmented Into:
The China Fuel Cell Market – by Material Type:
The China Fuel Cell Market – by Application Type:
The China Fuel Cell Market – by Regions:
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