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.
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.
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.
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.
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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