Fuel Cell Surge Tank Market Opportunities and Forecast By 2030

According to the Market Statsville Group (MSG), the global fuel cell surge tank market is estimated to grow at a CAGR of 3.5% from 2022 to 2030. Fuel Cell Surge Tank (FCST) is a drop-in fuel pump system for fuel cells (or any cell) that utilizes the industry-standard 6x10 24-bolt fill plate bolt pattern. It is designed to safeguard electronic fuel injection (EFI) vehicles that witness fuel starvation. It consists of a dual-chamber fuel tank inside the fuel cell, with a single lift pump, and has up to three surge tank pumps. It has all of the advantages of a standard external fuel surge tank; however, without the safety concerns or plumbing hassles.

COVID-19 Impact on the Global Fuel Cell Surge Tank Market

COVID-19 has had a negative impact on the market’s growth. In order to manage the spread of COVID-19 government-imposed lockdowns resulted in the halted manufacturing process and disrupted supply chains. This led to a lack of availability of raw materials to manufacture FCST, and a lack of demand from end-user industries resulted in ideal stock, which results in hampering the growth of the market amid the pandemic. However, the online platform played a crucial role in keeping the market’s growth steady during the pandemic by enabling product providers to reach their customers online.

Scope of the Global Fuel Cell Surge Tank Market

The study categorizes the fuel cell surge tank market based on standard fittings, type, distribution channel at the regional and global levels.

By Standard Fittings Outlook (Sales, USD Million, 2017-2030)

• Pump Out -8AN Male
• Return -6AN Male
• Vent -8AN Male

By Type Outlook (Sales, USD Million, 2017-2030)

• With Pump
• Without Pump

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By Distribution Channel Outlook (Sales, USD Million, 2017-2030)

• Online Channel
• Offline Channel

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The online segment is projected to account for the largest market share by Distribution Channel

Based on distribution channel, online channel accounts for the major market share in 2021 due to COVID-19 and global lockdown, retailers, suppliers, and others adopted online platforms. The online channels enable product suppliers to reach more customers, showcase their digital shelf, and lure customers with discounts and rewards. Such factors propel the segment's growth in forthcoming years. In addition, the surging e-commerce industry creates lucrative opportunities for product suppliers to embark on their online presence.

Asia Pacific accounts for the highest CAGR during the forecast period

On a regional basis, North America accounts for the major market share in 2021. However, the Asia Pacific is estimated to witness the highest CAGR during the forecast period. The emerging and evolving automotive industry will pave the way for the market’s growth in the forthcoming years. For instance, according to the data from India Brand Equity Foundation, the sales of passenger vehicles have increased from 3.08 million units (26.6%) up from 2.43 million units in 2020. The total count of commercial cars sold was 677,119, up 34% from 505,102 in 2019. Hence, the growing automotive industry will create lucrative opportunities for the market’s growth in the forthcoming years.

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Key Market Players in the Global Fuel Cell Surge Tank Market

The fuel cell surge tank market has high competitive rivalry due to the presence of various well-established market players, such as:

• Fuel Safe Systems
• PremierAutoTrade
• Radium Engineering LLC
• Nuke Performance
• Aftermarket Industries
• Taizhou Yibai Auto Parts Industry Co., Ltd
• Others

Article source: https://article-realm.com/article/Finance/24817-Fuel-Cell-Surge-Tank-Market-Opportunities-and-Forecast-By-2030.html