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. 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.
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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 Segments Analysis:
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.
By analysis of 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.
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.
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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).
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.
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