The market for hydrogen fuel cells is gaining considerable impetus across the world, thanks to the infrastructural developments in the field of hydrogen production. The rising adoption of electric and hybrid vehicles has also boosted the demand for hydrogen fuel cells, globally, reflecting positively on the growth of the overall market.
Going forward, a rise in the number of funding from the government and other organizations for the development and commercialization of the refueling infrastructure, worldwide, is likely to result in the swift progress of the global market for hydrogen fuel cells over the next few years. Moreover, the imminent decline in fuel cell prices, owing to the increasing uptake of novel methodologies for the reduction of fuel prices among the fuel producers, is also anticipated drive the growth prospects of this market in the years to come.
The global market for hydrogen fuel cells demonstrates a highly competitive and consolidated landscape. The vendors operating in this market are increasingly focusing on providing their customers with new and improved products at a much reduced price in order to support the expansion of their companies. Technological advancements in current offerings is the main strategy they follow to strengthen their position in the global market.
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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.
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.
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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.
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.