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. 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. Top automakers such as Toyota, Hyundai, Honda and Daimler have recently showcased their hydrogen fuel powered vehicles in the market relating to their zero-emission quality.
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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 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.
Segmental Analysis
The hydrogen and fuel cells market is 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.
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).
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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