Middle East and Africa Fuel Cell Market – Growth & Forecast (2024

Middle East and Africa Fuel Cell Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

A fuel cell is a device that converts chemical potential energy into electrical energy. The products of the reaction in the cell are water, electricity, and heat. This is a big improvement over internal combustion engines, coal-burning power plants, and nuclear power plants, all of which produce harmful by-products. Since O2 is readily available in the atmosphere, we only need to supply the fuel cell with H2 which can come from an electrolysis process.

The Middle East & Africa Fuel Cell Market Segments Size & Growth:

The Middle East & Africa Fuel Cell Market size is projected to reach approximately $XX billion by the end of 2024 with a CAGR of close to XX% from $XX billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include advantage over the backup power option, the requirement of more resilient energy systems, higher energy density compared to a battery, and increasing demand for the electric vehicle, hybrid electric vehicle, and plug-in hybrid vehicle. However, fuel infrastructure, the durability of the fuel cell, and the high cost of catalyst are thereby hindering the market growth. Various opportunities for fuel cell market include emerging new technology market, high demand for

Middle East and Africa Fuel Cell Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

fuel cell vehicles market, and usage of cheaper metals.

Increasing applications of the fuel cell in an electrical vehicle, hybrid electric vehicle, and plug-in hybrid vehicle applications is one of the major factor driving the growth of the Middle East & Africa fuel cell market. The electric vehicles market is increasing at a rapid pace, resulting in Africa Fuel Cell

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Middle East and Africa Fuel Cell Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

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