– March 16, 2022 —
The Hydrogen Fuel Cells Market is expected to reach USD 11,813.5 Million during the forecast period at a CAGR of 25.09%. The hydrogen fuel cell industry is predicted to grow as government initiatives and subsidies for the manufacture of fuel cell electric vehicles, to decrease carbon emissions, increase. Consumer demand for hydrogen fuel cells that convert chemical potential energy into electrical energy will be boosted further by increased investment by automotive firms in the manufacturing of fuel cell vehicles and a growing public interest in sustainable and ecologically friendly products.
The pandemic of COVID-19 has had a significant impact on the hydrogen fuel cell sector. Market participants had to make short-term judgments while also considering the long-term implications. Plug Power, a leading supplier of hydrogen engines and e-mobility fueling systems, has developed and successfully launched the AR Smart Glasses Remote Training and Onboarding Program, which is powered by Ubimax Frontline, a fully integrated productivity solution platform. COVID-19’s introduction posed new hurdles for Plug Power’s operations in terms of training and assisting their field technicians, as well as their growing customer base. Plug Power was able to convert its in-person training and onboarding programs into AR virtual smart glasses-based training programs in just a few weeks.
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Top Market Players
The critical players of global hydrogen and 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).
Top Grossing Factors
The prime factors that impact the growth of the global market 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 market during the assessment period.
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.
Market Segmentation
Global Hydrogen Fuel Cells Market has been segmented based on type, application, and region.
Based on the type, the global market has been segmented into air-cooled type and water-cooled type.
Based on the application, the global market has been segmented into stationery, transport, and portable.
Based on the region, the global market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
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Regional Classification
The Americas ranked first, with a market value of USD 753.1 Million. Fuel cell deployments in the United States, specifically in North America, have been aided by federal research and development (R&D) and demonstration programs, as well as federal tax incentives for FCVs, hydrogen infrastructure, and fuel cell generation, as well as funding and expenditure by state governments, which have pushed the use of fuel cell and hydrogen technologies in specific areas of the country.
Another important region for hydrogen fuel cells is the Asia Pacific. It had a 28.47% market share and a market value of USD 461.7 million in 2016. Energy demand is being driven by the region’s growing population and disposable income. Furthermore, the region’s quickly growing economies are also among the world’s worst polluters. Hydrogen fuel cells have been found as the best solution for other traditional fossil fuel energy sources for reducing carbon emissions and efficiently meeting energy needs. As a result, Asia Pacific is expected to grow at a compound annual growth rate (CAGR) of 27.09% throughout the projection period
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