Global Hydrogen Fuel Cell Market Report 2023: Reduced Dependency on Non-conventional Energy Sources Fuels the Sector
Global Hydrogen Fuel Market
Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Hydrogen Fuel Cell Market by Type, Application, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen fuel market size was valued at $2.7 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
Key Market Players
Nedstack Fuel Cell Technology
Doosan Fuel Cell Co. Ltd.
Ballard Power Systems
SFC Energy AG
FuelCell Energy, Inc.
Plug Power Inc.
A fuel cell is an electrochemical device that uses two redox processes to transform the chemical energy of a fuel (typically hydrogen) and an oxidizing agent (commonly oxygen) into electrical energy. In contrast to most batteries, fuel cells require a constant supply of fuel and oxygen to sustain the chemical reaction.
Electricity is generated by using hydrogen to operate a hydrogen fuel cell. Hydrogen Fuel Cell Vehicle possess high potential to reduce emissions related to the transportation sector. They do not produce any greenhouse gas (GHG) emissions during vehicle operation.
The increased environmental concerns, increased government initiatives for the construction of hydrogen fuel cells infrastructure, expensive initial infrastructure investment, and technology advancement are all significant factors influencing the growth of the global hydrogen fuel cells market. During the forecast period, each of these variables is expected to have a significant impact on the hydrogen fuel cells market.
The market for hydrogen fuel cells is being driven by the growing demand for electric vehicles. The use of electric vehicles has drawn the attention of the government due to an increase in carbon emissions. Another element influencing the industry is the increased environmental awareness. The environmental issues have arisen as a result of the over exploitation of fossil resources, which have resulted in harmful gas emissions. The hydrogen fuel cells market's demand is being driven by the desire to minimize reliance on diesel and oil.
The automobile sector has experienced remarkable expansion as a result of rising vehicle demand. However, in recent years, there has been a growing awareness and issue about the negative environmental impact of fossil fuel engines, which produce considerable amounts of greenhouse gases.
Over the projected period, this is expected to assist the expansion of hydrogen fuel cells market. Other reasons such as technical improvements, higher performance, rising petroleum prices, reduced noise, and stringent government regulations regarding environmental conservation are also predicted to contribute to the hydrogen fuel cells market's growth during the forecast period.
The fuel cell deployments in North American countries have been aided by research and development programs, as well as incentives and subsidies provided by government for fuel cell-based vehicles, as well as funding and expenditure by governments, which have pushed the use of fuel cell and hydrogen technologies in North America region. The Asia-Pacific market segment, on the other hand, is expected to develop at the fastest rate during the forecast period.
The region's expanding population and rising disposable income are lifting up the demand for energy. The hydrogen fuel cells have been found as the best alternative to other conventional fossil fuel energy sources for reducing carbon emissions and efficiently providing energy needs.
The global market for hydrogen fuel cells is highly fragmented, with only a few firms competing with each other. However, due to the market's competitiveness, the number of new companies is likely to enter the hydrogen fuel cells market in the near future is expected to increase.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen fuel cell market
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global hydrogen fuel cell market- opportunity analysis and industry forecast 2018-2024. market- opportunity analysis and industry forecast 2018-2024. market by type (proton exchange membrane fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, others), by application (stationary, transportation, portable), by end user (fuel cell vehicles, utilities, defense): global opportunity analysis and industry forecast, 2021-2031 trends, key players, market segments, application areas, and market growth strategies.
No. of Pages
2021 - 2031
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2031
Compound Annual Growth Rate
Growing demand in the automotive sector
Reduced dependency on non-conventional energy sources
Rising price of hydrogen fuel cells
Telecommunications and residential Micro-CHP sectors
Key Market Segments
By End User
Fuel Cell Vehicles
Proton Exchange Membrane Fuel cells
Phosphoric Acid Fuel Cells
Solid Oxide Fuel Cells
Molten Carbonate Fuel Cells
For more information about this report visit https://www.researchandmarkets.com/r/52ue8h
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