New York, US, May 03, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Hydrogen Fuel Cells Market Research Report Information by Type, Region, and Application - Forecast Till 2030”, the global Hydrogen Fuel Cells market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 25.09%. The reports further project the market to attain a valuation of around USD 11.87 billion by the end of 2030. As per the reports, the genset market was worth nearly USD 1.98 billion in 2021.
Hydrogen Fuel Cells Market Overview:
The global market for Hydrogen Fuel Cells has showcased tremendous development in the last few years. The main parameter supporting the development of the market is the increasing government and private investments in developing and founding hydrogen fuel cell-producing facilities. Furthermore, the lowered dependency on non-conventional energy sources is also likely to enhance the development of the market over the review era.
Moreover, the factors such as growing ecological concerns, production of emission-free energy, substantial investments in green energy development, power generation solutions in residential & commercial sectors, and rising applications in heating and power generation solutions are also anticipated to enhance the growth of the market over the coming years.
Competitive Analysis
The listing of the prominent leaders across the global hydrogen fuel cells market includes players such as:
- Horizon Fuel Cell Technologies (Singapore)
- Panasonic Corporation (Japan)
- Doosan Fuel Cell (U.S.)
- Intelligent Energy Holdings plc (U.K.)
- Ballard Power Systems (Canada)
- FuelCell Energy Inc. (U.S.)
- Nedstack fuel cell technology B.V. (Netherlands)
- Plug Power Inc. (U.S.)
- Pearl Hydrogen (China)
- Hyster-Yale Group (U.S.)
- Hydrogenics Corporation (Canada)
- Among others.
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On the other hand, certain parameters may impede the performance of the market. The market's main restricting aspect is the shorter durability of the Hydrogen Fuel Cells.
Hydrogen Fuel Cells Market USP Covered
Market Drivers
The global market for Hydrogen Fuel Cells has recently displayed massive development. The main aspect causing a surge in the performance of the market is the lowered dependency on non-conventional energy sources. Furthermore, factors such as the need for alternative energy sources, the benefits of producing emission-free energy, and substantial investments in green energy are also likely to impact the market's performance over the review era positively.
Market Restraints
On the other hand, certain aspects may impede the Hydrogen Fuel Cells market's growth. The primary parameter restricting the market's growth is low durability.
Hydrogen Fuel Cells Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 11.87 billion |
| CAGR during 2022-2030 | 25.09% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Key Market Opportunities | Rising government and private investments in the development and establishment of Hydrogen Fuel Cells |
| Key Market Dynamics | Stringent carbon emission norms across the globe Increasing efforts to augment hydrogen refueling stations |
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Hydrogen Fuel Cells Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Hydrogen Fuel Cells market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Hydrogen Fuel Cells Market Segment Analysis
Among all the types, the water-cooled type segment secured the top spot across the global market for hydrogen fuel cells in 2021, given the cooling effect these cells offer. Condenser cooling enables the fuel cell stack to operate at higher temperatures than other cooling types. On the other hand, the air-cooled type will likely showcase the maximum growth rate over the coming years, given that it warms up much faster and doesn't risk coolant freezing.
Among all the application areas, the stationary segment held the leading position across the global market for hydrogen fuel cells in the year 2021 owing to the aspects such as the ability to utilize a variety of fuels and high efficiency. On the contrary, the transport segment is anticipated to grow at the highest pace over the review ear given to the rising applications of Hydrogen Fuel Cells in the transportation industry and rising demand for hydrogen fuel cell vehicles & hydrogen fuel cell powered forklifts.
Hydrogen Fuel Cells Market Regional Analysis
The global market for Hydrogen Fuel Cells is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
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The MRFR analysis reports suggesting that the North American region secured the top spot across the global hydrogen fuel cell market in 2021 with the largest contribution of around USD 0.84 billion. The main parameter supporting the development of the regional market is the growing research and development programs. Furthermore, the incentives and subsidies offered by the government for Hydrogen Fuel Cells vehicles, along with government funding and expenditure, will also likely enhance the market's performance over the coming years. The region has the U.S. and Canada as the leading growth contributors.
The Asia-Pacific Hydrogen Fuel Cells market is anticipated to showcase substantial development over the coming years. The main aspect causing a rise in the performance of the market is the rapidly expanding population coupled with the rising disposable income. Furthermore, the rapidly growing economies are also predicted to boost the regional market's development over the coming years.
The European regional market for hydrogen fuel cells is anticipated to grow substantially over the assessment period, given aspects such as increasing user base, quick commercialization of FCEVs, and public & commercial organizations.
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