Market Research Future (MRFR) has published the research report on 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 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. 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.
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However, shorter resilience of the fuel cell is expected to hinder the market growth over the forecast period. It is evident that the advanced countries across the globe are highly focused on making hydrogen as a dependable and effective energy generating source.
Hydrogen and Fuel Cells Market: Drivers & 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.
Hydrogen and Fuel Cells Market Segmental Analysis:
Global Hydrogen and Fuel Cells Market, By Type
- Air-Cooled Type
- Water-Cooled Type
Global Hydrogen and Fuel Cells Market, By Application
Global Hydrogen and Fuel Cells Market, By Region
- Asia Pacific
- Middle East & Africa
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.
The prominent 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).
July 2018: Bloom partnered with Key Equipment Finance to help finance setting up for more than $100 million in fuel cell projects and with SK Engineering and Construction expanding its sales channel in South Korea. Battery storage was included in 27 of Home Depot’s fuel cell projects with Bloom in 2018. Bloom continues to blaze trails in powering data centers and other critical applications for a wide swath of Fortune 500 firms.
June 2019: The Trade and Industry of Japan, Ministry of Economy, The United States Department of Energy, and the European Commission Directorate General of Energy together issued a joint statement stating their intention to strengthen trilateral cooperation on hydrogen and fuel cell technologies.
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