Global Hydrogen and Fuel Cells Market Analysis
Market Research Future (MRFR) has offered a study that highlights that the global hydrogen and fuel cells market is expected to register 25.09% CAGR across the review period. Hydrogen and fuel cells function as a battery to convert chemical potential energy into electrical energy. As hydrogen doesn’t lead to harmful emissions, the product is gaining much popularity. The trend is expected to continue over the next couple of years, thus supporting market growth.
The hydrogen and fuel cells market is gaining considerable impetus globally, while thankful for the recent infrastructural advancements in the field of hydrogen production. The upsurge in the adoption of electric and hybrid vehicles has also boosted the demand for hydrogen fuel cells, globally, reflecting a positive approach to the growth of the overall market.
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The depleting sources of energy, in conjunction with rising fuel prices, is expected to drive the growth of the hydrogen and fuel cells market in the foreseeable future. Also, the developments in technology are likely to lead to proliferating applications, which is projected to catalyze market growth in the nearby future. Consumer awareness about clean energy is also poised to accelerate growth rate of the hydrogen and fuel cells market in the forthcoming years.
Key Players analyzed in the Hydrogen and Fuel Cells Market are:
The key players of global hydrogen and fuel cells market are Panasonic Corporation (Japan), FuelCell Energy, Inc. (U.S.), Plug Power Inc. (U.S.), Intelligent Energy Holdings plc (U.K.), Hyster-Yale Group (U.S.), Ballard Power Systems. (Canada), Doosan Fuel Cell (U.S.), Nedstack fuel cell technology BV. (Netherlands), Hydrogenics Corporation (Canada), Pearl Hydrogen (China), and Horizon Fuel Cell Technologies (Singapore).
Market Potential and Pitfalls
The hydrogen and fuel cells market is mainly propelled by factors like surging demand from the automotive, telecommunications, and residential micro-CHP sector. The reduced dependency on conventional energy sources is likely to trigger the demand from the hydrogen and fuel cells market. Developed nations across the glove are increasingly focusing on making hydrogen as an efficient and reliable energy producing source.
Benefits associated with fuel cells across sectors to produce emission-less energy is likely to generate a major impact on the market. Prominent automakers like Honda, Toyota, Hyundai, and Daimler has revealed their hydrogen fuel powered vehicles in the global market due to their zero-emission property. Moreover, major countries are implementing specific plans to encourage clean energy by concentrating on hydrogen fuel cell technology. Such initiatives are predicted to dictate the growth trajectory of the market across the globe.
Global Hydrogen and Fuel Cells Market Segmentation
The global hydrogen fuel cells market has been segmented on the basis of type, applications, and regions.
By type, the market is further sub-segmented as air-cooled type and water-cooled type.
By applications, the market is further parted into stationary, transport and portable.
Geographically, the hydrogen and fuel cells market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America commanded the largest share and surpassed a valuation of USD 753.1 million in 2016. Fuel cell deployments, especially in North America, has been influenced by federal R&D and demonstration programs and is supported by federal tax incentives for hydrogen infrastructure, FCVs, and fuel cell stationary power generation. Increased investment and support by the state government have augmented the use of fuel cell and hydrogen technologies in some parts of the nation. The market in America is predicted to expand at a CAGR of 24.72% by the end of 2025.
The Asia Pacific is considered a prominent market for hydrogen and fuel cells and is estimated to acquire a share of 28.47%. With the ever-increasing population and growing disposable income, the demand for energy is growing. Also, rapidly developing economies are considered the top polluter in the world. Hydrogen and fuel cell is the best replacement for conventional fossil fuel energy sources used to minimize carbon emission by meeting the needs for electricity. These factors are likely to promote the growth of the regional market.
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