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Global Fuel Cell Surge Tank Market Analysis by Application, Product Type, Region and segments forecast till 2033
Market Overview
The Global Fuel Cell Surge Tank Market valued at USD 3,600 million in 2022 is anticipated to reach a value of USD 32,000 million in 2033, rowing at a CAGR of 19.4%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 3,600 Million |
Market Forecast in 2033 | USD 32,000 Million |
CAGR % 2023-2033 | 19.4% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product Size, end-user industry, company share, company heatmap, company Material Application Size capacity, growth factors and more |
Segments Covered | Application, Product Type |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Fuel Safe Systems, PremierAutoTrade, Radium Engineering LLC, Nuke Performance, Aftermarket Industries, Taizhou Yibai Auto Parts Industry Co., Ltd, and Others. |
Global Fuel Cell Surge Tank Market: Description
A fuel cell is an electrochemical device that converts the chemical energy of a fuel (usually hydrogen) and an oxidising agent (often oxygen) into electricity using two redox processes. Fuel cells are utilised as energy storage devices. Fuel cells are frequently used as the primary and backup power sources in commercial, residential, and industrial settings because they can continually produce power in the presence of oxygen and fuel, unlike batteries. Additionally, one of the most well-known techniques for placing spacecraft into orbit, hydrogen fuel cells are frequently used in spaceship propulsion. Fuel cells cost a lot of money, though.
A fuel pump system for fuel cells (or any cell) that uses the industry-standard 610 24-bolt fill plate bolt pattern is called a Fuel Cell Surge Tank (FCST). It is made to protect electronic fuel injection (EFI) automobiles from fuel shortages. It features up to three surge tank pumps and a dual-chamber fuel tank with one lift pump inside the fuel cell. It has all the benefits of a typical external fuel surge tank but none of the security issues or plumbing issues.
Fuel cell development and hydrogen extraction are very expensive processes that also require a production, storage, distribution, and transportation infrastructure. Fuel cell catalysts are created from pricey raw materials such precious metals like platinum and iridium, which raises the final cost. The market's expansion may be constrained by the majority of the countries' inadequate infrastructure for delivering hydrogen. Additionally, in order for hydrogen fuel cells to be a practical source of energy, the government must provide financing and support, which may prevent widespread public acceptance.
Comparing hydrogen fuel cells to their conventional equivalents, hydrogen fuel cells are thought to be more effective for electric vehicles. This is due to the fact that it generates just warm air and water vapour, with no other emissions. As a result, top EV producers are gravitating more and more toward hydrogen fuel cells, which is anticipated to fuel market expansion during the forecast period. As an illustration, the Hyundai Motor Group has stated that it intends to produce hydrogen fuel cell versions of every model of its commercial vehicle by the year 2030.
Fuel cells are in greater demand; thus, manufacturers are spending a lot of money on R&D to develop new products and expand their capabilities. For instance, in 2018, the US Department of Energy announced a USD 39 million investment in fuel cell technology. Increasing the fuel cell's ability to power automobiles is the main focus of these studies in an effort to accelerate its market expansion. By using fewer precious metals and creating novel catalyst layer designs, these advancements also aim to make fuel cells more durable and reduce their prices. These developments should have a positive impact on the worldwide fuel cell market.
Global Fuel Cell Surge Tank Market- Segmental Analysis:
Application Insights
Portable segment hold the largest market share among others, and is projected to grow further in the coming years.
Product Type Insights
Solid oxide fuel cell (SOFC) segment lead the market with the highest market share, and is anticipated to increase more in the coming future years.
Regional Insights
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, North America is projected to capture a substantial revenue share.
Competitive Analysis
The prominent companies defining the competitive terrain of this marketplace are Fuel Safe Systems, PremierAutoTrade, Radium Engineering LLC, Nuke Performance, Aftermarket Industries, Taizhou Yibai Auto Parts Industry Co., Ltd, and Others.
Global Fuel Cell Surge Tank Market- Segmental Analysis
By application
Portable
Stationary
Transport
Others
By product type
Solid oxide fuel cell (SOFC)
Proton exchange membrane fuel cell (PEMFC)
Molten carbonate fuel cell (MCFC)
Phosphoric acid fuel cell (PAFC)
Others
Why to buy this Report?
The report provides quantitative and qualitative aspect for Global Fuel Cell Surge Tank Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both Application Sizeion and consumption point of view at the regional and country level. Key Factors considered within the report scope are Application Sizeion capacity by countries/regions, average End Use, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Global Fuel Cell Surge Tank Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Application Sizeion Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the Card Application Size in taking a key decision within the business:
Company Share Analysis from 2020-2022
Company Analysis by Revenue and Sales
Company Application Size Capacity, Gross Margin
Company Share Analysis by Card Application Size/Card Application Size
Company Share Analysis by Application Size/Specification
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