Hydrogen and Fuel Cells Market 2021: COVID-19 Impact Industry Trends and Forecast to 2023
Komal BoudhhMarket Scenario
Fuel cells electrochemically combinates hydrogen and oxygen, so as to generate electricity, heat and water as a by-product. Unlike, batteries, fuel cells uninterruptedly generate electricity as long as a source of the fuel is supplied. Fuel cells do not burn fuel, making the process silent, pollution-free, and up to two to three times more effective than combustion technologies. A fuel cell structure can be a genuine zero-emission source of electricity when it utilizes hydrogen created from non-polluting sources such as, water electrolysis process.
The hydrogen and fuel cells market is mainly propelled by factors such as increasing demand in the telecommunications, automotive and residential micro-CHP sector, and diminishing dependency on non-renewable energy sources. However, shorter resilience of the fuel cell is expected to hinder the market growth over the forecast period. It is evident that the advanced countries across the globe are highly focused on making hydrogen as a dependable and effective energy generating source. The abundant benefits of fuel cells over major segments to produce pollution-free energy will generate a huge influence shortly. Top automakers such as Toyota, Hyundai, Honda and Daimler have recently showcased their hydrogen fuel powered vehicles in the market relating to their zero-emission quality.
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Global Hydrogen and Fuel Cells Market is expected to grow with the CAGR of approximately 25.09% during the forecast period.
Air-Cooled Type by type segment and Stationary by application segment are expected to hold the largest market size in forecast period.
Global Hydrogen and Fuel Cells Market is segmented, by type as air-cooled type and water-cooled type. Air-cooled type segment accounted for the largest market share of about 62.84% in 2016, with a market value of more than USD 1,300 million in 2016 and is projected to grow at the highest CAGR during the forecast period. Air-cooled type utilizes two primary method such as, passive methods and active methods, both these methods primarily exhibits cost-effective and efficient cooling. On the basis of application, the market is segmented as stationary, transport and portable. Stationary accounted for the largest market share of about 81.14%, in 2016, with a market value of more than USD 1,300 million; projected to grow at the highest CAGR during the forecast period. Stationary power includes many applications in which the fuel cells are functioned at a immovable location for prime power, backup power, or combined heat and power (CHP). The dominant position of this segment is due to growing application of stationary fuel cells at various end-use sectors.
Scope of the Report
This study provides an overview of the global Hydrogen and Fuel Cells market, tracking two market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global Hydrogen and Fuel Cells market by type, by type, by application, and by regions.
Global Hydrogen and Fuel Cells Market, By Type
- Air-Cooled Type
- Water-Cooled Type
Global Hydrogen and Fuel Cells Market, By Application
- Stationary
- Transport
- Portable
Global Hydrogen and Fuel Cells Market, By Region
- Americas
- Europe
- Asia Pacific
- Middle East & Africa
Key Players
The key players of global hydrogen and fuel cells market are Panasonic Corporation (Japan), FuelCell Energy, Inc. (U.S.), Plug Power Inc. (U.S.), Intelligent Energy Holdings plc (U.K.), Hyster-Yale Group (U.S.), Ballard Power Systems. (Canada), Doosan Fuel Cell (U.S.), Nedstack fuel cell technology BV. (Netherlands), Hydrogenics Corporation (Canada), Pearl Hydrogen (China), and Horizon Fuel Cell Technologies (Singapore).
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