Hydrogen and Fuel Cells Market Research
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.
Market Potential and Pitfalls
The hydrogen and fuel cells market is mainly propelled by factors like surging demand from the automotive, telecommunications, and residential micro-CHP sector. The reduced dependency on conventional energy sources is likely to trigger the demand from the hydrogen and fuel cells market. Developed nations across the glove are increasingly focusing on making hydrogen as an efficient and reliable energy producing source. Benefits associated with fuel cells across sectors to produce emission-less energy is likely to generate a major impact on the market. Prominent automakers like Honda, Toyota, Hyundai, and Daimler has revealed their hydrogen fuel powered vehicles in the global market due to their zero-emission property. Moreover, major countries are implementing specific plans to encourage clean energy by concentrating on hydrogen fuel cell technology. Such initiatives are predicted to dictate the growth trajectory of the market across the globe.
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.
On the contrary, the shorter durability of the fuel cell is predicted to impede the growth of the market during the forecast period.
Global Hydrogen and Fuel Cells Market: Segmental Analysis
The Hydrogen and Fuel Cells Market Research has been segmented based on type and application.
By type, the global hydrogen and fuel cell market is segmented into water-cooled type and air-cooled type. Of these, air-cooled type commands for the largest share, surpassing a valuation of USD 1,300 million in 2016. The segment will expand at the highest CAGR in the coming years. This type uses two primary methods, like active and passive methods. Both of these methods offer efficient and cost-effective cooling, which promote their growth.
By application, the hydrogen and fuel cell market are segmented into transport, stationary, and portable. Among these, the stationary application acquired the largest share of 81.14% in 2016. The segment surpassed a valuation of USD 1,300 million and is likely to retain its growth due to the increased application of stationary fuel cells at different end user industries.
Regional Frontiers
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.
Competitive Dashboard
The key players dominating the global hydrogen and fuel cells market include 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).
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