The hydrogen and fuel cells market is anticipated to garner a CAGR of 25.09% during the forecast period (2011-2025), Market Research Future (MRFR) unveils in a detailed report. Hydrogen and fuel cell uses hydrogen as a chemical component, which is propagated into the fuel cell so that energy is generated. Fuel cell can be referred to as an electrochemical device, which combines oxygen and hydrogen to generate heat, water, and electricity. A detailed analysis report of COVID-19 impact on Hydrogen and Fuel Cells Market Research is provided with the report.The hydrogen and fuel cells market is gaining considerable impetus globally, while thankful for the recent infrastructural advancements in the field of hydrogen production. The upsurge in the adoption of electric and hybrid vehicles has also boosted the demand for hydrogen fuel cells, globally, reflecting a positive approach to the growth of the overall market.
The fuel cell is recognized as an electrochemical device that gets combined hydrogen with oxygen to generate electricity, heat, and water. The fuel cell resembles with a battery in which electrochemical reaction occurs until the presence of fuel. There is no occurrence of any harmful emissions in the process of response, which counts with an affirmative act, driving the market growth with a confident pull.
Competitive Dashboard:
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).
Segmental Analysis
The hydrogen and fuel cells market is segmented based on type, application and region.
By type, the global hydrogen and fuel cells market has been bifurcated into air-cooled type and water-cooled type.
By application, the hydrogen and fuel cells market have been segmented into stationary, transport and portable.
Regional Frontiers
Geographically, the hydrogen and fuel cells market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America commanded the largest share and surpassed a valuation of USD 753.1 million in 2016. Fuel cell deployments, especially in North America, has been influenced by federal R&D and demonstration programs and is supported by federal tax incentives for hydrogen infrastructure, FCVs, and fuel cell stationary power generation.
The Asia Pacific is another largest hydrogen and fuel cells market holder owning a share of 28.47% in 2016 with a market value of USD 461.7 million by witnessing the growing population along with rising disposable income here in driving the demand for energy. Also, hydrogen and fuel cell is identified as the best replacement for conventional fossil fuel energy. This factor is taking the Asia-Pacific region to higher consumption of fuel cell and supporting the market tremendously.
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