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.
A fuel pump system for fuel cells (or any cell) that uses the industry-standard 6x10 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. But it doesn't come with the same safety risks or plumbing issues as a typical external fuel surge tank. It still has all the same benefits.
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.
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.
Segmental Analysis of Global Fuel Cell Surge Tank Market:
Based on Type
Based on Application
Based on End-user
Based on Size
The market's expansion has been negatively impacted by COVID-19. Lockdowns instituted by the government to control the spread of COVID-19 caused supply chains to be disrupted and industry to stop. This resulted in a shortage of raw materials needed to produce FCST, and a lack of demand from end-user industries produced an excess of stock that hampered the market's expansion during the pandemic. However, by allowing product providers to connect with their clients online, the internet platform significantly contributed to maintaining the market's growth stability throughout the pandemic.
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