Hydrogen and Fuel
Cells Market Analysis
Market Research
Future (MRFR), the global hydrogen and fuel cells market is motivated by a CAGR
of 25.09% by 2025 and will witness a considerable hike in the years to come.
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.
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.
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.
Hydrogen
and Fuel Cells Market Prominent Players:
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).
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.
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Regional Outlook
By MRFR’s report analysis, the global hydrogen and
fuel cells market has covered regions of North America, Europe, Asia Pacific,
and Middle East & Africa.
Of these, North
America had the largest market share in 2016 with a valuation of 753.1 million.
The fuel cell deployments in this region have encouraged many R&D
activities, supporting market growth. Moreover, federal tax incentives for
FCVs, hydrogen infrastructure, and fuel cell stationary power generation, and
investment by state governments have also propelled the use of fuel cell and
hydrogen technologies in certain parts of the country.
The Asia Pacific
is another largest hydrogen and fuel cells market holder owning a share of
28.47% in 2016 with a market value of USD 461.7 million by witnessing the
growing population along with rising disposable income here in driving the
demand for energy. Also, hydrogen and fuel cell is identified as the best
replacement for conventional fossil fuel energy. This factor is taking the
Asia-Pacific region to higher consumption of fuel cell and supporting the
market tremendously.
Europe had a
market share of 22.61% in 2016, with a valuation 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 European energy and climate policy with a time horizon of
2020 and beyond.
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