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.

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

 

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.

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

• 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

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

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.

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• 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.

Hydraulic Cylinder Market Growth and Factors Driving Demand in Various Industries

 The global hydraulic cylinder market size is expected to reach USD 22.16 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.2% from 2022 to 2030. The global market is primarily driven by the growth of the building and construction industry and rising investments in the aerospace and defense industry. Hydraulic cylinders are widely used in the construction industry and are used in various construction and infrastructure projects such as bridges, roads, tunnels, and buildings. The increasing investments by governments and private players in the construction and infrastructure industry are augmenting the demand for hydraulic cylinders.

The aerospace and defense industry is one of the key end-users of this product. It is used in aircraft in actuate brakes, landing gears, and flight control and fuel systems. The demand for this product is propelling in the aerospace and defense industry owing to its superior mechanical properties and the ability to handle harsh environments. The availability of other alternatives in the market gives end-users a position to make their choices depending on their needs. However, these products are cost-efficient and long-lasting, thus making them preferable in certain applications such as aerospace and defense.

The growing penetration of the e-commerce industry is expected to positively impact the market. These products are used in dock loading equipment and forklifts, which are used for supporting warehouse and logistics industries. Major e-commerce giants are investing in developing their businesses. The presence of numerous industries, coupled with growth in the manufacturing sector of economies such as China, India, and Southeast Asian nations, is propelling regional growth. Moreover, numerous investments in construction and infrastructure, mining, and energy-related projects are anticipated to boost the demand for hydraulic cylinders over the forecast period.

 

Hydraulic Cylinder Market Report Highlights

 

• The double-acting function segment dominated the market and accounted for over 70.0% share of the global revenue in 2021 owing to its wide application in large-scale engines and other construction equipment
• The welded product segment led the segment and accounted for more than 50.0% share of the global revenue in 2021 owing to the rise in the consumption of the product in various end-use industries such as construction, oil & gas, mining, manufacturing, and waste handling
• The demand for hydraulic cylinders has significantly increased in the energy and power application segment owing to the increasing consumption of energy
• Countries in North America are focused on accelerating their economic growth rate by investing in construction, transportation, aviation, logistics, and shipping industries, augmenting the demand for hydraulic cylinders over the forecast period
• In March 2022, Bosch Rexroth AG announced that it is planning to acquire a majority stake in Kassow Robots ApS, which is expected to help the company to expand its portfolio for its factory and future

 

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

• 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.

• 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.

 

Hydraulic Cylinder Market Segmentation

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

Hydraulic Cylinder Function Outlook (Revenue, USD Million, 2017 - 2030)
• Double-acting
• Single-acting

Hydraulic Cylinder Product Outlook (Revenue, USD Million, 2017 - 2030)
• Welded
• Tie Rod
• Telescopic
• Mill Type

Hydraulic Cylinder Application Outlook (Revenue, USD Million, 2017 - 2030)
• Mobile
• Industrial
• Energy & Power
• Others

Hydraulic Cylinder Regional Outlook (Revenue, USD Million, 2017 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o Italy
o U.K.
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o South Africa

 

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

Microgrid Market Regulatory Frameworks And Their Impact | Report To 2030

 The global microgrid market size is expected to reach USD 224.34 billion by 2030, registering a CAGR of 17.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The improvement in manufacturing sectors of emerging markets including Mexico, China, and India as a result of favorable government policies to attract investments is expected to promote market growth.

 

Microgrid differs from conventional electrical distribution systems as it acts as a close proximity medium between the power generation and power consumption sources which results in increasing efficiency and reducing transmission losses. These systems perform dynamic control over energy sources by enabling autonomous as well as automatic self-healing operations.

 

The rising importance of captive electricity generation as a key alternative to the regulated power supply by municipal regulators in mining and mechanical engineering sectors is expected to have a strong impact. Furthermore, the rising production output of unconventional sources including shale gas in the U.S. and Canada as a result of high utilization of fracking technology is expected to ensure access of natural gas as a power source over the next eight years.

 

Microgrid Market Report Highlights

• 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.
• 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.
• North America led the global market and accounted for more than 35.0% of the overall revenue share 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.

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

• 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.

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

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

Biogas Market Case Studies Of Successful Implementations Worldwide

 The global biogas market size was estimated at USD 65.53 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030. The industry is expected to witness growth due to increasing product demand from various application segments, including heat, electricity, upgraded biogas, vehicle fuel, and cooking gas. Moreover, a shift in focus toward the use of renewable energy, particularly in the electric power sector, has significantly driven biogas demand in electricity applications. Also, the rising need to reduce dependency on fossil fuels is creating lucrative opportunities for biogas in vehicle fuel applications.

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

The U.S. emerged as one of the largest markets for biogas in North America in 2023 and is anticipated to expand at a substantial CAGR, based on revenue, over the projection period. The country's government has introduced a number of regulations to reduce its dependency on conventional fuels and meet its zero carbon emissions target. Significant factors that influence market growth such as favorable regulatory & political support, environmental support, and customer support, geopolitical support, agricultural and economic support.

Biogas demand in North America is primarily driven by the U.S. Growing demand in applications, such as cooking gas, electricity, vehicle fuel, heat, and others, is expected to have a positive impact on industry growth over the forecast period. Major factors supporting the regional market include high demand for green fuels, stringent environmental regulations, and increased investment for the development of refineries.

The abrupt onset of the COVID-19 pandemic caused an industrial lockdown that brought all manufacturing activity to a grinding halt in most industries around the world. Hence, it has also impacted product demand in heat generation applications. Sluggish industrial activities have reduced demand for heat consumption, thereby negatively affecting demand for biogas.

Browse through Grand View Research's Renewable Energy Industry Research Reports.

• The global power-to-gas market size was valued at USD 36.35 million in 2023 and is expected to grow at a CAGR of 19.2% from 2024 to 2030. The market is driven by several key factors, including the increasing utilization of renewable energy resources for power generation and the integrated management of power-to-gas technology.

• The global fuel ethanol market size was valued at USD 100.9 billion in 2023 and is projected to grow at a CAGR of 5.1% from 2024 to 2030. This growth is driven by increased demand for renewable fuels, growing environmental concerns, and regulations demanding a shift from traditional fossil fuels.

Biogas Market Segmentation

Grand View Research has segmented the global biogas market report based on source, application, and region

Biogas Source Outlook (Revenue, USD Million, 2018 - 2030)
• Municipal
o Landfill
o Wastewater
• Industrial
o Food Scrap
o Wastewater
• Agricultural
o Dairy
o Poultry
o Swine Farm
o Agricultural Residue

Biogas Application Outlook (Revenue, USD Million, 2018 - 2030)
• Vehicle Fuel
• Electricity
• Heat
• Upgraded Biogas
• Cooking Gas

Biogas Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o Germany
o Italy
o France
o Russia
o U.K.
o Spain
o Switzerland
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o UAE
o South Africa

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

Key Companies profiled:
• 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.

Microgrid Market Is Enhancing Energy Resilience And Reliability

 Microgrid Industry Overview

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.

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

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.

Over the past few years, population growth and urbanization in emerging markets have resulted in increasing government spending on infrastructure development. It is expected to play a crucial role in promoting power demand, thereby boosting the microgrid industry growth. Rising spending on the development of new prototypes of smart microgrids through the implementation of the Galvin Energy Initiative by The Galvin Project Inc. is expected to open new markets. Furthermore, the emergence of the U.S. and Canada as shale gas production destinations due to the increased adoption of hydraulic fracturing technology is projected to ensure the access of power sources to buyers.

Browse through Grand View Research's Distribution & Utilities Industry Research Reports.

• 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.

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

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

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

Innovations In The Fuel Cell Market: Technologies Shaping The Future

 

Fuel Cell Industry Overview

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.

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

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.

For instance, in September 2023, FuelCell Energy, Inc. and Toyota Motor North America announced the completion of Tri-gen system at Toyota's Port of Long Beach operations. Tri-gen is an example of FuelCell Energy's ability to scale hydrogen-powered fuel cell technology. Such innovative ideas is expected to foster the demand of fuel cell market over forecast period.

Fuel cell market is a rapidly growing sector with a wide range of potential opportunities. The technology is constantly improving, with new materials and designs leading to increased efficiency and performance. This is making fuel cells more attractive for a wider range of applications. Transportation sector is one of the largest markets for fuel cells. Fuel cell electric vehicle (FCEVs) offer several advantages over battery-electric vehicles (BEVs), such as longer range and faster refueling times. As the cost of FCEVs comes down and the hydrogen infrastructure grows, the market for fuel cell vehicles is expected to boom. Companies operating in the market continuously launch new products in order to pace up with the growing fuel cell technology. For instance, in January 2024, Nikola Corporation launched 42 and wholesaled 35 Class 8 Nikola hydrogen-powered fuel cell electric vehicles (FCEVs) under HYLA brand for U.S. and Canada customers. The trucks are featured to run with a range of 500 miles with an estimated fueling time as low as 20 minutes.

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• 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.

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.

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

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.