New York, June 28, 2021 (GLOBE NEWSWIRE) -- Hydrogen Fuel Cells Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Fuel Cells Market - By Type (Air-Cooled Type and Water-Cooled Type), By Application (Stationary, Transport and Portable) and by Region - Forecast till 2027” the market is projected to reach USD 52.71 Billion by the year 2027, to grow at a CAGR of 31.4% from 2020 - 2027 (forecast period).
Rising demand for fuel cell electric vehicles to propel market growth
Fuel cell electric vehicles are a crucial part of the low-carbon future and play a significant role in achieving global carbon reduction goals. High technology investment by several global automotive manufacturers in the development of fuel cell electric vehicles is expected to propel the hydrogen fuel cell market. By 2021, most of the world's leading automotive manufacturers are estimated to have introduced fuel cell electric vehicles worldwide, demonstrating the real-world application of the technology. Some automotive companies like Hyundai, Toyota, Honda, Daimler have begun developing FCEV with a hydrogen fuel cell as this fuel cell releases products such as water vapor and heat, making it a truly zero-emission locomotive technology. This has given rise to opportunities for hydrogen fuel cells.
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Increasing demand for the benefits of hydrogen fuel cells and government norms and initiatives for low carbon emissions to spur market growth
Increasing government standards to minimize carbon emissions set to create sufficient opportunities for hydrogen fuel cells. As hydrogen fuel cells emit by-products such as water vapor and heat, there is a strong demand for fuel vehicles that do not generate harmful gases. The effect of switching from gasoline to hydrogen fuel cells due to the advantages associated with hydrogen fuel cells, such as high performance compared to gasoline and the benefit of reducing emissions, is fueling the market growth.
List of the Key Companies Profiled in the Hydrogen Fuel Cells Market Research Report are:
- Panasonic Corporation (Japan)
- Intelligent Energy Holdings plc (U.K.)
- FuelCell Energy Inc. (U.S.)
- Plug Power Inc. (U.S.)
- Hyster-Yale Group (U.S.)
- Doosan Fuel Cell (U.S.)
- Ballard Power Systems. (Canada)
- Nedstack fuel cell technology BV. (Netherlands)
- Pearl Hydrogen (China)
- Hydrogenics Corporation (Canada)
- Horizon Fuel Cell Technologies (Singapore)
Browse In-depth Market Research Report (120 Pages) on Hydrogen Fuel Cells
https://www.marketresearchfuture.com/reports/hydrogen-fuel-cells-market-5947
Regional Overview
Electrochemical cell market based companies in the hydrogen and fuel cells market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The increasing preference of consumers will be a key growth driver for regional markets. However, low research and development budgets will turn out to be a threat. For the forecast period 2020 to 2027 each of these regional markets are studied in the report. Starting from North America, the regional market and electrochemical cell vertical based companies are spread across the United States, Canada, and Mexico.
The lack of investments from major companies will turn out to be a major challenge from 2020 to 2027. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the rise in distribution channels as well as the rising industrialization, suggests the report. Similarly, the electrochemical cell sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the hydrogen and fuel cells market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2027.
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Market Segmentation
The electrochemical cell sector has seen growth across type and application segments owing to technological developments and the changing social behavior. To study the market, analysts have further segmented type and application into air-cooled type and water-cooled type on the basis of type. The market is further segmented into application sub segments which is split into stationery, transport, and portable.
The segmental analysis presented in the report provides electrochemical cell field based organizations insights into key growth factors such as the growing application areas as well as challenges such as high initial investments the market will face from 2020 to 2027. Increasing government standards and favorable policies across regional markets are some of the key factors having an influence on electrochemical cell industry based companies, suggest analysts as per the hydrogen and fuel cells market report. But the report also identifies the low demand from developing countries and problems related to supply chain as major threats companies in the electrochemical cell will face till 2027.
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Segmentation of Market covered in the research:
Information By Type (Air-Cooled Type and Water-Cooled Type), By Application (Stationary, Transport and Portable) and by Region (North America, Europe, Asia-Pacific and the Rest of the World) - Forecast till 2027
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