Hydrogen Fuel Cells Market - Global Industry Analysis, Size, Share 2024
Global Hydrogen Fuel Cells Market: Brief Account
Hydrogen
fuel cells is a device that converts hydrogen and oxygen into water,
and in the process, produces electricity. In a hydrogen fuel cells
device, the flow of chemicals into cells is continuous, thereby ensuring
that the battery does not go dead. Hydrogen fuel cells are being used
as an alternative fuel in automobiles, in portable power systems, and
also for power generation. It is expected that the global hydrogen fuel
cells market will grow at a healthy rate in the period from 2016 to
2024, on account of a growing need for clean energy.
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The
report segments the global hydrogen fuel cells market on the basis of
type, application, and geography. On the basis of type, the market is
segmented into Polymer Exchange Membrane Fuel Cells (PEMFC), Direct
Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), and others
such as alkaline fuel cells, phosphoric acid fuel cells, to name a few.
By application, the market is segmented into portable, stationary, and
transport.
The
report is an in-depth analysis of the key factors impacting the global
hydrogen cells market, which includes both the driving and the
restricting factors. The report is collated by experts after examining
the market’s historical and present size and state, which is then used
to analyze the future growth prospects of the market. The hydrogen fuel
cells market has been studied both at the regional as well as the global
level. The trending aspects of the market has been discussed and
potential opportunities in the future are determined.
Global Hydrogen Fuel Cells Market: Trends and Opportunities
The
global hydrogen fuel cells market is primarily fueled by a growing need
for clean energy, government initiatives to promote the use of green
energy, and the development of infrastructure to produce hydrogen.
Governments, especially in developed nations have encouraged the use of
clean and green energy, and this has resulted in giving the hydrogen
fuel cells market, the push that it required. The growing concern
regarding environmental pollution across the world is another factor
boosting the demand for hydrogen fuel cells. The awareness level
regarding hydrogen cells has increased, helping the market to grow at a
steady pace.
The
growth of the global hydrogen fuel cells market is however, hampered by
a lack of infrastructure for fuel cells, high cost of switching the
technology, and reduced hydrogen re-filling stations, and the high
initial cost associated with the adoption of this technology.
Global Hydrogen Fuel Cells Market: Geographical Analysis
On
the basis of geography, the market is segmented into Asia Pacific,
North America, Europe, and the Rest of the World. Of these, Asia Pacific
is leading in the market and will continue to expand at a significant
CAGR in the coming years. The growing use of hydrogen fuel cells in
South Korea and Japan in hybrid cars coupled with strict environmental
norms are behind the growth of this market. North America followed by
Europe are also expected to be potential markets for hydrogen fuel
cells. Subsidies on purchase of hybrid vehicles is one of the key
factors driving the growth of the market in these regions.
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Global Hydrogen Fuel Cells Market: Companies Mentioned
The
global hydrogen fuel cells market is consolidated with only a few
companies operating in the market. However, on account of the market
attractiveness the number of new companies to enter into the market is
expected to increase in the near future. Some of the players currently
operating in the hydrogen fuel cells market include SFC Energy AG, Plug
Power Inc., Panasonic Corporation, AFC Energy PLC, Hydrogenics, Nedstack
Fuel Cells Technology B.V., ClearEdge Power, and Toshiba Corporation.
Leading companies are investing in research and development in order to
grow in the industry and come up with innovations.
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