The fuel cell for data center market is estimated to occupy a significant CAGR of 15.5% during the forecast period. The market estimated the valuation at US$ 135.67 Mn in 2022 and is likely to be valued at US$ 573.20 Mn by 2032.
| Attributes | Details |
|---|---|
| Market CAGR (2022 to 2032) | 15.5% |
| Market Value (2022) | US$ 135.67 Million |
| Market Value (2032) | US$ 573.20 Million |
The rising demand for fuel cell for data center due to increasing power consumption, renewable energy and rising efficiency are growing the market size. The fuel cell for data center market is set to grow at a high pace by securing a healthy CAGR during the forecast period.
Several companies are adopting advanced technology to reduce carbon footprint and increase power constantly in the fuel cell for data center. The demand for fuel cell for data center is rising to generate electricity by adopting electrochemical reactions, which are anticipated to increase the fuel cell for data center market share.
The adoption of fuel cell for data center is rising as it allows for a generation of power onsite by reducing grid systems. In addition, the fuel cell rise in the use of electricity grids in the case of absence of fuel is accelerating the market growth.
The fuel cell for data center is an alternative solution for grid-power electricity, solar and wind energy to reduce energy costs which increase the market share. The adoption of fuel cell technology in corporate sectors due to lack of electricity has been growing in the market in recent years.
Growing advanced technologies and new product launches by prominent vendors are increasing positive market trends. For instance, Microsoft launched its mini fuel cell to the IT server racks, consumption of high energy and reducing power electronics.
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In the data center type, telecommunication contributes the highest share in the market during the forecast period. Telecommunication relies on the fuel cell for the data center as a secondary power source in case electricity is off.
By Region, North America will dominate the global market by witnessing the highest share during the forecast period. Due to the rising focus on renewable energy, ICT and the presence of prominent players will boost the market growth during the forecast period.
Prominent vendors will play an essential role in the global market by registering a significant share during the forecast period.
As more companies look for reliable, resilient technologies to provide constant power as well as reduce its carbon footprint, distributed generation (DG) and renewable energy are gaining focus of the corporate culture. One of such prime technology as a renewable source of energy is fuel cell.
A fuel cell generates electricity using an electrochemical reaction, not combustion, and depending on the fuel source, produces near to zero polluting emissions. Utilization of fuel cell allows onsite power generation thereby reducing reliance over traditional grid system and using grid electricity in case of absence of fuel.
Fuel cells have emerged as the most viable alternative to solar, wind or grid-powered electricity due to low cost financing, government subsidies, and the companies desire to reduce their carbon footprint and energy costs.
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Reduction in fuel and energy cost coupled with low carbon emissions and increased energy efficiency & reliability are primarily gaining customer attraction. Significant tax reduction on fuel cell adoption for corporate data centers, thus luring the corporate culture to switch to fuel cell technology for powering data centers is primarily expected to increase the demand for fuel cell in near future.
Technological advancements in fuel cell usage specifically for data centers is expected the drive the market during the forecast period. For instance, Microsoft Corporation is developing mini fuel cells for IT server racks thereby reducing the need for power electronics from central systems which results in high energy consumption.
However, low capital organization are reluctant to employ fuel cell primarily due to increasing reliance over fuel as a source of power.
Majority of the companies operating huge data centers are signing long term lease contract or purchase agreements instead of owning them as fuel cells have a long term payback period for their capital investments.
Global Fuel Cell for Data Center Market is expected to encounter significant growth during the forecast period. North America dominates the fuel cell market for data center, followed by North America, Europe is the next major market for the fuel cell market for data center.
Asia Pacific is emerging market for the Fuel cell system, and is anticipated to represent substantial growth during the forecast period, particularly in regions such as China and India. Japan is other significant region and expected to contribute major share in the global fuel cell market for data center.
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Some of the major players identified across the global Fuel Cell for Data Center Market includes FuelCell Energy, Inc., Doosan Fuel Cell America, Inc., Bloom Energy pvt. Ltd., Logan Energy, AFC Energy, Ballard, Toshiba Fuel Cell Power Systems Corporation, Plug Power, Panasonic and Hydrogenics.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global Fuel Cell for Data Center Market can be segmented on the basis of product type, data center types, facility size and region
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Fuel Cell For Data Center Market
