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 Analysis 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.
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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