Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global portable fuel cell market size is set to gain momentum due to the high-density power fuel-cell type quality to off-grid operation. Besides, the increasing steady technology in the fuel cell industry drives the market size globally. Fortune Business Insights presents this information in its report titled “Portable Fuel Cell Market, 2023-2030."
Portable fuel cells are mainly used in automotive sector and electronic devices such as mobiles, laptops, and others. It functions like a battery and does not require recharging or does not run out of charging. The fuel cell keeps working as long as the oxidant is supplied. It uses chemical substances as a source of fuel or sometimes uses oxygen or hydrogen as chemical fuel.
Notable Industry Development:
20 April 2020 – Doosan Mobility Innovation expanded the capacity of distribution and production of hydrogen fuel cells. This strategy enabled the company to create synergy in the hydrogen-related business segment.
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Drivers & Restraints:
Global Demand for Steady Technology to Promote Portable Fuel Cell Adoption
Portable fuel cell market growth is rising due to the growing adoption of steady technology in the fuel cell sector which is augmenting the adoption of portable fuel cells. In addition, the availability of various types of fuels to power the fuel cells will drive the market expansion.
However, the variability in the distribution and storage of different fuel types could hamper the growth prospects during 2023-2030.
COVID-19 Impact:
Slowdown of Key End-use Verticals Impacted Market Growth
The COVID-19 pandemic caused severe disruptions across key end-use sectors including automotive, electronics, and utilities, thereby affecting the portable fuel cell market growth during the pandemic period. Due to labor shortages, stricter protocols, and supply chain hurdles, a decline in industrial and transportation activity was observed. On account of these factors, the market experienced a downward growth trend during the pandemic.
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Report Coverage
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Market Segmentation:
In terms of fuel type, the market is broken down into methanol or diesel fuel, hydrogen fuel, and others.
By end-user industry type, the market is divided into electronics, automotive, utilities, and others.
Region-wise, the market is segregated into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa.
Regional Insights:
Increasing Demand for Clean Energy in Asia Pacific to Augment Market Share
Portable fuel cell market share is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa in terms of region. Asia Pacific holds the majority of the market share globally due to the increasing demand for cleaner energy in Japan, India, and other countries. Japan will experience significant growth in the market due to growing demand from the residential and transportation sectors.
North America and Europe are witnessing significant growth due to rising demand for consumer electronics and automotive sectors. Also, the growing use of hybrid vehicles and electric vehicles in the region drives the market share.
Latin America will exhibit steady growth in the market due to the increasing demand for efficient technologies, alternative energy sources, and government norms & policies for emission control.
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Competitive Landscape:
The portable fuel cell industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
List of Players Operating in the Portable Fuel Cell Market are as follows:
- FuellCell Energy (U.S.)
- Plug Power (U.S.)
- Ceres Power (U.K.)
- Bloom Energy (U.S.)
- Altergy Systems (U.S.)
- AFS Energy AG (Netherlands)
- Watt Fuel Cell Corporation (U.S.)
- Doosan Mobility Innovation (South Korea)
- Ballard Power (Canada)
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Portable Fuel Cell Market Segmentation:
By Fuel Type:
- Hydrogen Fuel
- Methanol or Diesel Fuel
- Others
By End-User Industry:
- Automotive
- Electronics
- Utilities
- Others
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