New York, United States, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The Global Hydrogen Fuel Cell Market Size is to Grow from USD 2.97 Billion in 2023 to USD 18.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 20.3% during the projected period.
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A hydrogen fuel cell device is the process that transforms oxygen and hydrogen into water, which generates energy. This gadget continuously pumps chemicals into the cell to keep the battery from dying. The global market for hydrogen fuel cells is expanding at the same time as electric car manufacturing since electric vehicles require reliable and efficient power sources. Leading companies in the worldwide hydrogen fuel cell industry are developing novel technologies to lower the weight, component needs, and production costs of hydrogen fuel cells. These elements are increasing customer interest in hydrogen fuel cells and increasing the market's efficiency on a worldwide scale. The global hydrogen fuel cells market is expanding due in large part to the government's increased focus on the use of electric vehicles as a result of rising carbon emissions. To lower carbon emissions and carbon footprints, producers of electric vehicles are also concentrating on producing hydrogen fuel cell-powered electric vehicles. One of the main features of hydrogen fuel cells is their capacity to be scaled up to form fuel cell stacks, which are then connected to form bigger systems. However, the high cost of adopting this technology and the availability of hydrogen fuel cell refilling stations are impeding the growth of the global hydrogen fuel cell market. One of the limits of fuel cells is their inability to store hydrogen in cars for long periods of time because of issues with weight, space, efficiency, safety, and cost.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Hydrogen Fuel Cell Market Size, Share, and COVID-19 Impact Analysis, By Type (Liquid-Cooled, and Air-Cooled), By Technology (PEMFC, SOFC, PAFC, MFC, DMFC, AFC, and Others), By Application (Transport, Stationary, Portable, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The liquid-cooled segment is anticipated to hold the greatest share of the global hydrogen fuel cell market during the projected timeframe.
Based on the type, the global hydrogen fuel cell market is divided into liquid-cooled, and air-cooled. Among these, the liquid-cooled segment is anticipated to hold the greatest share of the global hydrogen fuel cell market during the projected timeframe. This is because, in comparison to conventional cooling techniques, the liquid coolant enables the cell fuel stack to function at a greater temperature for a longer amount of time.
The SOFC segment is anticipated to hold the largest share of the global hydrogen fuel cell market during the projected timeframe.
Based on the technology, the global hydrogen fuel cell market is divided into PEMFC, SOFC, PAFC, MFC, DMFC, AFC, and others. Among these, the SOFC segment is anticipated to hold the largest share of the global hydrogen fuel cell market during the projected timeframe. This is a result of the compact architecture of solid oxide fuel cells, or SOFCs, which makes a quicker startup time necessary for applications requiring steady electrical power.
The transport segment is predicted to grow at the highest pace in the hydrogen fuel cell market during the estimated period.
Based on the application, the global hydrogen fuel cell market is divided into transport, stationary, portable, and others. Among these, the transport segment is predicted to grow at the highest pace in the hydrogen fuel cell market during the estimated period. The transportation segment of the global hydrogen fuel cell market is expanding as a result of expenditures made by several nations to establish an emission-free environment.
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North America is expected to hold the largest share of the global hydrogen fuel cell market over the forecast period.
North America is expected to hold the largest share of the global hydrogen fuel cell market over the forecast period. This can be attributed to the significant rise in demand for hydrogen fuel cell vehicles globally, which has coincided with an increase in government finance and expenditures as well as the implementation of subsidies and incentives to encourage their usage. Moreover, research and development initiatives have played a significant role in the overall growth of the worldwide hydrogen fuel cell market. With the largest market share, especially in the North American region, the United States has been a major participant in this industry.
Asia Pacific is predicted to grow at the fastest pace in the global hydrogen fuel cell market during the projected timeframe. This is a result of the area's population growth and rising disposable income, which is raising the need for energy. Moreover, the economies in the region seeing the fastest growth are also the most polluting globally. It has been established that the most efficient way to meet energy needs while lowering carbon emissions is through the use of hydrogen fuel cells, as opposed to other conventional fossil fuel energy sources. Furthermore, China held the largest market share globally for hydrogen fuel cells, with India's market growing at the quickest rate in the Asia-Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hydrogen Fuel Cell Market include Toshiba Energy Systems & Solutions, Ceres Power Holdings PLC, Bloom Energy, Doosan Fuel Cell America, Plug Power, Ballard Power Systems, Hyundai Motor Company, FuelCell Energy, Toyota Motor Corporation, Hydrogenics and Others.
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Recent Developments
- In May 2023, A European business that specializes in clean energy solutions for vital stationary power requirements placed an order with Ballard Power Systems for 3.6 MW of fuel cell systems. According to the deal, 36 x 100 kW units must be delivered between 2023 and 2024.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Hydrogen Fuel Cell Market based on the below-mentioned segments:
Global Hydrogen Fuel Cell Market, By Type
- Liquid-Cooled
- Air-Cooled
Global Hydrogen Fuel Cell Market, By Technology
- PEMFC
- SOFC
- PAFC
- MFC
- DMFC
- AFC
- Others
Global Hydrogen Fuel Cell Market, By Application
- Transport
- Stationary
- Portable
- Others
Global Hydrogen Fuel Cell Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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