(MENAFN- EIN Presswire) Hydrogen Fuel Cell Market
Rising popularity of electric vehicles has drawn attention of various governments to the possibilities of reducing carbon emissions and carbon footprint.
OREGAON, PORTLAND, UNITED STATES , May 18, 2023 /einpresswire.com / -- According to a new report published by Allied Market Research, titled, "The global hydrogen fuel market size was valued at $2.7 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031. A hydrogen fuel cell is a device that converts hydrogen and oxygen into water while simultaneously generating electricity. In a hydrogen fuel cell device, chemicals are continuously pumped into the cells, preventing the battery from running out. The market for hydrogen fuel cells is being driven by the increase in demand for electric vehicles. The companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs, and component requirements of hydrogen fuel cells. Advances in technologies improve the efficiency of hydrogen fuel cells.
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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 in the market. However, the high cost of switching to this technology and reduced a smaller number of hydrogen refilling stations are restraining the market growth.
The demonstration project is expected to be led by AEL, a company focused on both mining operations and developing green hydrogen projects for sourcing, transporting, and building out hydrogen refueling infrastructure. Ballard, an industry leading PEM fuel cell engine manufacturer, is anticipated to supply the FCmoveTM fuel cell engine for the hydrogen truck and Ashok Leyland, one of the largest manufacturers of buses in the world, will provide the vehicle platform and technical support. The FCET is scheduled to be launched in India in 2023.
Rising popularity of electric vehicles has drawn attention of various governments to the possibilities of reducing carbon emissions and carbon footprint. Another aspect supporting revenue growth of the market is that manufacturers are focusing on the hydrogen fuel cell production as environmental concerns continue to rise. Another benefit of hydrogen fuel cells is that they can be scaled up to form fuel cell stacks, which can then be combined to form bigger systems.For instance, these systems include mobile devices for charging smartphones, electric vehicles, and large-scale, multi-megawatt installations that supply electricity directly to the utility grid.
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Asia-Pacific was the highest revenue contributor, and is anticipated to grow at the fastest rate during the forecast period growing economy and rising standard of living are driving greater energy demand. Furthermore, the region's rapidly growing economies are also the world's leading contributor to pollution. The hydrogen fuel cells have been found as the best alternative to other conventional fossil fuel energy sources for cutting carbon emissions and efficiently providing energy needs.
The hydrogen fuel cell market analysis is segmented on the basis of type, application, end user, and region. On the basis of type, it is fragmented into proton exchange membrane fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, and others. On the basis of application, the market is divided into stationary, transportation, and portable. On the basis of end user, the global hydrogen fuel cell market is categorized into fuel cell vehicles, utilities, and defense. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest hydrogen fuel cell market share, followed by Europe and North America.
The major companies profiled in this report include AFC Energy plc, Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd, FuelCell Energy, Inc., Intelligent Energy, Nedstack Fuel Cell Technology, Plug Power Inc, and SFC Energy AG.
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Key Benefits For Stakeholders
☛This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen fuel cell market market analysis from 2021 to 2031 to identify the prevailing hydrogen fuel cell market opportunities.
☛The market research is offered along with information related to key drivers, restraints, and opportunities.
☛Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
☛In-depth analysis of the hydrogen fuel cell market segmentation assists to determine the prevailing market opportunities.
☛Major countries in each region are mapped according to their revenue contribution to the global market.
☛Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
☛The report includes the analysis of the regional as well as global hydrogen fuel cell market trends, key players, market segments, application areas, and market growth strategies.
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