South Africa Fuel Cell Market Size & Outlook, 2023-2030
South Africa fuel cell market, 2018-2030 (US$M)
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South Africa fuel cell market highlights
- The South Africa fuel cell market generated a revenue of USD 0.4 million in 2023 and is expected to reach USD 1.3 million by 2030.
- The South Africa market is expected to grow at a CAGR of 20.1% from 2024 to 2030.
- In terms of segment, pemfc was the largest revenue generating product in 2023.
- PEMFC is the most lucrative product segment registering the fastest growth during the forecast period.
Fuel cell market data book summary
| Market revenue in 2023 | USD 0.4 million |
| Market revenue in 2030 | USD 1.3 million |
| Growth rate | 20.1% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | PEMFC |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | PEMFC |
| Key market players worldwide | Ballard Power Systems Inc, Bloom Energy Corp Class A, Ceres Power Holdings PLC, Doosan Fuel Cell Ordinary Shares, FuelCell Energy Inc, Plug Power Inc, SFC Energy AG, Cummins Inc, Nedstack Fuel Cell Technology, Hyster-Yale Materials Handling Inc Class A |
Other key industry trends
- Country-wise, Japan is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, South Africa fuel cell market is projected to lead the regional market in terms of revenue in 2030.
- South Africa is the fastest growing regional market in Middle East & Africa and is projected to reach USD 1.3 million by 2030.
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Africa fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to fuel cell market will help companies and investors design strategic landscapes.
Pemfc was the largest segment with a revenue share of 100% in 2023. Horizon Databook has segmented the South Africa fuel cell market based on pemfc covering the revenue growth of each sub-segment from 2018 to 2030.
South Africa is focusing on developing its hydrogen infrastructure to limit carbon emissions in the country. For instance, in August 2020, the South African government invited Bambli Energy to guide the implementation of hydrogen and fuel cell technologies in the country. Such initiatives are likely to directly influence the demand for fuel cells in the country over the forecast period.
South African government supports the utilization of fuel cells in base stations, and it further provides a subsidy of USD 4,000 per each installation. In addition, fuel cells as power generation stations are deployed in small communities in remote areas in the country.
The deployment of fuel cells as power generation stations for remote areas acts as economical and clean option as compared to alternatives such as diesel generator. These factors are expected to propel the growth of fuel cell market in the country over the forecast period.
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Our clientele includes a mix of fuel cell market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Africa fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into South Africa fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Africa fuel cell market size, by product, 2018-2030 (US$M)
South Africa Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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