Hydrogen Fuel Cell Market Expected to Expand at a Steady 2022-2030

Hydrogen Fuel Cell Market: Segmentation by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Solid Oxide Fuel Cell, Direct Methanol Fuel Cell, Molten Carbonate Fuel Cell, Microbial Fuel Cell), by Application (Transport, Portable, and Stationary), by End-Use (Vehicles, Utilities, and Defense), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

The hydrogen fuel cell market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the hydrogen fuel cell industry aspects. 

Hydrogen Fuel Cell Market Introduction

The hydrogen fuel cell market size is USD 650.9 million in 2019 and is expected to register a 66.7 % CAGR during the forecast period (2020-2025).  The rising trend for hydrogen fuel cell vehicles compels the key automotive manufacturers to increase the hydrogen fuel cell market investment across the globe. Moreover, the demand for hydrogen fuel cell increases in the defense sector to increase power & energy density for greater range and endurance.

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Factors Affecting the Hydrogen Fuel Cell  Industry Over the Forecast Period-
  • In many developing and developed nations, the government focuses on clean energy to reduce the pollution generated by burning fossil fuels and non-renewable sources. This factor is projected to boost the growth of the hydrogen fuel cell market.
  • Hydrogen fuel cells can operate at higher temperatures, which is a major factor that has led to an increase in the demand for fuel cells in CHP (combined heat and power) generation.
  • Due to the increase in oil & gas prices, the demand for fuel-efficient vehicles increases, which increases the popularity of hydrogen fuel cell vehicles in the global market. As hydrogen fuel cell increases the efficiency of the vehicles by 60-70% as compared with IC engine vehicles
  • However, high initial investment and high cost of hydrogen fuel cell vehicles are some factors that may impede the growth of the global hydrogen fuel cell market.
Impact of COVID-19 on Hydrogen Fuel Cell Market:

The hydrogen fuel cell market has a major impact due to the coronavirus COVID-19 outbreak. The global economy has disturbed so much, which affects the investment in advanced technologies such as hydrogen fuel cell vehicles. Due to the shutdown of manufacturing operations, automakers had a huge loss that may affect the hydrogen fuel cell market. It is expected that post-COVID-19, the market will take a V-recovery pattern during the forecast period.z

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Hydrogen Fuel Cell Market: Scope of the Report

The report outlines the global hydrogen fuel cell market study has been segmented into type, end-use, and application.

Based on the type, the hydrogen fuel cell market has been segmented into –

  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Alkaline Fuel Cell (AFC)
  • Solid Oxide Fuel Cell (SOFC)
  • Direct Methanol Fuel Cell (DMFC)
  • Molten Carbonate Fuel Cell (MCFC)
  • Microbial Fuel Cell (MFC)

Based on the end-use, the hydrogen fuel cell market has been segmented into –

  • Vehicles
  • Utilities
  • Defense

Based on the application, the hydrogen fuel cell market has been segmented into –

  • Transport
  • Portable
  • Stationary
Hydrogen Fuel Cell Market: Regional Outlook

Based on the region, the global hydrogen fuel cell market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, North America held the largest share of the global hydrogen fuel cell market, followed by Europe and the Asia Pacific. Moreover, North-America is expected to project the highest CAGR globally over the forecast period.

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Hydrogen Fuel Cell Market Competitors–

The global hydrogen fuel cell market is highly fragmented, with the presence of a large number of small players across the globe. The vital hydrogen fuel cell Industry  operating in the global market are  

  • Ballard Power
  • Toshiba
  • PLUG Power
  • Fuelcell Energy
  • Hydrogenics
  • Doosan Fuel Cell
  • Horizon
  • Intelligent Energy
  • Hyster-Yale Group
  • Nedstack
  • Pearl Hydrogen
  • Sunrise Power    
  • Ballard Power, 
  • Hydrogenics, 
  • SFC Energy, 
  • Bloom Energy,
  • Horizon Fuel Cell,
  • Plug Power, 
  • FuelCell Energy

The hydrogen fuel cell market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs. 

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