Stationary Fuel Cell Systems Market key Insights Based on Product Type, End-use and Regional Demand Till 2027
Key Developments in the Stationary Fuel Cell Systems Market
- Bloom Energy Corporation, a California-based manufacturer in the stationary fuel cell systems market, recently announced that it will receive a project funding of over US$ 100 million from Key Equipment Finance, a bank-held equipment finance company in the U.S., to deploy industrial and commercial fuel cells across the country.
- Bloom Energy Corporation also announced a strategic partnership with SK Engineering and Construction (SK E&C) to expand the distribution channels for its solid oxide fuel cell systems in South Korea. With this partnership, Bloom Energy is aiming to establish a global leadership in the stationary fuel cell systems market by expanding its foothold in the Asia Pacific region.
- PowerCell Sweden AB (publ), a Swedish manufacturer in the stationary fuel cell systems market, recently entered a partnership with a German industrial group Siemens AG to develop power generating systems, including stationary fuel cell systems for marine applications.
- Another leading player in the stationary fuel cell systems market – Doosan Corporation is aiming to expand its business in the North American stationary fuel cell systems market through its subsidiary – Doosan Fuel Cell America Inc. – by establishing a strategic partnership with Wells Fargo Vendor Financial Services, a leading finance company in the North American region.
- Plug Power Inc., an American manufacturer of hydrogen fuel cells, recently acquired American Fuel Cell, a leading supplier of Membrane Electrode Assemblies (MEA). As the MEA technology is one of the most important catalysts for fuel cells in vehicles to generate electricity, this acquisition is expected to aid Plug Power Inc. to improve adoption of its electric powertrains or stationary fuel cell systems in the on-road industry.
- FuelCell Energy Inc., another U.S.-based company in the stationary fuel cell systems market, recently declared that it has entered a strategic agreement to acquire a 14.9 megawatt fuel cell park from Dominion Energy, an American power company, for over US$ 36.6 million. The company is aiming to add over US$ 15 million to its annual revenue with this acquisition, and ultimately establish a stronger position in the stationary fuel cell systems market in the upcoming years.
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Fact.MR report provides comprehensive information about recent developments in the stationary fuel cell systems market. The report conducts a thorough research on the recent activities of several stationary fuel cell systems market players including Plug Power Inc., Fuelcell Energy Inc., Doosan Fuel Cell America, Ballard Power Systems, POSCO ENERGY, SOLIDpower Group, Bloom Energy Corporation, PowerCell, AFC Energy Plc., and Fuji Electric Co., Ltd.
Stationary Fuel Cell Systems Market will Remain Consolidated among Top Tiered Companies
According to the Fact.MR report, Bloom Energy Corporation, POSCO ENERGY, and Doosan Fuel Cell America are among the Tier I stakeholders, and Plug Power, Fuelcell Energy, Ballard Power Systems, and Fuji Electric Co., Ltd. are among the Tier II stakeholders in the stationary fuel cell systems market. Leading players in the stationary fuel cell systems are expected to account for 70-75% share in the growth of the stationary fuel cell systems market in the upcoming years.
A majority of top tiered companies have received huge funds from banks or finance companies, which is enabling them to meet their sustainability goals and financial needs. In addition, with the help of these funds and investments, stationary fuel cell systems market leaders are introducing cleaner, resilient, and more innovative power solutions. Whereas, needs for high initial investments pose financial barriers to entry for new players in the stationary fuel cell systems market, which in turn aids the dominance of top tiered companies in the stationary fuel cell systems market.
Growing Needs for Environment-friendly Alternatives to Combustion Engines Drive Market Growth
Increasing concerns about negative impacts of conventional power generation methods on the environment have triggered the use of sustainable power generation equipment such as fuel cells. Conventional power generation units involve combustion of fuel, which ultimately leads to the emission of harmful gases into the environment. This is triggering needs for finding an eco-friendly substitute to tradition electricity generation methods.
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In order to cater to the growing needs for more environment-friendly ways to generate electricity, players in the stationary fuel cell systems are promoting the benefits of hydrogen fuel cells as an alternative to traditional power generation. Furthermore, end-users’ awareness about the environmental benefits of using fuel cells in stationary applications, as they mitigate the dependence on oil and harmful emissions, is boosting adoption of stationary fuel cell systems.
Higher Efficiency and Low Maintenance Multiply Adoption of Stationary Fuel Cell Systems
Apart from its environmental benefits, stationary fuel cell systems offer more versatile advantages over conventional, combustion-based power generation systems. Stationary fuel cell systems are compact and create less noise, which are among the most important factors to trigger end-users to replace conventional electricity generation systems with stationary fuel cell systems.
However, fuel cells are 60% more efficient that other combustion-based engines at generating electricity, which persists to be the leading factors to boost adoption of stationary fuel cell systems across various end-users. Furthermore, stationary fuel cell systems are also preferred over tradition power generation methods for generating heat, as fuel cells are 90% more efficient at generating heat.
In addition, as there are a small number of moving parts in stationary fuel cell systems, they require less maintenance than traditional combustion engines. Thereby, a majority of end-users are shifting away from conventional combustion-based engines to stationary fuel cell systems for highly efficient power generation.
Automotive Industry to Generate Lucrative Opportunities for Stationary Fuel Cell Systems Market Players
As automobiles are becoming high-tech, leading players in the automotive industry are adopting advanced fuel cell technologies to develop next-generation stationary fuel cell systems for modern electric vehicles. Growing needs for reducing emissions and improving energy efficiency of automobiles, the adoption of fuel cells has increased in the automotive industry, creating profitable sales opportunities for manufacturers in the stationary fuel cell systems market.
Most automakers across the world are adopting proton exchange membrane fuel-cell (PEMFC) systems to develop stationary fuel cell systems to provide heat as well as electricity. A majority of leading manufacturers in the stationary fuel cell systems market are developing the proton exchange membrane fuel-cell (PEMFC) technology for small or mid-sized stationary power generation for passenger cars. The burgeoning trend of rising sales of electric vehicles and needs for controlling automotive emissions is expected to generate new avenues of growth for players in the stationary fuel cell systems market.
High Cost of Fuel Cells Limit Applications and Adoption of Stationary Fuel Cell Systems
Despite the fact that fuel cells are environment-friendly and more efficient other combustion-based engines, their high cost continues to be a critical restraint for the growth of the stationary fuel cell systems. Though the proton exchange membrane fuel cell (PEMFC) technology shows promising growth of the stationary fuel cell systems in the automotive industry, the precious and expensive metal catalysts used to build PEMFC-based stationary fuel cell systems account for over three fourth of the total cost.
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Due to the use of expensive metal catalysts, manufacturers in the stationary fuel cell systems fail to introduce competitive prices of stationary fuel cell systems as compared to its alternatives. Leading manufacturers in the stationary fuel cell systems market are investing heavily in research & development to discover ways to reduce cost of stationary fuel cell systems, by replacing precious metal catalysts with less expensive metals. Furthermore, growing investments in developing hydrogen infrastructure are likely to help market players to mitigate other production and installment costs of stationary fuel cell systems.
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