The hydrogen and fuel cells market is
mainly propelled by factors such as increasing demand in the
telecommunications, automotive and residential micro-CHP sector, and
diminishing dependency on non-renewable energy sources. However, shorter
resilience of the fuel cell is expected to hinder the market growth over the
forecast period. It is evident that the advanced countries across the globe are
highly focused on making hydrogen as a dependable and effective energy
generating source. The abundant benefits of fuel cells over major segments to
produce pollution-free energy will generate a huge influence shortly. Top
automakers such as Toyota, Hyundai, Honda and Daimler have recently showcased
their hydrogen fuel powered vehicles in the market relating to their
zero-emission quality.
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Global
Hydrogen and Fuel Cells Market Segmental Analysis
Global Hydrogen and Fuel Cells Market is
segmented, by type as air-cooled type and water-cooled type.
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.
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.
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Regional
Market Analysis
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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