Global Hydrogen and Fuel Cells Market Synopsis:
Market Research Future (MRFR) has offered a study that highlights that the global hydrogen and fuel cells market is expected to register 25.09% CAGR across the review period. Hydrogen and fuel cells function as a battery to convert chemical potential energy into electrical energy. As hydrogen doesn’t lead to harmful emissions, the product is gaining much popularity. The trend is expected to continue over the next couple of years, thus supporting market growth. A detailed analysis report of COVID-19 impact on Hydrogen and Fuel Cells Market is provided with the report.
Implementation of stricter laws for safeguarding environments and reducing carbon footprint is the driver of the hydrogen and fuel cells market. It is prognosticated to catapult the global market on its growth trajectory. The proponents of energy efficiency are prompting the large-scale adoption of hydrogen as an efficient source of energy. It is expected to influence the growth pattern of the hydrogen and fuel cells market greatly in the years to come.
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Automotive industry leaders are leveraging the technology to capitalize on developmental opportunities. Hyundai and Toyota have already captured and penetrated a considerable fraction of the hydrogen and fuel cells market. The study assures a lucrative future trajectory which is anticipated to attract more players over the next few years.
The depleting sources of energy, in conjunction with rising fuel prices, is expected to drive the growth of the hydrogen and fuel cells market in the foreseeable future. Also, the developments in technology are likely to lead to proliferating applications, which is projected to catalyze market growth in the nearby future. Consumer awareness about clean energy is also poised to accelerate growth rate of the hydrogen and fuel cells market in the forthcoming years.
However, on the other hand, the durability of these cells can pose challenges to the players of the market. Increasing investments to overcome the shortcoming is likely to redefine the future trajectory of the hydrogen and fuel cells market over the next couple of years. To illustrate, Plug Power Inc. has launches launch of a 30-kilowatt (kW) hydrogen fuel cell engine that focuses on enhancing reliability and increasing runtimes.
Hydrogen and Fuel Cells Industry Segmentation:
By type, the global hydrogen and fuel cells market has been bifurcated into air-cooled type and water-cooled type.
By application, the hydrogen and fuel cells market have been segmented into stationary, transport and portable.
The geographical assessment of the global hydrogen and fuel cells market covers four regional segments that are further studied on a country-level basis. The major regions analyzed in this MRFR report are – Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
Europe is an important regional segment as the governments are promoting the adoption of these cells in the region. Rising inclination towards environment protection laws being implemented, the hydrogen and fuel cells market in the region is presumed to scale new heights over the assessment period. Asia Pacific is also supposed to grow substantially in the years to come. The rising energy demand of the region is likely to drive the growth of the market in the nearby future.
Panasonic Corporation (Japan), Plug Power Inc. (U.S.), FuelCell Energy, Inc. (U.S.), Intelligent Energy Holdings plc (U.K.), Ballard Power Systems. (Canada), Hyster-Yale Group (U.S.), Doosan Fuel Cell (U.S.), Hydrogenics Corporation (Canada), Pearl Hydrogen (China), Nedstack fuel cell technology BV. (Netherlands), and Horizon Fuel Cell Technologies (Singapore) are the eminent players of the global hydrogen and fuel cells market.
Some of the growth trajectories followed by key players are mergers & acquisitions, strategic partnerships, collaborations, agreements, etc. Technological innovations by these participants are anticipated to boost the competitiveness in the global hydrogen and fuel cells market over the next couple of years.
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