The global fuel cell surge tank market is currently worth USD 3.6 billion and is poised to amplify at a CAGR of 19.4% over the period 2022-2030, amassing a valuation of 32.0 billion USD by the end of the assessment schedule.
The Fuel Cell Surge Tank is a fuel pump system for Radium Engineering’s popular fuel cells or any cell that uses the industry standard 6×10 24-bolt filler plate bolt pattern.
The FCST is designed to protect EFI vehicles that experience fuel starvation. This is NOT a glorified hatch box with baffles.
It features a true dual chamber fuel tank using a single lift pump and up to 3 booster tank pumps, all packed inside the fuel cell.
It offers all the benefits of a traditional external fuel booster tank without the safety concerns or plumbing complexity.
Global Fuel Cell Surge Tank Market: Overview
The growing demand for clean energy generation with less or no emissions is the major driver of market growth.
Additionally, various carbon emission rules and regulations across the globe will drive the demand for fuel cells in the near future.
The cost of the catalysts used by a fuel cell represents almost 26% of the total cost when 1,000 systems are produced per year.
The high cost of catalysts is expected to inhibit the growth of advancements in the fuel cell technology market in the coming years.
Key Trends: Growth Drivers and Challenges
• Strict carbon emission standards around the world
With political leaders around the world coming together to reduce their country’s carbon footprint and the signing of the Paris Agreement has given a boost to green and renewable technologies to gain a foothold in the markets. Since fuel cells are an emission-free solution for power generation, they fall into the category of green and renewable technologies and are growing due to carbon emission standards.
• High cost of fuel cell vehicles
The fuel cell itself is a very expensive technology that directly affects the cost of fuel cell electric vehicles. The price of the 2019 Toyota Mirai is almost $58,500 in the United States, while the 2019 Tesla Model 3 costs $36,000. The huge price difference between battery electric vehicles and fuel cell vehicles is a major issue for FCEV sales growth.
• Bloom Energy
• Doosan Fuel Cell Co., Ltd.
• Aisin Corporation
• Plug Power Inc.
• KYOCERA Corporation
• Cummins Inc.
• PowerCell Sweden AB
• TOSHIBA COMPANY
• Ballard Power Systems
• SFC Energy SA
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Global Fuel Cell Surge Tank Market Segment Analysis:
Based on demand
• Fuel cell vehicles
Based on end user
• Data centers
• Military and Defense
• Municipal Institute of Public Services and Government
The commercial and industrial end-user segment is expected to grow at the fastest rate during the forecast period. Almost all types of fuel cells can be used by commercial and industrial end users, allowing them to reduce GHG emissions.
Based on size
• Large scale
• Small and medium scale
The small-scale segment (up to 200 kW) held the majority of the market share by fuel cell size in the global fuel cell market. Due to their diverse range of power output, small-scale fuel cell systems are used in various end-use segments. Small-scale fuel cell systems are available for powers ranging from a few watts to several kW.
Based on region
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-Pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil) , Middle East and Africa (UAE, Saudi Arabia, South Africa)
Asia-Pacific is considered the largest fuel cell market region. China recently updated its fuel cell policy in March 2022 and unveiled a plan for the deployment of fuel cell technology by 2035 in the country. This plan is designed under the aegis of the National Development and Reform Commission.
• In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) have signed an agreement to enhance hydrogen fuel cell operation and maintenance capabilities.
• In February 2022, Groupe Renault and Plug Power Inc. entered into a joint venture with the creation of HYVIA to work on low-carbon mobility and hydrogen fuel cells.
Main questions answered by the report:
• What are the major growth factors, trends and challenges in the global fuel cell surge tank market?
• Which regional segment accounts for the largest revenue in the global Fuel Cell Booster Tanks market?
• Which major companies are contributing to the growth of the Global Fuel Cell Booster Tank Market?
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Main findings of the report:
• Deep-insights on regional analysis coupled with other segmental analyses.
• Drivers of growth, trends and market issues.
• The global fuel cell booster tank market valued at US$2.9 billion in 2022, is expected to reach a value of US$9.1 billion in 2030, growing at a CAGR of 19.4%.
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This press release was published on openPR.