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 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
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.
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 Drivers and Constraints:
The demands for
the fuel cell are witnessed higher in the telecommunications, automotive and
residential micro-CHP sector. These sectors are growing tremendously, hence
taking the hydrogen and fuel cells market to new heights.
Going forward, a surge in the number of investments
from the government for the development and commercialization of the refueling
infrastructure, globally, is likely to result in the speedy progress of the
hydrogen fuel cells market. Moreover, the looming decline in fuel cell prices,
owing to the escalating uptake of novel methodologies for the reduction of fuel
prices among the fuel producers, is also anticipated drive the growth prospects
of this market in the years to come.
The global hydrogen fuel
cells market reveals a highly competitive landscape. The vendors of this market are
increasingly focusing on providing their customers with new and improved
products at a much-reduced price to support the expansion of their companies.
Technological advancements in current offerings are the primary strategy they
follow to strengthen their position in the global market.
With numerous benefits of fuel cells worldwide to
produce emission-free energy will create massive impact in the next couple of
years. In the recent time, top automakers such as Toyota, Hyundai, Honda, and
Daimler have recently uncovered their hydrogen fuel powered vehicles in the
market concerning their zero-emission quality, which has propelled the hydrogen
fuel cells in achieving higher valuation since past decades.
Worldwide investments and initiative for green energy
are creating a scope for the development of hydrogen cell during the forecast
period. However, shorter sturdiness of the fuel cell is expected to deny the
market growth over the forecast period.
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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