The global Hydrogen Fuel Cell market was valued at USD 10.49 Billion in 2018 and is projected to grow at a CAGR of 21.4% from 2020 to reach USD 59.81 Billion by the year 2028. Hydrogen fuel cells are known to be used in a broad range of applications like cars, buildings, electronic devices, trucks, and/or backup power systems. As those fuel cells can be grid-independent, they are an attractive option for critical load functions such as telecommunication towers, data centers, emergency response systems, hospitals, and even military applications for national defense.
A Hydrogen fuel cell is a device that generates electrical power by a chemical reaction via conversion of fuel (hydrogen) into electricity. Although fuel cells are considered to be electrochemical cells and consist of similar structures, fuel cells require an uninterrupted source of oxygen and fuel to run, similar to how an internal combustion engine that needs a constant flow of gasoline or diesel.
Manufacturers are zeroing-in on the hydrogen economy as the concern for the environment is growing. Hydrogen fuel cells are also scalable. They can be combined to form stacks, which in turn can be combined to form larger systems. These fuel systems vary in sizes and power, from portable systems for smartphone battery recharging, to combustion engine replacements for electric vehicles, to large-scale, multi-megawatt installations providing electricity directly to the utility grid.
Growth in demand for electric vehicles is driving the market for hydrogen fuel cells. An increase in carbon emissions has attracted the government’s attention to the usage of electric vehicles. Another factor impacting the market is the growing concern for the environment. The over-exploitation of fossil fuels has created ecological concerns due to harmful gas emissions. The need for reduced dependence on oil and diesel are propelling the demand of the market.
Europe is taking giant steps towards the adoption of hydrogen fuel cells. The world’s first hydrogen-powered trains are currently operational in northern Germany on a 100km stretch of track. Even though it is costlier than the existing diesel locomotives, the new zero-emissions engines are kinder to the environment. Key players in the Hydrogen Fuel Cell market are Toshiba Corporation, Panasonic Corporation, Hyster-Yale Materials Handling, Inc., Fuel cell Energy, Intelligent Energy, SFC Energy AG, Ballard Power, Plug Power Inc., Bloom Energy and Hydrogenic Corporation, among others. The companies have adopted various strategies, which include mergers & acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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Key participants include Toshiba Corporation, Panasonic Corporation, Materials Handling Inc., Fuel cell Energy Inc., Intelligent Energy Limited, SFC Energy AG, Ballard Energy Corporation, Plug Power Inc., Bloom Energy Corporation, Hydrogenic Corporation
Further key findings from the report suggest
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For the purpose of this particular report, Reports and Data segments the Hydrogen Fuel Cell market on the basis of: product type, technology, application, and regions
Product Type (Revenue, USD Million; Volume in Megawatt, 2020–2028)
Technology Type (Revenue, USD Million; Volume in Megawatt, 2020–2028)
Application (Revenue, USD Million; Volume in Megawatt, 2020–2028)
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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