The Global Fuel Cells Surge Tank Market is presently worth USD 3.6 billion and is poised to amplify at a CAGR of 19.4% over 2022-2030, thereby amassing a valuation of USD 32.0 billion by end of the assessment timeline.
The Fuel Cell Surge Tank is a drop-in fuel pump system for Radium Engineering’s popular fuel cells or any cell that uses the industry standard 6×10 24-bolt fill plate bolt pattern.
The FCST is designed to protect EFI vehicles that experience fuel starvation. It is NOT a glorified trap door box with baffles.
It features a true dual-chamber fuel tank utilizing a single lift pump and up to 3 surge tank pumps all packaged inside the fuel cell.
It provides all the benefits of a traditional external fuel surge tank without safety concerns and plumbing complexity.
Global Fuel Cell Surge Tank Market: Overview
The growing demand for clean power generation with less or no emission is the primary factors driving market growth.
Moreover, various rules and regulations on carbon emission across the globe will drive the demand for fuel cells in the near future.
The cost of catalysts used by a fuel cell is almost 26% of the total cost when 1,000 systems are produced per year.
The high cost of catalysts is projected to inhibit the growth of the advances in the fuel cell technology market in the coming years.
Key Trends: Growth Determinants and Challenges
- Stringent carbon emission norms across the globe
With political leaders across the global coming together to reduce their country’s carbon footprint and signing of Paris agreement has given a boost to green and renewable technologies to set themselves in markets. Fuel cells being a non-emission solution for power generation fits the category green and renewable technologies and is growing owing to the carbon emission norms.
- High cost of fuel cell vehicles
Fuel cell is itself a very expensive technology which directly affects the cost of fuel cell electric vehicles. The price of the 2019 Toyota Mirai is almost USD 58,500 in the US, whereas the 2019 Tesla Model 3 costs USD 36,000. The huge price difference between battery electric and fuel cell vehicles is a major challenge for the growth of FCEV sales.
Competitive Landscape:
- Bloom Energy
- Doosan Fuel Cell Co., Ltd.
- Aisin Corporation
- Plug Power Inc.
- KYOCERA Corporation
- Ceres
- Cummins Inc.
- PowerCell Sweden AB
- TOSHIBA CORPORATION
- Ballard Power Systems
- SFC Energy AG
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Segmental Analysis of Global Fuel Cell Surge Tank Market:
Based on Type
- PEMFC
- SOFC
- PAFC
- MFC
- AFC
- DMFC
Based on Application
- Portable
- Stationary
- Fuel Cell Vehicles
Based on End-user
- Commercial
- Data Centers
- Transportation
- Military and Defence
- Residential
- Utilities and Government Municipal Institute
Commercial & Industrial end user segment to grow at the fastest pace in the forecast period. Almost every type of fuel cell can be used by commercial & industrial end users which enables them to curb GHG emissions.
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Based on Size
- Large Scale
- Small and Medium Scale
Small scale (up to 200 kW) segment held the majority of market share by fuel cell size in global fuel cell market. Owing to their diversified range of power output, small scale fuel cells systems are used in diverse end use segments. Small scale fuel cell systems are available for power outputs ranging from a few watts to multiple 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 accounted as the largest region in the fuel cell market. China recently upgraded its fuel cell policy in March 2022 and unveiled a blueprint for fuel cell technology deployment by 2035 in the country. This blueprint is designed under National Development and Reform Commission.
Major Developments:
- In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities.
- In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells.
Major questions answered in 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 surge tank market?
- Which top companies are contributing into the growth of the global fuel cell surge tank market?
Key takeaway from the report:
- Deep-insights on regional analysis coupled with other segmental analysis.
- Growth determinants, trends and challenges in the market.
- Global Fuel Cells Surge Tank Market valued at US $2.9 Billion in 2022, anticipated to reach a value of US $9.1 Billion in 2030, rowing at a CAGR OF 19.4%.
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