Hydrogen Fuel Cells Market Overview:
According to a Comprehensive Research Study by Market Research Future (MRFR), Hydrogen Fuel Cells Market Information by Type, By Application, and By Region – Forecast till 2030, The hydrogen fuel cells market will rise from USD 2.48 Billion in 2022 to USD 11.87 billion by 2030, with a CAGR of 25.09% between 2022 and 2030.
Market Research Future Insights
The onboard electric motor of a hydrogen fuel cell car is powered by hydrogen fuel cells. Hydrogen is used to power hydrogen fuel cells. Fuel cell vehicles have a lot of promise to reduce emissions in the transportation sector. This vehicle doesn’t produce any greenhouse emissions while it is operating, unlike diesel and petrol vehicles. To function, hydrogen fuel cells require a constant flow of fuel and oxygen. A fuel cell is a device that generates electricity in part through a chemical reaction.
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Market Competitive Landscape:
- Panasonic Corporation (Japan)
- Intelligent Energy Holdings plc (UK.)
- FuelCell Energy Inc. (U.S.)
- Plug Power Inc. (US.)
- Hyster-Yale Group (US.)
- Doosan Fuel Cell (US.)
- Ballard Power Systems (Canada)
- Nedstack fuel cell technology BV. (Netherlands)
- Pearl Hydrogen (China)
- Hydrogenics Corporation (Canada)
- Horizon Fuel Cell Technologies (Singapore)
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Market Drivers:
The rising demand for electric vehicles is enhancing the market size for hydrogen fuel cells. Due to an increase in carbon emissions, the government has been interested in the usage of electric vehicles. The growing environmental consciousness is another factor influencing the sector. Overuse of fossil fuel resources has led to toxic petrol emissions, which has given rise to environmental problems worldwide. The goal to reduce reliance on diesel and oil is what is driving the market demand for hydrogen fuel cells.
Increasing car demand has led to a phenomenal expansion of the automotive industry. However, due to the fact that fossil fuel engines generate a significant amount of greenhouse gases, there has been an increase in concern and awareness over the past several years. This is predicted to aid the market growth for hydrogen fuel cells over the anticipated time frame. The market will also benefit from other factors like technological advancements, improved performance, rising fuel prices, a decrease in noise, and strict government environmental conservation requirements.
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Market Restraints:
The market growth is being constrained by the high cost of converting to the hydrogen fuel cell technology along with the decreasing availability of hydrogen refueling stations.
Market Segmentation
Air-cooled and water-cooled hydrogen fuel cells are both available on the market. The water-cooled type sector produced the majority of the revenue from hydrogen fuel cells in 2021 due to its larger cooling impact. Condenser cooling allows the fuel cell stack to run at higher temperatures than it could with other types of cooling. However, air-cooled plants grow the fastest since they warm up much faster and don’t have to worry about the coolant freezing.
Applications for hydrogen fuel cells include transportation, portability, and stationary use. Due to characteristics like high efficiency and the ability to utilize a variety of fuels, it is projected that the stationary application sector would grow immensely in the years to come.
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Regional Insights
The market for hydrogen fuel cells in North America will attain a significant CAGR over the course of the research period, having touched USD 0.84 billion in 2021. Due to government funding and spending, incentives and subsidies for hydrogen fuel cell vehicles, and rising research and development programs, the region is using hydrogen fuel cells more frequently. While the US hydrogen fuel cell market has established itself as the leader, the Canadian hydrogen fuel cell market will expand at the quickest CAGR over the next several years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.
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