Hydrogen and Fuel Cells Market to Experience
Exponential Growth
The electrochemically
combined oxygen and hydrogen power hydrogen fuel cells to generate electricity,
with heat and water as by-products of the reaction. Unlike traditional batteries,
hydrogen fuel cells can generate electricity uninterruptedly until oxygen and
hydrogen are supplied. The production of electricity by fuel-cells is
non-hazardous to the environment and are known to be more effective than
combustion batteries. This advantage of hydrogen and fuel cell is proving to be
an excellent advantage that can restore the decline in the air condition.
Lately, the air pollution
is rising at an alarming rate. Increase in automobile is dawning several health
malaises on humans. The uncontrolled vehicular emission is causing the
increased level of suspended particulate matter in the air, which when inhaled constantly
by humans can lead them to suffer from disorders, such as asthma and respiratory
tract infection among others. Electric automobiles are safe and effective
alternatives against petrol and diesel fuelled traditional automobiles. Governments
are making implementing stringent norms to replace traditional vehicles with
electric cars that can curb air pollution. Reputed automobile makers are
focusing on developments on electric vehicles that are offer greater
convenience and make them more beneficial for humans. Thus, the growing utility
of hydrogen and fuel cells due to the rise in the demand for electric cars can
prompt the expansion of the global market of hydrogen and fuel cells.
Market Research Future
(MRFR), in its revised “Hydrogen and Fuel Cells Market” report, points out different
aspects of the hydrogen and fuel cells market that can aid business capitalists to
decide on calculated risks to generate considerable revenue. The report sheds
lights on the hydrogen and fuel cells market dynamics and ongoing trends.
Marketers influence on the expansion of the market are well-discussed in the
report. MRFR analysis states that the Global
Hydrogen and Fuel Cells Market can thrive at 25.09 % CAGR across the
assessment period. There are different factors that are likely to boost the
global hydrogen and fuel cells market. The increase in demand for these
batteries across the automotive sector is expected to gain high profits for the
market. The residential micro-CHP sector is also a decent generator of turnover
for the market. The need for renewable sources of energy and growing adoption
of micro-CHP powered by hydrogen and fuel cells can boost the expansion of the
global market.
Hydrogen and fuel cells are
broadly classified into water-cooled type and air-cooled type. Air-cooled type
hydrogen and fuel cells are used extensively, which can cause the market
generate a revenue above USD 1,300 million on the conclusion of the study
period. On the contrary, shorter resilience of these fuel cells can hinder the
market expansion over the review period. However, the surge in focus of advanced
countries in making hydrogen fuel cells can counter the restrain on the global
hydrogen and fuel cells market. Moreover, some reputed companies, such as Plug
Power Inc. (U.S.), FuelCell Energy, Inc. (U.S.), Hyster-Yale Group (U.S.),
Intelligent Energy Holdings plc (U.K.), and Ballard Power Systems. (Canada)
among others that deal in hydrogen fuel are adoption strategies that can add to
the market expansion.
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