Hydrogen and Fuel Cells Market 2020 Major Applications, Massive Economic Growth and Competitive Scenario
Research Reports
Dec 29, 2020
The hydrogen and fuel cells market is garnering significant traction worldwide. The market growth attributes to the growing demand from industries such as telecommunications, automotive, and residential. Besides, the increasing uptake of hydrogen and fuel cells in the micro-CHP sector and the demand to reduce dependence on conventional energy sources drive the market growth. Moreover, the proliferation of hydrogen fuel-powered vehicles due to their zero-emission quality escalates the development of the market.
According to Market Research Future (MRFR), the global hydrogen and fuel cells market is projected to grow at a whopping double-digit CAGR of 25.09% throughout the review period (2019 – 2025).
Fuel cell system offers lower capital expenditures for backup power equipment. Most countries worldwide have implemented plans to promote clean energy by focusing on hydrogen fuel cell technology. These factors push the growth of market cumulatively.
Additionally, substantial investments in developing green energy create vast market demand. Also, rising applications of hydrogen fuel cell systems in cold regions for heating and power generation in residential and commercial sectors push the market sales. Various associations and government have reformed their energy policy to fulfill the growing demand for power due to the ever-increasing population. Hydrogen and fuel cells offer more applicability and reliability than other alternatives such as wind and sun.
Resultantly, the technology garners huge prominence across industries leading to generate an augmented demand. Besides, growing ecological concerns increase the marker size, prompting the need for alternative energy generation sources that can output cleaner energy. Conversely, shorter durability of the fuel cell is a major factor estimated to impede the market growth during the forecast period. Nevertheless, the benefits of hydrogen and fuel cells to produce emission-free energy would support the market growth creating a considerable impact shortly.
Global Hydrogen and Fuel Cells Market – Segments
The report is segmented into three dynamics;
By Type : Air-Cooled Type and Water-Cooled Type.
By Application : Stationary, Transport, and Portable.
By Regions : North America, Europe, APAC and Rest-of-the-World.
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Hydrogen and Fuel Cells Market – Geographical Analysis
North America dominates the global hydrogen and fuel cells market. The largest market share attributes to the strong presence of notable industry players and well-established infrastructure in the region, supporting the faster implementation of advanced cell technologies. Besides, increased renewable energy activities to meet the energy demand in the region drive growth in the market. North America’s hydrogen and fuel cells market is projected to retain its dominance, growing at a 24.72% CAGR throughout the estimated period.
The Asia Pacific region stands second in the global hydrogen and fuel cells market. The market growth is fostered by the growing population and rising disposable income of demographics. Additionally, the increasing demand to reduce carbon emissions pushes the regional market growth, encouraging the usages of renewables to efficiently meet electricity needs.
Government initiatives to control the rising carbon footprints due to fossil fuel energy sources boost the growth of the regional market. Rapidly growing economies, such as India, China, Japan, and South Korea, account for leading shares in the regional market. The Asia Pacific hydrogen and fuel cells market is expected to create a substantial revenue pocket, growing at 27.09% CAGR throughout the forecast period.
Europe owns a sizable share in the global hydrogen and fuel cells market. The European Strategic Energy Technology (SET) Plan to influence the market growth, denoting fuel cell, and hydrogen technologies crucial for meeting the integrated European energy and climate policy goals for 2020 and beyond. The EU2020 is a strategy proposed by the European SET to improve the infrastructure and decrease the fuel cells’ cost. The European hydrogen and fuel cells market is anticipated to grow at an impressive CAGR during the forecast period.
Hydrogen and Fuel Cells Market – Competitive Landscape
Highly competitive, the global hydrogen and fuel cells market appears fragmented due to the presence of several well-established players. To gain a competitive share in the market, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch. Some other strategies adopted by these market players include greater commercialization of their products and promotion initiatives through trade exhibitions. Manufacturers strive to improve the performance and design of their cells.
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Major Players
- FuelCell Energy Inc. (U.S.)
- Panasonic Corporation (Japan)
- Plug Power Inc. (U.S.)
- Hyster-Yale Group (U.S.)
- Intelligent Energy Holdings plc (U.K.)
- Ballard Power Systems. (Canada)
- Nedstack fuel cell technology BV. (Netherlands)
- Doosan Fuel Cell (U.S.)
- Hydrogenics Corporation (Canada)
- Horizon Fuel Cell Technologies (Singapore)
- Pearl Hydrogen (China)
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