Hydrogen and Fuel Cells Market is expected to grow with the CAGR of approximately 25.09%, during the forecast period. The global hydrogen and fuel cells market is segmented by prominent regions such as, Americas, Europe, Asia Pacific and Middle East & Africa. Americas was the first-largest market in 2016 & valued at USD 753.1 million. The American countries, more precisely north American countries fuel cell deployments have been encouraged by federal research and development (R&D) and demonstration programs, and supported by federal tax incentives for FCVs, hydrogen infrastructure, and fuel cell stationary power generation, it is the support and investment by state governments that have propelled the use of fuel cell and hydrogen technologies in certain parts of the country.
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Hence, Americas hydrogen and fuel cells market is projected to grow at a CAGR of 24.72%. Asia Pacific is another major market for hydrogen and fuel cells. It accounted for the market share of 28.47% in 2016 with a market value of USD 461.7 million.
Growing population along with rising disposable income in the region driving the demand for energy. Moreover, these rapidly growing economies in the region are also the top polluters in the world. Hydrogen and Fuel Cell is identified as the best replacement for other conventional fossil fuel energy sources that are used to reduce carbon emission by efficiently meeting the electricity needs. Hence, Asia Pacific is expected to grow at a CAGR of 27.09% during the forecast period. Europe had the market share of 22.61% in 2016, with a market value of USD 366.7 million.
The European Strategic Energy Technology (SET) Plan identifies fuel cell and hydrogen technologies as crucial technologies contributing to reaching the ambitious goals of the integrated European energy and climate policy with a time horizon of 2020 and beyond. In the Middle East & Africa region South Africa, UAE, and Saudi Arabia are the major countries. Increased renewable energy activities to meet the energy demand, is one of the essential reasons for growth in the hydrogen and fuel cells market in the Middle East and Africa.
Global Hydrogen and Fuel Cells Market is segmented, by type as air-cooled type and water-cooled type. Air-cooled type segment accounted for the largest market share of about 62.84% in 2016, with a market value of more than USD 1,300 million in 2016 and is projected to grow at the highest CAGR during the forecast period. Air-cooled type utilizes two primary method such as, passive methods and active methods, both these methods primarily exhibits cost-effective and efficient cooling. On the basis of application, the market is segmented as stationary, transport and portable.
Stationary accounted for the largest market share of about 81.14%, in 2016, with a market value of more than USD 1,300 million; projected to grow at the highest CAGR during the forecast period. Stationary power includes many applications in which the fuel cells are functioned at a immovable location for prime power, backup power, or combined heat and power (CHP). The dominant position of this segment is due to growing application of stationary fuel cells at various end-use sectors.
Scope of the Report
This study provides an overview of the global Hydrogen and Fuel Cells market, tracking two market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region.
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The scope of the study segments the global Hydrogen and Fuel Cells market by type, by type, by application, and by regions.
Global Hydrogen and Fuel Cells Market, By Type
Global Hydrogen and Fuel Cells Market, By Application
Global Hydrogen and Fuel Cells Market, By Region
Middle East & Africa
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).
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