Hydrogen and Fuel Cells Market
Scenario
The
Hydrogen
and Fuel Cells Market Size is anticipated to garner a CAGR of 25.09%
during the forecast period (2011-2025), Market Research Future (MRFR) unveils
in a detailed report. Hydrogen and fuel cell uses hydrogen as a chemical
component, which is propagated into the fuel cell so that energy is generated.
Fuel cell can be referred to as an electrochemical device, which combines
oxygen and hydrogen to generate heat, water, and electricity.
Market Potential and
Pitfalls
The
hydrogen and fuel cells market is mainly propelled by factors like surging
demand from the automotive, telecommunications, and residential micro-CHP
sector. The reduced dependency on conventional energy sources is likely to trigger
the demand from the hydrogen and fuel cells market. Developed nations across
the glove are increasingly focusing on making hydrogen as an efficient and
reliable energy producing source. Benefits associated with fuel cells across
sectors to produce emission-less energy is likely to generate a major impact on
the market. Prominent automakers like Honda, Toyota, Hyundai, and Daimler has
revealed their hydrogen fuel powered vehicles in the global market due to their
zero-emission property. Moreover, major countries are implementing specific
plans to encourage clean energy by concentrating on hydrogen fuel cell
technology. Such initiatives are predicted to dictate the growth trajectory of
the market across the globe.
Global Hydrogen and Fuel
Cells Market: Segmental Analysis
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. Of these, air-cooled type commands for the largest
share, surpassing a valuation of USD 1,300 million in 2016. The segment will expand
at the highest CAGR in the coming years. This type uses two primary methods,
like active and passive methods. Both of these methods offer efficient and
cost-effective cooling, which promote their growth.
By
application, the hydrogen and fuel cell market are segmented into transport,
stationary, and portable. Among these, the stationary application acquired the
largest share of 81.14% in 2016. The segment surpassed a valuation of USD 1,300
million and is likely to retain its growth due to the increased application of
stationary fuel cells at different end user industries.
Regional Frontiers
Geographically,
the hydrogen and fuel cells market spans across Europe, America, Asia Pacific,
and the Middle East & Africa.
Considering
the global scenario, America commanded the largest share and surpassed a
valuation of USD 753.1 million in 2016. Fuel cell deployments, especially in North
America, has been influenced by federal R&D and demonstration programs and
is supported by federal tax incentives for hydrogen infrastructure, FCVs, and fuel
cell stationary power generation. Increased investment and support by the state
government have augmented the use of fuel cell and hydrogen technologies in
some parts of the nation. The market in America is predicted to expand at a
CAGR of 24.72% by the end of 2025.
The
Asia Pacific is considered a prominent market for hydrogen and fuel cells and
is estimated to acquire a share of 28.47%. With the ever-increasing population
and growing disposable income, the demand for energy is growing. Also, rapidly
developing economies are considered the top polluter in the world. Hydrogen and
fuel cell is the best replacement for conventional fossil fuel energy sources
used to minimize carbon emission by meeting the needs for electricity. These
factors are likely to promote the growth of the regional market.
Competitive Dashboard
The
key players dominating the global hydrogen and fuel cells market include FuelCell
Energy, Inc. (U.S.), Panasonic Corporation (Japan), Intelligent Energy Holdings
plc (U.K.), Plug Power Inc. (U.S.), Ballard Power Systems. (Canada),
Hyster-Yale Group (U.S.), Nedstack fuel cell technology BV. (Netherlands),
Doosan Fuel Cell (U.S.), Pearl Hydrogen (China), Hydrogenics Corporation (Canada),
and Horizon Fuel Cell Technologies (Singapore).
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