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    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

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    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

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    The Booming Growth of The Fuel Cell Market Amidst COVID-19

    The Booming Growth of The Fuel Cell Market Amidst COVID-19

    South Korea To Grow Nuclear Energy Share Mix To 30% By 2030

    DOE Awards 10 Projects $22.1M To Advance Nuclear Technology

    Engineers Use Vibration For Sustainable Energy Generation

    The Potency of Hydrogen Fuel Cells For A Sustainable Future

    The Potency of Hydrogen Fuel Cells For A Sustainable Future

    Norway to invest in renewable projects in developing countries

    World Energy G2 Plans To Export Green Hydrogen To Europe

    Iran Extends Credit Line For Power Plant Rebuilding In Syria

    Iran Extends Credit Line For Power Plant Rebuilding In Syria

    Decarbonization Investments – A Huge Challenge For Utilities

    Westinghouse Targets Coal Plants With Emissions-Free AP300

    Water-Based Zinc Batteries Are Safer And More Sustainable

  • Market Moves
    Refiners Should Not Be Making Above Normal Profits- Biden

    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

  • Press Statements

    Introducing the CWIEME Advisory Board for 2023

    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

    Toyota granted Zero Emission CARB Executive Order for heavy-duty fuel cell electric powertrain kit

    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

    SFC Energy AG Strengthens North American Business and Opens Competence Center for Hydrogen Fuel Cells in Canada

    TECO 2030 Starts Manual Production of Fuel Cell Stacks

    TECO 2030 Starts Manual Production of Fuel Cell Stacks

    Sustainable energy: industry get-together at hy-fcell

    India achieved a solar share of 10.69 percent of installed power capacity

    Altea Green Power inks deal with Aer Soleir to build 300MW projects in Italy

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

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    ACCIONA Wind Energy

    ACCIONA Energia to supply 100% renewable energy to Grupo Violas in Portugal

    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

    Fermi Energia Selects GE Hitachi Nuclear Energy BWRX-300 Small Modular Reactor for Deployment in Estonia

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The Booming Growth of The Fuel Cell Market Amidst COVID-19

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The Booming Growth of The Fuel Cell Market Amidst COVID-19

The global fuel cell market size, which happened to be valued at $4.58 billion in 2021 and $5.90 billion in 2022, is estimated to reach $36.41 billion by 2029. This will result in a CAGR growth rate of 29.7% in the forecast period. Based upon the analysis, the worldwide market showed a growth rate of 8.8% in 2020 vis-à-vis to the year before that.

It is well to be noted that the global COVID-19 effect has indeed been staggering as well as unprecedented, with fuel cells going on to experience a demand that’s higher than anticipated throughout all the regions as compared to what was seen before the pandemic.

A fuel cell is a device that consists of a cathode and an anode that are immersed in an electrolyte medium so as to conduct and produce electricity in an efficient way. These units also operate as batteries, which provide the necessary power to the system. That said, it makes use of hydrogen-based fuel instead of going ahead with charging for many periods. These systems happen to be working on the elementary electrochemical mechanism, which goes on to convert chemical energy into electrical form.

The COVID-19 outburst caused havoc across all the industry sectors in the world, with power and energy being no different. Many countries across the world have experienced slippage when it comes to prominent investments since the industries came to a halt, which meant that the revenues saw an unprecedented dip. Besides, many small and medium-sized companies also saw an impact due to the pandemic, which led to office closures, nationwide lockdowns, and restrictions on travel, which led to a significant amount of cash flow disruption.

That said, many governments have gone on to introduce numerous packages related to boosting the economy across various verticals so as to make sure that the firms are able to bear the gap in revenue.

It is well to be noted that the burning of fossil fuels goes on to release greenhouse gases as well as harmful content that makes way for several issues like global warming, acidification of the oceans, etc. Therefore, private organisations as well as governments across the European Union have made sure to elevate their focus on reducing the carbon footprint as well as lessening emissions that happen to be harmful.

The Fuel Cells and Hydrogen Joint Undertaking, which happens to be a European private-based partnered R & D push, has estimated that by 2050, hydrogen fuel will account for almost 24% of the overall regional energy consumption. The US Department of Energy has unbolted applications for a whopping $7 billion in programmes with the objective of building and designing clean hydrogen hubs across the US. These hubs are going to be the key drivers so as to benefit the communities with funding for clean energy.

Notably, FC systems are increasingly put in place so as to produce combined heat and electricity to power as well as heat small households and commercial places that range from hotels and hospitals to public buildings and educational centres. As a matter of fact, many state as well as federal authorities have put forth legislative frameworks as well as subsidy schemes so as to give throttle to device integration across many applications. For example, the New Jersey state government has gone on to update its financial benefits when it comes to FC CHP installations. The programme structure is devised in such a way as to propel more manufacturers with a financial aid of almost $3 billion on every project.

The fact is that carbon emissions contribute to climate change, which has consequences that are pretty serious in nature, both for humans and the environment. SOFC happens to be used in mobile as well as stationary applications, which goes on to strengthen as well as diversify the energy infrastructure and thereby provide clean, reliable, and advanced energy efficient solutions so as to meet the increasing demand for power. Hence, better efficiency of fuel as well as rising adoption of zero emission tools will increase the demand for fuel cells in CHP applications across the predicted period.

According to the Global Energy Review 2021, CO2 emissions in the EU were 2.4% lower.
The demand for electric vehicles, which includes battery electric vehicles as well as plug-in hybrid vehicles, is increasing quite significantly because of the various advantages associated with them, like high efficiency, energy security, and cost efficiency. All this, however, may hamper the expansion of the market.

The high cost, which happens to be associated with manufacturing as well as delivering hydrogen fuel across service stations, might go on to play a barrier to market expansion. Besides this, the planning and construction of new stations go on to require massive investments that happen to be completely dependent on various factors that go on to affect the dynamics of the market.

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