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.
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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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