Biogas Market Analysis, Regional Developments and Competitors

 The global biogas market was valued at USD 65.53 billion in 2023 and is projected to reach USD 87.86 billion by 2030, growing at a CAGR of 4.2% from 2024 to 2030. This growth is driven by rising product demand across various application segments, including heat, electricity, upgraded biogas, vehicle fuel, and cooking gas.

Additionally, the increasing emphasis on renewable energy, especially in the electric power sector, has significantly boosted biogas demand for electricity applications. The growing necessity to reduce reliance on fossil fuels is also creating lucrative opportunities for biogas in vehicle fuel applications.

In North America, the U.S. has emerged as one of the largest biogas markets in 2023 and is expected to experience substantial revenue growth over the forecast period. The U.S. government has implemented various regulations aimed at decreasing dependence on conventional fuels and achieving its zero carbon emissions target. Key factors influencing market growth include favorable regulatory and political support, environmental initiatives, customer demand, geopolitical factors, and agricultural and economic support.

The demand for biogas in North America is predominantly driven by the U.S. The increasing need for applications such as cooking gas, electricity, vehicle fuel, and heat is projected to positively impact industry growth throughout the forecast period. Major factors supporting the regional market include a high demand for green fuels, stringent environmental regulations, and increased investment in refinery development.

Key Market Trends & Insights

• Europe was the leading regional segment, capturing approximately 41% of the revenue share in 2023. The growth of the European biogas sector is fueled by technological advancements and increased investments in the refinery industry. Companies across Europe are committing substantial capital to research and develop biogas production from existing sources, with plans to expand their feedstock share in the coming years.

• The growth of Italy's biogas market is largely driven by government initiatives aimed at decarbonization. For example, in March 2021, Eni SpA (BIT: ENI) announced its intention to acquire an Italian biogas company from FRI-EL Greenpower, a holding of the Gostner family, through its circular economy subsidiary, Ecofuel. This acquisition is still pending approval from the relevant antitrust authorities.

• In terms of application, the electricity segment led the market, accounting for around 30% of the revenue share in 2023. The growing emphasis on renewable energy, particularly in the electric power sector, has significantly boosted the use of biogas for electricity generation.

• By source, municipal sources represented the largest revenue share at 41.35% in 2023. The increasing utilization of municipal solid waste (MSW) for biogas production, aimed at reducing landfill usage and greenhouse gas emissions, is anticipated to drive market demand throughout the forecast period.

 

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Market Size & Forecast

• 2023 Market Size: USD 65.53 Billion
• 2030 Projected Market Size: USD 87.86 Billion
• CAGR (2024-2030): 4.2%
• Europe: Largest market in 2023

 

Key Companies & Market Share Insights

• Biogas industry is highly competitive due to the global presence of major companies. Key biogas solutions & service providers include Air Liquide, PlanET Biogas, Wartsila, EnviTech Biogas AG, Robert Bosch GmbH, Asia Biogas, and Schmack Biogas GmbH. Air Liquide, PlanET Biogas, Wartsila, and EnviTech Biogas AG are full-scale manufacturers and leaders in terms of investment in R&D.
  
  
• Spanish companies are taking active steps to drive the adoption of biogas in the country. For instance, Repsol, a Spanish fuel company, in June 2020, announced the development of an industrial-scale biogas project.

 

Key Players

• Agrinz Technologies GmbH
• Air Liquide
• DMT International
• Gasum Oy
• HomeBiogas Inc.
• PlanET Biogas
• Scandinavian Biogas Fuels International AB
• Schmack Biogas Service
• Total
• Xebec Adsorption Inc.

 

Conclusion

The biogas market is positioned for significant growth as it adapts to the rising demand for renewable energy solutions. The U.S. leads the charge in North America, driven by regulatory support and a move towards sustainable energy practices. As various applications expand, the biogas industry is set to play a crucial role in reducing fossil fuel dependency and contributing to a greener future.

 

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Battery Recycling Market: Legislative Changes and Their Effects on Industry

 The global battery recycling market size was estimated at USD 1.83 billion in 2023 and is projected to reach USD 17.08 billion by 2030, growing at a CAGR of 37.6% from 2024 to 2030. The industry is expected to grow rapidly during the forecast period owing to increasing popularity of electric vehicles (EVs) and renewable energy storage systems leading to a higher demand for batteries, and, in turn, driving the need for recycling. Governments globally are implementing regulations to promote the recycling of batteries and reduce environmental impact, which is expected to boost industry growth.

 

The U.S. emerged as the largest market in North America in 2023. Increasing sales of EVs in the U.S. owing to the formulation of supportive federal policies, such as the Responsible Battery Recycling Act of 2022 California, and presence of leading industry players are expected to drive demand for batteries in the country over the forecast period. Responsible Battery Recycling Act of 2022 California instructs each battery retailer in the state to have a system for collection of used rechargeable batteries for recycling and reusing purposes.

 

The U.S. has emerged as a growing market for the recycling of li-ion batteries owing to the presence of large-scale li-ion recycling facilities in the country. For instance, Li-cycle Corp. inaugurated its new li-ion recycling facility with 120,000 square feet of warehousing space. This facility can process 10,000 tons of battery material for electric vehicles annually. The company possesses the capacity to recycle 60,000 electric vehicle batteries.

Key Market Trends & Insights

 

• Asia Pacific is expected to account for the largest revenue share of over 40.0% in 2023. Asia Pacific is also expected to register the fastest CAGR over the forecast period. Countries, such as China, India, Australia, and Japan, are expected to witness high growth rates owing to rising demand from growing end-use industries, such as automotive, consumer electronics, and industrial.
• North America occupied a significant revenue share in 2023, with the U.S. being a major contributor to industry growth. A surge in usage of li-ion batteries in smartphones to extend their shelf life and enhance their efficiency is expected to drive growth of the market in North America in the coming years.
• Based on chemistry, the lead-acid segment dominated the market for a revenue share of more than 84.0% in 2023.Lead-acid batteries are suitable for recycling compared to other batteries owing to an extensive usage of reusable lead and plastics for manufacturing. Battery recycling companies collect used batteries from consumers for recycling and reusing purposes. Used batteries are first broken into pieces. Plastics are sent for recycling into a plastic recycler and then given shape by process of extrusion.
• Based on application, the transportation segment dominated the market for the largest revenue share of more than 73.0% in 2023.Lithium-ion, lead-acid, and nickel metal hydride batteries are extensively used in the transportation industry. Various types of lead-acid batteries such as flooded and valve-regulated types are used as automotive batteries. These batteries are robust, low maintenance, cheap, corrosion-resistant, and durable. Hence, lead-acid batteries hold the largest applications among the rest of the battery chemistries available in the market.

 

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Market Size & Forecast

• 2023 Market Size: USD 1.83 Billion
• 2030 Projected Market Size: USD 17.08 Billion
• CAGR (2024-2030): 37.6%
• Asia Pacific: Largest market in 2023

 

Key Companies & Market Share Insights

Market is highly competitive and consolidated due to the presence of a large number of well-established players. Dominant trend in operations of these battery recycling companies includes collaborations, mergers & acquisitions, and expansions, which facilitate competition in the industry. 
In November 2023, Redwood Materials announced their expansion for battery recycling in line with the increasing demand for recycling of electric vehicle batteries.

 

Key Players

• Call2Recycle
• Exide Technologies
• Gravita India Ltd.
• Glencore
• Cirba Solutions
• American Battery Technology Company
• Gopher Resource
• East Penn Manufacturing Co.
• Aqua Metals

 

Conclusion

The battery recycling market is poised for significant expansion, driven by increasing battery demand from the EV sector and supportive regulatory frameworks. As environmental concerns continue to rise, the emphasis on recycling and sustainable practices will play a crucial role in shaping the industry's future. With major regions like North America and Asia Pacific leading the charge, the market is likely to see innovative solutions and technologies emerge to meet the growing challenges and opportunities in battery recycling.

 

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Alternative Fuels Market: The Role of Technology in Fuel Production

 The global alternative fuels market was valued at USD 294.0 million in 2024 and is anticipated to reach USD 512.4 million by 2030, growing at a CAGR of 9.8% from 2025 to 2030. This growth is fueled by the rising demand for cleaner and more sustainable energy sources.

Governments around the world are enacting stringent environmental regulations and establishing ambitious carbon reduction targets, prompting industries and consumers to embrace alternative fuels. This transition is crucial as governments aim to lower greenhouse gas emissions and reduce reliance on fossil fuels. Consequently, investments in the research and development of alternative fuels like biofuels, hydrogen, and electric fuels are expected to increase significantly in the coming years.

Another significant factor driving industry growth is the rapid technological advancements in fuel production and infrastructure. New technologies are enhancing the efficiency, accessibility, and cost-competitiveness of alternative fuel options compared to traditional fuels. For instance, improvements in battery technology are boosting the efficiency and range of electric vehicles, making them more appealing to consumers. Likewise, innovations in biofuel production are enhancing the sustainability of biofuels by utilizing waste materials and agricultural by-products, thereby reducing environmental impact and production costs.

Key Market Trends & Insights

• Asia Pacific led the global alternative fuels market in 2024, holding the largest revenue share of over 43.0%. This leadership is primarily attributed to the region's rapid economic growth, increasing industrialization, and heightened demand for cleaner energy sources.

• The U.S. alternative fuels market is experiencing substantial growth, mainly driven by government initiatives and incentives aimed at lowering carbon emissions.

• The industry is categorized by type into natural gas, biodiesel, ethanol, hydrogen, and others. Natural gas emerged as the largest segment, accounting for over 31.04% of the market share in 2024.

• By end-use, the market is divided into transportation, chemical, agricultural, industrial, and others. The transportation segment was the largest, capturing more than 53.0% of the global alternative fuels market share in 2024.

• In terms of vehicle type, the industry is segmented into light commercial vehicles, heavy commercial vehicles, and luxury vehicles. The light commercial vehicle segment emerged as the largest, holding over 54.0% of the market share in 2024.

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Market Size & Forecast

• 2024 Market Size: USD 294.0 Million
• 2030 Projected Market Size: USD 512.4 Million
• CAGR (2025-2030): 9.8%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

The competitive landscape of the alternative fuels market is rapidly changing, fueled by the increasing global demand for sustainable energy solutions in sectors such as transportation, industry, and agriculture. Key participants include both established energy giants and new startups, all vying to leverage the rising trend toward cleaner fuels like biofuels, hydrogen, natural gas, and electric vehicles (EVs). Market dynamics are influenced by government policies and incentives that promote renewable energy technologies, encouraging innovation and investment in alternative fuel solutions. Companies in the Asia Pacific region, especially in China and Japan, are at the forefront of developing and adopting alternative fuels, while North America and Europe concentrate on enhancing domestic production capabilities and decreasing reliance on foreign sources. Forming strategic partnerships with automotive manufacturers, energy providers, and infrastructure developers is becoming essential for strengthening market positions, as price competition, technological advancements, and regulatory compliance continue to enhance market competitiveness.

• In April 2023, Iwatani Corporation entered into an agreement with the New Energy and Industrial Technology Development Organization (NEDO) for a project aimed at the technical development of hydrogen systems and creating a business model for energy reuse.

• In April 2023, Linde plc announced a long-term agreement with Evonik, a specialty chemicals manufacturer, to distribute and supply green hydrogen in Singapore. This agreement is expected to help Linde plc expand its presence in the Asia Pacific market to meet the rising demand for hydrogen in the region.

Key Players

• BP Plc
• Sasol Ltd.
• General Electric Company
• EI DuPont
• ExxonMobil Corporation.
• Cosan
• Gushan Environmental Energy
• Archer Daniel Midland
• Neste
• INEOS Enterprises

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Conclusion

Governments are implementing strict environmental regulations and carbon reduction targets, encouraging the adoption of alternative fuels. This shift is expected to boost investments in biofuels, hydrogen, and electric fuels significantly. Technological advancements in fuel production and infrastructure are enhancing efficiency and cost-competitiveness, particularly in electric vehicle battery technology and sustainable biofuel production using waste materials.

Hydrogen Generation Market Forecast: Growth Opportunities for the Coming Years

 The global hydrogen generation market size is expected to reach USD 317.39 billion by 2030, registering a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The global hydrogen generation market is likely to be driven by the growing demand for cleaner fuel, coupled with increasing governmental regulations for the desulphurization of petroleum products.

Hydrogen is an effective energy carrier, and this quality is expected to contribute, significantly, to its further penetration into newer markets. The global electricity demand is anticipated to witness an increase by nearly two-thirds of the current demand in the forecast period. Focus on the projects, related to distributed power & utility, expected to bolster the demand for hydrogen generation market growth during the forecast period.

 

Gather more insights about the market drivers, restrains and growth of the Global Hydrogen Generation Market

 

The Methane Reforming segment led the market in 2021. This was the dominant segment in 2021 and is expected to keep its position during the forecast period. Steam Methane reforming is a method for producing hydrogen, along with other gases including carbon monoxide and carbon dioxide. The steam methane reforming process is a mature and advanced technology in hydrogen generation. The growing demand for hydrogen generation across the globe is a crucial driving factor for steam methane reformers technology, as steam methane reforming is the most economical method for hydrogen generation.

In Application, the ammonia production segment led the market in 2021. The ammonia segment will keep its lead during the forecast period. The future growth of the hydrogen generation market is expected to have steady growth in all the segments as application cases for hydrogen increase.

 

In source, the natural gas segment led the market in 2021. Hydrogen is created from natural gas reforming which produces hydrogen, carbon monoxide, and carbon dioxide. Hydrogen production from natural gas is the cheapest method of producing hydrogen. Hydrogen production from natural gas is expected to keep its lead during the forecast period.

 

Hydrogen Generation Market Report Highlights

 

• Coal gasification hold a revenue share of 34.0% in 2023. The use of coal to generate hydrogen for the transportation sector is expected to aid America in reducing its dependency on imported petroleum products.

• The ammonia production segment dominated the market and accounted for more than 21.0% of the revenue share in 2023

• As of 2023, Asia Pacific accounted for about 35.14% revenue share in the overall market. The presence of a high number of refineries within major Asian nations such as China and India has resulted in hydrogen generation within the region. Further, governments in some of the Asia Pacific countries such as Japan and Australia are evaluating greener and cleaner technologies for hydrogen generation.

• Various strategic initiatives were recorded during the past few years to boost the growth of the market. For instance, in 2019 Linde Plc announced that it has started a new gas production facility that supplies methane, carbon dioxide, and, hydrogen to Evonik Industries. The new plant is likely to incorporate advanced technologies that would enhance the plant's efficiency and reliability.

 

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• The purpose of a Vapor Recovery Unit (VRU) is to compress low-pressure gas, remove undesired vapor from distill tanks or crude oil, and enable operators to follow current emission requirements.

• The global zero liquid discharge (ZLD) market is expected to register significant growth over the forecast period. Rapid industrialization and urbanization have taken a toll on potable water, which in turn has resulted in bringing strict regulations for wastewater treatment.

 

Segments Covered in the Report

 

Grand View Research has segmented the hydrogen generation market based on technology, application, system, source, and region: 

 

Hydrogen Generation Technology Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2018 - 2030)

• Steam Methane Reforming

• Coal Gasification

• Others

 

Hydrogen Generation Application Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2018 - 2030)

• Methanol production

• Ammonia Production

• Petroleum Refining

• Transportation

• Power Generation

• Others

 

Hydrogen Generation System Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2018 - 2030)

• Captive

• Merchant

 

Hydrogen Generation Source Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2018 - 2030)

• Natural Gas

• Coal

• Biomass

• Water

 

Hydrogen Generation Regional Outlook (Volume, Million Metric Tons; Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Russia

  • UK

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Central & South America

  • Brazil

  • Colombia

  • Paraguay

• Middle East & Africa

  • Saudi Arabia

  • U.A.E

  • South Africa

  • Egypt

 

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Refrigerant Market Dynamics: Regulation and Environmental Impact

 The global refrigerant market size is expected to reach USD 19.64 billion by 2030, registering a CAGR of 4.7% during the forecast period, according to a new report by Grand View Research, Inc. Development of eco-friendly alternatives, as a result of environmental policies aimed at ozone depletion and GHG emissions, is a key factor driving market growth.

Regulations across EU, Japan, China, and U.S. have prompted consumers to shift toward hydrocarbon and inorganic refrigerants, with its demand predicted to increase drastically over the forecast period. The fluorocarbons segment accounted for over 53.7% of the overall consumption in 2023.

Inorganics emerged as the second-largest product segment in terms of revenue. Thermal efficiency of the product has enabled its penetration across industrial applications. Low cost, easy availability, and eco-friendly characteristics are key factors boosting its demand in industrial areas.

 

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The Asia Pacific market for refrigerants has reported strong demand in recent times. Growth in industrial activity and productivity across China and India will continue to spur demand for refrigeration across residential, industrial, and commercial sectors.

 

Companies are constantly striving to consolidate their presence through product development, regional expansions, and application diversification strategies. Innovative and cost-effective products that meet both end-user specifications and regulatory standards are key determinants for competitive edge.

 

Refrigerant Market Report Highlights

 

• The United Nations Framework Convention on Climate Change has played a pivotal role in regulating the use of refrigerant products and has compelled industry participants to develop alternative sources

• Europe is the largest consumer, with the mobile air conditioning, industrial, and commercial refrigeration sectors exhibiting strong demand. A standard environmental policy across EU has impelled regional manufacturers to invest extensively in R&D

• The hydrocarbon refrigerant segment is expected to witness a CAGR of 7.1% in terms of volume over the forecast period. Energy efficiency, low cost, and ecofriendly nature of the product are key traits positively influencing demand

• Domestic refrigeration is estimated to emerge as the most promising segment in terms of volume, exhibiting a CAGR of 5.2% over the forecast period.

 

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• The global thermal energy storage market size was valued at USD 4.1 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 9.45% from 2020 to 2027.

• The global solid state battery market size was valued at USD 590.9 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 36.0% from 2021 to 2028.

 

Segments Covered in the Report

 

Grand View Research has segmented the global refrigerant market based on product, application, and region:

 

Refrigerants Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Fluorocarbon

• Hydrocarbon

• Inorganic

• Other Products

 

Refrigerants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Industrial Refrigeration

• Domestic Refrigeration

• Transport Refrigeration

• Commercial Refrigeration

• Stationary Air Conditioning, Heat Pumps, Chillers

• Mobile Air Conditioner

 

Refrigerants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East and Africa

  • Saudi Arabia

 

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Microgrid Market: The Role of IoT In Energy Management

 The global microgrid market size was estimated at USD 76.88 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 17.1% from 2024 to 2030. Rising power demand in developing countries including Mexico, China, India, and Russia as a result of growth in household and industrial sectors is expected to be a driving force. A microgrid is a local electric system, which can provide power either in parallel or isolation from electric grids. Shifting inclination from remote central station power plants to more localized and distributed generation for enhanced reliability, resiliency, and energy in cities, communities, and campuses is projected to have a substantial impact on market growth.

 

These electrical distribution services are used for providing enhanced local resiliency and improvement of operation & stability of the regional electric grid. Furthermore, the utilization of renewable resources for power generation is expected to upscale the requirements of microgrids in the near future. The rising importance of the captive power generation system in the manufacturing sector to reduce the reliance on electricity supply from the regional electric grid is expected to remain a key driving factor. Growing awareness about power generation using alternative renewable sources including wind, solar, and hydrogen is projected to have a positive impact on market growth.

 
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Detailed Segmentation:

 

Power Source Insights

The Combined Heat & Power (CHP) power source segment dominated the global market and accounted for more than 37.0% of the overall revenue share in 2023. Shifting preference from conventional Separate Heat & Power (SHP) system to energy generation from single fuel is expected to have a substantial impact on the segment growth. Fuel cell is expected to register a significant growth rate over the forecast period. The ability of fuel cells to operate at high temperatures along with negligible electrolytic loss is expected to promote its application scope in the near future.

 

Product Insights

The grid-connected product segment dominated the global market and accounted for more than 65.0% of the overall revenue share in 2023. The rising popularity of smart micro-grid-connected PV systems to provide electricity to consumers by reducing transmission losses is expected to have a substantial impact. Over the past few years, North Power Systems have been utilizing technology, which integrates their wind turbines with solar PV, diesel gensets, or other power sources of the microgrid. This hybrid technology has been used in grid projects located in Hawaii, Alaska, the Bahamas, and Antarctica.

 

Application Insights

The education segment dominated the market and accounted for more than 37.0% of the overall revenue in 2023. Rising government spending on the improvement of education infrastructure for ensuring school education in rural areas in developing countries including China and India is expected to have a positive impact. Extensive requirements of power supply for ensuring lighting, Heat Ventilation Air Conditioning (HVAC), and operating electronic goods in hospitals, corporate offices, and retail outlets are projected to have a high impact. Commercial applications is one of the largest segments of the market. Microgrids are being used by businesses to reduce their reliance on the main grid and improve energy efficiency.

Regional Insights

North America led the global market and accounted for more than 35.0% of the overall revenue in 2023. The high adoption rate of captive power generation methods in the industrial and municipal sectors of the U.S. for reducing reliance on the government-controlled power supply is expected to have a substantial impact. The positive outlook for manufacturing and construction sectors in the major markets including China and India owing to regulatory support for promoting investments on a domestic level is expected to be a major factor driving the growth. The strong foothold of mineral processing units of silver and copper in Peru and Chile, on account of the abundance of mineral reserves, is expected to expand the market size of power distribution systems over the next eight years.

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• The global oil and gas security market size was estimated at USD 26.4 billion in 2023 and is projected to grow at a CAGR of 5.5% from 2024 to 2030. The persistent threat of terrorism and cyber-attacks targeting oil and gas infrastructure is driving the demand for oil & gas security, thus fueling the growth of the market.

• The global distribution boards market size was estimated at USD 4.72 billion in 2023 and is expected to expand at a CAGR of 5.2% from 2024 to 2030. An increasing demand for electricity across various sectors, including residential, commercial, and industrial applications is driving the demand for distribution boards, thus fueling the growth of the distribution boards market. 

Key Companies profiled:

• ABB
• Siemens AG
• General Electric
• Eaton Corp.
• Exelon
• Honeywell International
• NRG International
• Anarbic
• Pareto
• Spirae
• Northern Power
• Viridity

Microgrid Market Segmentation

Grand View Research has segmented the global microgrid market on the basis of on power source, product, application, and region:

Microgrid Power Source Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• Natural Gas
• CHP
• Solar PV
• Diesel
• Fuel Cell
• Others

Microgrid Product Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• Remote
• Grid Connected
• Hybrid

Microgrid Application Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• Government
• Education
• Commercial
• Utility
• Defense
• Others

Microgrid Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
• Asia Pacific
o China
o India
• Central & South America
o Brazil
• Middle East & Africa

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Fuel Cell Market Analysis: Key Players And Competitive Landscape

 The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment.

 

Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the country. This has resulted in end users opting for clean energy technologies to comply with the mandate and limit their carbon footprint. Bloom Energy, one of the major fuel cell vendors in the U.S., provides its bloom energy servers for power generation application to aid commercial and industrial end users limit their carbon footprint.

Gather more insights about the market drivers, restrains and growth of the Fuel Cell Market

 

Product Insights

Proton exchange membrane fuel cell (PEMFC) accounted for more than 60.0% of the global market in terms of revenue in 2023. PEMFC is widely used in applications such as forklifts, automobiles, telecommunications, primary systems, and backup power systems. Versatility is a major factor slated to bolster their demand in the forecast period.

 

Components Insights

Based on Components, the fuel cell market has been segmented into stack and balance of plant. In 2023, the stack segment accounted for the largest share of more than 60.0% in the global fuel cell market. The fuel stack is the heart of a fuel cell system, responsible for the electrochemical conversion of fuel into electricity. Its complexity and high-value materials make it the most expensive component, contributing significantly to the total cost. Also, currently, there are fewer players in the fuel stack market compared to other components like balance of plant (BOP). This concentrated market leads to higher prices for stacks.

 

Fuel Insights

The hydrocarbon segment accounted for the largest share of over 90.0% in 2023, owing to extensive infrastructure for production, transportation, and storage of hydrocarbons is already in place, making them readily available and affordable. Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, and Direct Hydrocarbon Fuel Cells offer promising potential for using hydrocarbons. Hydrocarbon as a fuel type are utilized in combined heat and power systems and portable power for remote locations.

 

Size Insights

On the basis of size, the fuel cell market is categorized into small-scale and large-scale. The large-scale holds a share of about 70.0% in 2023 of the global fuel cell market. They typically generate electricity above 100 kW, catering to applications like stationary power generation, heavy-duty transportation, and industrial. Also, vendors operating in the segment launch innovative products to scale up their presence in the market. For instance, in November 2023, Kohler Energy unveiled a 100kW hydrogen fuel cell power system suitable for off-highway equipment and standby and prime power applications for residential and industrial solutions.

 

Application Insights

Stationary fuel cells dominated the global market in terms of revenue, accounting for a market share of more than 69.0% in 2023, owing to the increasing demand for fuel cells from distributed generation facilities and backup power applications. Furthermore, fuel cells are increasingly utilized in combined heat & power applications. Versatile factors and high efficiency enable the stationary segment to maintain a leading position.

 

End-use Insights

Based on End-use, the fuel cell market has been segmented into transportation, commercial & Industrial, residential, data center, military & defense, and utilities & government. The transportation segment led the market and accounted for over 48.0% of the global revenue share in 2023. Growing adoption of fuel cell electric vehicles (FCEVs), particularly in heavy-duty trucks and buses is a key driver for the market growth. Also, government investments in hydrogen infrastructure to build a robust hydrogen fueling network is crucial for widespread FCEV adoption.

 

Regional Insights

Asia Pacific held a significant revenue share of more than 65% in 2023 and is expected to grow at the fastest CAGR over the forecast period. The growth of the fuel cell market in the Asia Pacific region has been boosted by strategies and policies that encourage fuel cell systems for transportation applications in China, India, South Korea, and Japan. Japan is the primary market in the region that deals in fuel cells, followed by South Korea. Owing to the significant demand for combined heat and power systems in Japan and other countries in this region, the market for fuel cells is slated to register a robust growth rate.

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• The global battery market size was estimated at USD 118.20 billion in 2023 and is projected to grow at a CAGR of 16.1% from 2024 to 2030. The market is experiencing rapid growth, driven primarily by the increasing adoption of electric vehicles (EVs) and the expansion of renewable energy infrastructure.

• The global refrigerant market size was estimated at USD 14.26 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030.The industry is experiencing growth due to increased demand from various end-use sectors, particularly the commercial & industrial refrigeration industry.

 

Key Fuel Cell Company Insights

• In November 2023, Honda in association with General Motors displayed a prototype of its next-generation hydrogen fuel cell system at European Hydrogen Week in Brussels. The company is planning to expand its portfolio in fuel cell technology.

• In December 2023, General Motors and Komatsu announced to develop a hydrogen fuel cell power module for the Japanese construction machinery maker's 930E electric drive mining truck.

• In January 2023, Cochin Shipyard Limited initiated research activities for the development of a hydrogen-fueled electric vessel based on low-temperature proton exchange membrane technology.

• In January 2023, Advent Technologies collaborated with Alfa laval to explore the application of high-temperature proton exchange membrane fuel cells in marine applications.

Key Companies profiled:

• Ballard Power Systems
• Bloom Energy
• Ceres Power Holdings PLC
• Doosan Fuel Cell America, Inc.
• FuelCell Energy, Inc.
• Hydrogenics Corporation
• Nedstack Fuel Cell Technology B.V.
• Nuvera Fuel Cells LLC
• Plug Power, Inc.
• SFC Energy AG

 

Fuel Cell Market Segmentation

Grand View Research has segmented the global fuel cell market report based on product, components, fuel, size, application, and end-use, and region:

Fuel Cell Product Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• PEMFC
• PAFC
• SOFC
• MCFC
• AFC
• Others

Fuel Cell Components Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Stack
• Balance of Plant

Fuel Cell Fuel Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Hydrogen
• Ammonia
• Methanol
• Ethanol
• Hydrocarbon

Fuel Cell Size Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Small-scale
• Large-scale

Fuel Cell Application Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Stationary
• Transportation
• Portable

Fuel Cell End-use Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Residential
• Commercial & Industrial
• Transportation
• Data Centers
• Military & Defense
• Utilities & Government

Fuel Cell Regional Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
• Asia Pacific
o China
o Japan
o South Korea
o India
o Taiwan
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa

Order a free sample PDF of the Fuel Cell Market Intelligence Study, published by Grand View Research.