The hydrogen and fuel cells market is anticipated to garner a CAGR of 25.09% during the forecast period (2011-2025), Market Research Future (MRFR) unveils in a detailed report. Hydrogen and fuel cell uses hydrogen as a chemical component, which is propagated into the fuel cell so that energy is generated. Fuel cell can be referred to as an electrochemical device, which combines oxygen and hydrogen to generate heat, water, and electricity.
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.
Get Free Sample Copy of “Hydrogen and Fuel Cells Market” at: https://www.marketresearchfuture.com/sample_request/5947
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.
- FuelCell Energy, Inc. (U.S.),
- Panasonic Corporation (Japan),
- Intelligent Energy Holdings plc (U.K.),
- Plug Power Inc. (U.S.),
- Ballard Power Systems. (Canada),
- Hyster-Yale Group (U.S.),
- Nedstack fuel cell technology BV. (Netherlands),
- Doosan Fuel Cell (U.S.),
- Pearl Hydrogen (China),
- Hydrogenics Corporation (Canada), 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.
Initiatives undertaken for green energy is further creating scope for the development of hydrogen cell. The increased application of hydrogen fuel cell systems in cold regions for heating and power generation at residential level is creating growth opportunities for the market. Governments and associations across the world have reformed their energy policies in order to fulfill the increasing demand for power. Such factors are likely to promote the growth of the market across the globe.
The hydrogen and fuel cells market is segmented based on type, application and region.
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.
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.
Access Full Report at: https://www.marketresearchfuture.com/reports/hydrogen-fuel-cells-market-5947
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar