Hydrogen and Fuel Cells Market Synopsis:
Market Research Future (MRFR) has offered a study that highlights that the 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 fuel cell is recognized as an electrochemical device that gets combined hydrogen with oxygen to generate electricity, heat, and water. The fuel cell resembles with a battery in which electrochemical reaction occurs until the presence of fuel. There is no occurrence of any harmful emissions in the process of response, which counts with an affirmative act, driving the market growth with a confident pull.
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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.
Leading Players analyzed in the Hydrogen and Fuel Cell Market report 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).
Hydrogen and Fuel Cells Market: Drivers & Constraints
The demands for the fuel cell are witnessed higher in the telecommunications, automotive and residential micro-CHP sector. These sectors are growing tremendously, hence taking the hydrogen and fuel cells market to new heights.
Going forward, a surge in the number of investments from the government for the development and commercialization of the refueling infrastructure, globally, is likely to result in the speedy progress of the hydrogen fuel cells market. Moreover, the looming decline in fuel cell prices, owing to the escalating uptake of novel methodologies for the reduction of fuel prices among the fuel producers, is also anticipated drive the growth prospects of this market in the years to come.
The global hydrogen fuel cells market reveals a highly competitive landscape. The vendors of this market are increasingly focusing on providing their customers with new and improved products at a much-reduced price to support the expansion of their companies. Technological advancements in current offerings are the primary strategy they follow to strengthen their position in the global market.
With numerous benefits of fuel cells worldwide to produce emission-free energy will create massive impact in the next couple of years. In the recent time, top automakers such as Toyota, Hyundai, Honda, and Daimler have recently uncovered their hydrogen fuel powered vehicles in the market concerning their zero-emission quality, which has propelled the hydrogen fuel cells in achieving higher valuation since past decades.
Worldwide investments and initiative for green energy are creating a scope for the development of hydrogen cell during the forecast period. However, shorter sturdiness of the fuel cell is expected to deny the market growth over the forecast period.
The Hydrogen and Fuel Cells Market is segmented based on type and application.
By type, the global hydrogen and fuel cell market is segmented into water-cooled type and air-cooled type.
By application, the hydrogen and fuel cell market are segmented into transport, stationary, and portable.
The geographical assessment of the global hydrogen and fuel cells market covers four regional segments that are further studied on a country-level basis. The major regions analyzed in this MRFR report are – Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
Europe is an important regional segment as the governments are promoting the adoption of these cells in the region. Rising inclination towards environment protection laws being implemented, the hydrogen and fuel cells market in the region is presumed to scale new heights over the assessment period. Asia Pacific is also supposed to grow substantially in the years to come. The rising energy demand of the region is likely to drive the growth of the market in the nearby future.
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