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Hydrogen Fuel Cell Market (Type - Phosphoric Acid Fuel Cells (PAFC), Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), and Molten Carbonate Fuel Cells (MCFC); Application - Automotive, Power Storage, Portable Power, Material Handling Equipment, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : November, 2021

  • Rep Id : EIM0301

  • Category : Energy, Mining and Infrastructure

  • Status : Published

A recent report published by Infinium Global Research on the hydrogen fuel cell market provides in-depth analysis of segments and sub-segments in the global as well as regional hydrogen fuel cell market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional hydrogen fuel cell market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global hydrogen fuel cell market. According to the report, the global hydrogen fuel cell market is projected to grow at a CAGR of 22.44% over the forecast period of 2021-2027.

 

Market Insight

The power and utility sector are in constant search of efficient generation and storage solutions with high capacity, stability, and output. Hydrogen fuel cells are considered to be a key solution for efficient power generation and storage solutions. Hydrogen fuel cells offer clean and efficient power production and heat from a range of primary energy sources. The technologies used in fuel cells are effective for many applications including automotive, power storage, portable power, material handling equipment, and several others. The leading technologies used in hydrogen fuel cells include phosphoric acid fuel cells (PAFC), polymer exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and molten carbonate fuel cells (MCFC). The market players are constantly developing innovative technologies to improve the capacity, and output of hydrogen fuel cells.

 

The global consumption of fossil fuel energy has increased due to rapid urbanization, leading to the rise in environmental pollution rates. Fossil fuels are the major source of environmental pollution. Thus, several governments and private organizations are searching for sustainable energy sources. Fuel cells are considered one of the cleanest energy conversion systems due to their high energy-conversion efficiency, environmental safety, high energy density, and other excellent features. Moreover, several initiatives are being undertaken by organizations and governments in various countries to promote sustainable energy solutions. Such initiatives mainly focus on the development of fuel cells for different applications. Significant government funding is been dedicated to the development of hydrogen fuel cell technologies in countries such as Germany, Japan, and the UK. Fuel cells have actually reached a partial commercialization phase due to such initiatives. Moreover, government policies to promote clean transport also helped drive the development of the fuel cell market for automotive applications. However, the high cost of the fuel cell is affecting the growth of the market.

 

The Asia Pacific accounts for the largest market share in the global hydrogen fuel cell market. Japan is the largest market for hydrogen fuel cells in the Asia-Pacific region followed by South Korea. Due to the higher demand for combined heat and power systems in Japan and other countries, the market for hydrogen fuel cells is growing in the Asia Pacific. Over the next few years, the adoption of hydrogen fuel cells in countries such as China, and India is expected to increase as technological capabilities, and government support in these countries will grow. Moreover, the European hydrogen fuel cell market is expected to grow with a healthy CAGR due to the changing regulatory policies in the region and advancements in technology.

 

Segment Covered

The report on global hydrogen fuel cell market covers segments such as type and application. On the basis of type, the sub-markets include phosphoric acid fuel cells (PAFC), polymer exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and molten carbonate fuel cells (MCFC). On the basis of application, the sub-markets include automotive, power storage, portable power, material handling equipment, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Panasonic Corporation, SFC Energy AG, Bloom Energy Corporation, Toshiba Corporation, AFC Energy PLC, Fuel cell Energy Inc., Nedstack Fuel Cells Technology B.V., Plug Power Inc., Intelligent Energy Limited, and Hydrogenic Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the hydrogen fuel cell market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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