North America Portable Fuel Cell Market Size, A Comprehensive Outlook and Forecast | 2035

The North America portable fuel cell market is to generate the highest revenue by the end of 2035. The major factors for market growth during the forecast period are the rising demand for alternative energy sources, efficient technologies for growing economically developing regions, and expanding end-use industries in the region. Furthermore, the increasing demand for cleaner energy to overcome environmental concerns and the need for greater efficiency than traditional energy technology are other factors that are projected to create a positive outlook for market expansion in the region.

Growing Utilization of Hydrogen Energy to Promote Global Market Share of Portable Fuel Cell

The global portable fuel cell market is estimated to grow majorly on account of the increased use of hydrogen energy. In portable fuel cells, the use of hydrogen is mandatory as a byproduct to reduce the discharge of dangerous substances and release of only 2 included products i.e. heat and water. Therefore, with the rising market overview, growth trends, regulations, and government norms regarding environmental statistical charts & tables, protection, and carbon emission, the global population is forecast to switch to hydrogen generation. This factor is considered to positively contribute to the expansion of the global portable fuel cell market in the assessment period. 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.

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Some of the major growth factors and challenges that are associated with the growth of the global portable fuel cell market are:

Growth Drivers:

· Surge in the Growth of the Automotive Sector

· Growing Carbon Footprint Across the Globe

Challenges:

The portable fuel cells relatively have a small lifespan. This is due to the catalysts used in the fuel cells can degrade over time. Furthermore, the high cost and lower power density of portable fuel cells are some of the major factors anticipated to hamper the global market size of portable fuel cells.

By application, the global portable fuel cell market is segmented into stationary, and transportation. The transportation segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth can be attributed to the growing demand for fuel-cell-powered vehicles, such as buses, cars, and forklifts. Additionally, the segment is also expected to grow on the back of high demand for clean and efficient transportation solutions.

This report also provides the existing competitive scenario of some of the key players of the global portable fuel cell market which includes company profiling of Mitsubishi Power, Ltd., Plug Power Inc., Cummins Inc., Panasonic Corporation, Bloom Energy, TW Horizon Fuel Cell Technologies, Intelligent Energy Limited, and others.

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