Hydrogen Fuel Cells Market By Type (Air-Cooled Type and Water-Cooled Type), By Application (Stationary, Transport and Portable) - Global Forecast.
New York, United States - January 21, 2022 /MarketersMedia/ —
Hydrogen Fuel Cells Market Overview:
Hydrogen Fuel Cell market is projected to reach USD 11,813.5 Million by the year 2027, to grow at a CAGR of 25.09% from 2022 - 2030 (forecast period).
Increasing government initiatives and subsidies for the manufacture of fuel cell electric vehicles with a goal of reducing carbon emissions are expected to raise the hydrogen fuel cells market size. High investment by automotive companies in the manufacturing of fuel cell vehicles and an increasing public interest in sustainable and environmentally friendly products will further boost the overall consumer demand for hydrogen fuel cells that transfer chemical potential energy into electrical energy.
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COVID-19 Impact Analysis
The COVID-19 pandemic has had a substantial effect on the hydrogen fuel cell industry. Market players had to make short-term decisions while understanding their long-term consequences. Plug Power, a major provider of hydrogen engines and fueling solutions for e-mobility, has built and successfully deployed the AR Smart Glasses Remote Training and Onboard Program using the Vuzix M400 Smart Glasses powered by Ubimax Frontline, a fully integrated productivity solution platform.
Key Players -
Panasonic Corporation (Japan)
Intelligent Energy Holdings plc (U.K.)
FuelCell Energy Inc. (U.S.)
Plug Power Inc. (U.S.)
Hyster-Yale Group (U.S.)
Doosan Fuel Cell (U.S.)
Ballard Power Systems. (Canada)
Nedstack fuel cell technology BV. (Netherlands)
Pearl Hydrogen (China)
Hydrogenics Corporation (Canada)
Horizon Fuel Cell Technologies (Singapore)
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Recent Developments:
In June 2020, Plug Power Inc., a major provider of hydrogen cell engines and fueling solutions that enabled e-mobility, finalised its acquisitions of United Hydrogen Group Inc. and Giner ELX. These acquisitions are in line with the vertical integration strategy of Plug Power in the hydrogen business set out in September 2019.
Restraining Factors
The high cost of hydrogen fuel cell
Hydrogen fuel cells are costly, and this impedes the growth of the market. The expenses for hydrogen fuel cells, like transport and storage, are higher than the cost of gasoline products. The safety issues associated with hydrogen are more as hydrogen is flammable. Unlike gas, hydrogen has no smell. The high use of gas sensors and gas detectors for hydrogen plants impedes the growth of the market.
Market Segmentation
Global Hydrogen Fuel Cells Industry has been segmented into Type and Application.
Based on type, the global market has been segmented into air-cooled type and water-cooled type.
Based on application, the global market has been segmented into stationery, transport, and portable.
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Americas to lead the global market
Americas was the first biggest market in 2016, estimated at USD 753.1 million. American countries, more specifically North American countries, fuel cell deployments have been promoted by federal research and development (R&D) and demonstration programs and backed by federal tax incentives for FCVs, hydrogen infrastructure and fuel cell generation, funding, and expenditure by state governments that have impelled the use of fuel cell and hydrogen technologies in specific parts of the country. As a result, America's hydrogen fuel cell industry is expected to expand at a CAGR of 24.72%.
APAC to hold the second spot
The Asia Pacific is another significant region for hydrogen fuel cells. In 2016, it had a market share of 28.47% with a market value of USD 461.7 million. The increasing population and growing disposable income in the region are driving energy demand. Moreover, these rapidly rising economies in the region are also the world's top polluters. Hydrogen fuel cells are identified as the best substitute for other conventional fossil fuel energy sources to minimize carbon emissions by meeting energy needs efficiently. As a result, Asia Pacific is projected to rise at a CAGR of 27.09% during the forecast period.
Competitive Landscape
Global Market for hydrogen fuel cells is consolidated with just a few companies operating in the market. However, due to the competitiveness of the market, the number of new companies to enter the market is expected to rise in the near future. Leading companies are investing in research and development in order to succeed in the market and come up with innovations.
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Key Market Drivers:
Growing Demand In The Automotive, Telecommunications And Residential Micro-CHP Sectors
Reduced Dependency On Non-Conventional Energy Sources
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