While 2022 is being an incredibly action-packed year for data analytics due to COVID-19 breakthrough, the Global Hydrogen Fuel Cells Market is screening some positive instincts, when studied by Market Research Future. Hydrogen Fuel Cells market is projected to reach USD 11,813.5 Million by the year 2027, to grow at a CAGR of 25.09% from 2020 - 2027 (forecast period).
Top Grossing Factors
The prime factors that impact the growth of the global Hydrogen Fuel Cells Industry include a rise in government initiatives towards development of hydrogen fuel cell infrastructure, the surge in environmental concerns, the soaring initial investment in infrastructure, and technological advancement. These factors are liable to have a definite impact on the hydrogen fuel cell vehicle industry during the assessment period.
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Some of the top-grossing companies such as Toyota, Honda, Daimler, Hyundai, BMW, General Motors, Audi, Ballard Power Systems, Volvo, and MAN have invested majorly to raise the market’s valuation since past decades. These are still investing to combat the spreading coronavirus disease as it has affected business worse. Further case predicts that rise in concerns of environmental degradation and depletion of natural resources, diverse technologies are being launched in the market supports the eco-friendly concept to sustain the environment. This factor has also been influential for the market’s growth.
Moreover, the boost in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission compel the adoption of hydrogen fuel cell vehicles, as it is eco-friendly than other conventional vehicles. To add in this, several policies have been deployed by the various governments to cater to environmental conditions. In case of point, the state of California in the U.S. committed funds for the development of 100 hydrogen refuelling stations to meet its target of 1.5 million zero-emission vehicles by the year 2025 which is motivating the growth of the hydrogen fuel cell vehicle market.
The global hydrogen fuel cells market has further been segmented among the segments of type and application.
In terms of type, the market has incorporated the air-cooled type and water-cooled type.
In terms of application, the market has included stationery, transport and portable.
The global hydrogen fuel cells market growth is studied in prominent regions that are Europe, the Americas, Asia Pacific and Middle East & Africa.
Americas was the first-largest market in 2016 and was valued at USD 753.1 million. The American countries, mainly the North American countries fuel cell deployments, have been optimistic from federal research and development (R&D) as well as demonstration programs. It is also supported by hydrogen infrastructure, federal tax incentives for FCVs, and fuel cell stationary power generation. All these factors are influencing the market to escalate, and which is why America's hydrogen fuel cells market is projected to develop at a CAGR of 24.72%.
The Asia Pacific is another primary hydrogen fuel cells market forecast. It accounted for a market share of 28.47% in 2016 with a market value of USD 461.7 million. Therefore, the mounting population, along with intensifying disposable income in the region, is driving the energy demand. Besides, the rapidly growing economies in the region are also top polluters in the world. Hydrogen Fuel Cells is known as the most elegant replacement for other conventional fossil fuel energy sources to reduce carbon emission efficiently by meeting electricity needs. Hence, Asia Pacific might grow at a CAGR of 27.09% during the forecast period.
Europe grabbed 22.61% market share in 2016, with a market value of USD 366.7 million. The European Strategic Energy Technology (SET) Plan marks fuel cell and hydrogen technologies as decisive technologies causative to reach the ambitious goals of the integrated European energy and climate policy with the year of 2020 and beyond.
In the Middle East & Africa region UAE, South Africa, and Saudi Arabia are the foremost countries. Augmented renewable energy activities to meet the energy demand are one of the essential reasons for expansion in the hydrogen fuel cells market in the Middle East and Africa.
Top Market Players
The critical players of global hydrogen fuel cells market are FuelCell Energy, Inc. (U.S.), Panasonic Corporation (Japan), Intelligent Energy Holdings plc (U.K.), Plug Power Inc. (U.S.), Ballard Power Systems (Canada), Hyster-Yale Group (U.S.), Hydrogenics Corporation (Canada), Nedstack fuel cell technology BV (Netherlands), and Horizon Fuel Cell Technologies (Singapore).
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