Richmond, Feb. 12, 2024 (GLOBE NEWSWIRE) -- According to a research report "Hydrogen Fuel Cell Market”, by Type (Proton Exchange Membrane Fuel cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Molten Carbonate Fuel Cells, Others), Application (Stationary, Transportation, Portable), End User (Fuel Cell Vehicles, Utilities, Defense), Distribution Channel (Hypermarkets and Supermarkets, Conventional Store, Online, Subscription Model, Others) and Region - Global Forecast to 2030.
Global Hydrogen Fuel Cell Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 4.1 Billion |
| Market size value in 2030 | USD 33.4 Billion |
| CAGR (2023-2030) | 30.0% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Application, Distribution Channel, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
| |
| |
| Sample of Companies Covered |
|
| |
|
Download the Sample - https://www.marketdigits.com/request/sample/3999
TOC Covers in Depth & Breath on Hydrogen Fuel Cell Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Global Hydrogen Fuel Cell Food market occupies a crucial role in the contemporary manufacturing industry. The adverse impacts of pollutants emitted by conventional fuel vehicles have prompted the scientific community to shift towards environmentally friendly energy sources. Among various renewable energy options, hydrogen stands out as a promising candidate for powering vehicles. Similar to electricity, hydrogen serves as an energy carrier capable of delivering substantial amounts of energy. Efficient onboard hydrogen storage in vehicles is a crucial aspect to consider in the design of fuel cell vehicles. Recent advancement in hydrogen fuel cell engines to assess the viability of using hydrogen as a primary fuel in transportation systems. A fuel cell, functioning as an electrochemical device, generates electricity through the interaction of chemical gases and oxidants.
With electrodes and electrolytes, the fuel cell separates cations and anions in the reactants, resulting in electricity production. Importantly, fuel cells employ environmentally benign reactants and produce water as a byproduct of the chemical reaction. Given hydrogen's efficiency as an energy carrier, the fuel cell can generate direct current (DC) power to propel electric vehicles. Integrating a hydrogen fuel cell with batteries and a control system, incorporating strategic approaches, can lead to the development of a sustainable hybrid car.
Major vendors in the global Hydrogen Fuel Cell Market:
- AISIN
- AVL
- Ballard Power Systems
- Bloom Energy
- Bosch
- Ceres Power
- Convion
- Elringklinger
- ITM Power
- Mitsubishi Hitachi Power Systems
- Nedstack Fuel Cell Technology
- Plug Power
- Pragma Industries
- Proton Motor Fuel Cell
- Solid Power Italia
Request for Discount @ https://www.marketdigits.com/request/discount/3999
Minimizing Carbon Emission In The Transportation Sector
The reducing carbon emissions in the transportation sector is a critical imperative in the global efforts to combat climate change. The conventional reliance on fossil fuel-powered vehicles has significantly contributed to the rising levels of greenhouse gas emissions, particularly carbon dioxide, leading to adverse environmental consequences. To address this challenge, a multifaceted approach is necessary. Transitioning to alternative fuels and propulsion technologies, such as electric and hydrogen-powered vehicles, represents a pivotal strategy. Electric vehicles (EVs) offer a zero-emission solution, leveraging advancements in battery technology to provide a sustainable and clean mode of transportation. Additionally, the development and widespread adoption of hydrogen fuel cell vehicles hold promise, as they produce electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct.
Market Dynamics
Drivers:
- Minimizing carbon emission in the transportation sector
- Increasing environmental concerns
- Increased government initiatives
- Increased in research and development
Opportunities:
- Technological Advancements
- Growing demand for electric vehicles
- Minimizing use of diesel and oil
- Globalization and Cultural Diversity
Growing demand for electric vehicles
One of the primary drivers behind this surge is the growing awareness of the environmental impact of traditional internal combustion engine vehicles, which emit greenhouse gases and contribute to air pollution. The increasing demand for electric vehicles (EVs) is a notable trend in the automotive industry, driven by a confluence of environmental, economic, and technological factors. As concerns about climate change and air quality intensify, consumers are increasingly inclined to choose vehicles that offer a cleaner and more sustainable mode of transportation. Government policies and incentives play a crucial role in fostering the adoption of electric vehicles. Many countries around the world are implementing measures such as subsidies, tax credits, and stricter emission standards to encourage the transition to electric mobility. These initiatives aim to make electric vehicles more affordable, thus overcoming one of the traditional barriers to their widespread adoption – higher upfront costs compared to conventional vehicles
North America dominates the market for Hydrogen fuel cell market.
North America stands out as the dominating region in the global Hydrogen Fuel Cell Market, with the United States leading in consumption and market share. The region is increasing its investment in fuel cell installation owing to the enhanced capacity installation of FCs in the transport segment. The U.S. market particularly benefits from a diverse consumer base with a penchant for quick and convenient meal options.
Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the Hydrogen Fuel Cell Market. Extending its lead in the manufacture and deployment of FC cars , driven by supportive government policies. India's market is driven by a rising urban population, increasing disposable incomes, and a shift towards Westernized habits. The convenience factor aligns well with the fast-paced urban life in countries like India, making hydrogen fuel cell markets increasingly popular. Additionally, government initiatives promoting the policies and improvements in distribution channels contribute to the market's growth.
Another noteworthy region is the Middle East and Africa, where the demand for convenient fuel solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient fuel options.
Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/3999
The Solid oxide fuel Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Hydrogen Fuel Cell Market, rising demand for solid oxide fuel, the electrochemical process not only produces electricity but also generates the necessary heat to maintain the fuel cell's temperature and drive the reforming reaction. As long as a continuous supply of fuel and air is available, Bloom's fuel cells persistently convert chemical energy into electrical energy, providing a direct electric current at the site of the fuel cell. This self-sustaining process underscores the efficiency and sustainability of SOFC technology.
Segmentations Analysis of Hydrogen Fuel Cell Market: -
- By Type
-
- Proton Exchange Membrane Fuel cells
- Phosphoric Acid Fuel Cells
- Solid Oxide Fuel Cells
- Polymer Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Molten Carbonate Fuel Cells
- Others
- By Application
-
- Stationary
- Transportation
- Portable
- By End user
-
- Fuel Cell Vehicles
- Utilities
- Defense
- By Distribution Channel
- Hypermarkets and Supermarkets
- Conventional Store
- Online
- Subscription Model
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights @ https://www.marketdigits.com/checkout/3999?lic=s
Browse Similar Reports:
Coal to Liquid Fuel Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Aviation Fuel Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Ethanol Biofuel Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
About MarketDigits:
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |
