Hydrogen fuel cells need constant source of oxygen and fuel to operate. A fuel cell refers to a device that assists in the generation of electrical power with the help of chemical reaction. Hydrogen fuel cells is used in the conversions of hydrogen for electricity generation. A fuel cell refers to a device that is utilized in the conversion of chemical potential energy into electrical energy. Fuel cells are used in the production of electricity from wide range of domestic fuels. It comprises renewable and hydrogen. This is likely to supply electricity for any application, right from cars to buses to commercial structures.
A fuel cell makes use of chemical energy of another fuel and hydrogen to generate power. With growing demand for clean power, the global hydrogen fuel cells market is likely to gain momentum in the years to come.
Fuel cells find use in many applications, some of which are mentioned below
- Emergency backup power applications
- Material handling
An increase in the initiatives on part of the government coupled with rising concern for safety of the environment are likely to offer growth opportunities for the global hydrogen fuel cells market in forthcoming years.
Vehicles that run on hydrogen fuel cells mix the recreational benefits, environmental benefits of electricity driven cars together with, refuelling, and range of the normal cars. Refuelling of a fuel cell car is similar to that of refuelling a truck or a car.
North America is expected to lead the global hydrogen fuel cells market over the assessment tenure. Rising awareness about the various benefits that it offers is driving its demand in North America. Nearly 60 hydrogen fuelling stations are operating as of now. Out of which around 40 stations are open to public for its use and most of them are in the state of California.
Global Hydrogen Fuel Cells Market: Snapshot
The market for hydrogen fuel cells is gaining considerable impetus across the world, thanks to the infrastructural developments in the field of hydrogen production. The rising adoption of electric and hybrid vehicles has also boosted the demand for hydrogen fuel cells, globally, reflecting positively on the growth of the overall market.
Going forward, a rise in the number of funding from the government and other organizations for the development and commercialization of the refueling infrastructure, worldwide, is likely to result in the swift progress of the global market for hydrogen fuel cells over the next few years. Moreover, the imminent decline in fuel cell prices, owing to the increasing uptake of novel methodologies for the reduction of fuel prices among the fuel producers, is also anticipated drive the growth prospects of this market in the years to come.
The global market for hydrogen fuel cells demonstrates a highly competitive and consolidated landscape. The vendors operating in this market are increasingly focusing on providing their customers with new and improved products at a much reduced price in order to support the expansion of their companies. Technological advancements in current offerings is the main strategy they follow to strengthen their position in the global market.
Global Hydrogen Fuel Cells Market: Brief Account
Hydrogen fuel cells is a device that converts hydrogen and oxygen into water, and in the process, produces electricity. In a hydrogen fuel cells device, the flow of chemicals into cells is continuous, thereby ensuring that the battery does not go dead. Hydrogen fuel cells are being used as an alternative fuel in automobiles, in portable power systems, and also for power generation. It is expected that the global hydrogen fuel cells market will grow at a healthy rate in the period from 2016 to 2024, on account of a growing need for clean energy.
The report segments the global hydrogen fuel cells market on the basis of type, application, and geography. On the basis of type, the market is segmented into Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), and others such as alkaline fuel cells, phosphoric acid fuel cells, to name a few. By application, the market is segmented into portable, stationary, and transport.
The report is an in-depth analysis of the key factors impacting the global hydrogen cells market, which includes both the driving and the restricting factors. The report is collated by experts after examining the market’s historical and present size and state, which is then used to analyze the future growth prospects of the market. The hydrogen fuel cells market has been studied both at the regional as well as the global level. The trending aspects of the market has been discussed and potential opportunities in the future are determined.
Global Hydrogen Fuel Cells Market: Trends and Opportunities
The global hydrogen fuel cells market is primarily fueled by a growing need for clean energy, government initiatives to promote the use of green energy, and the development of infrastructure to produce hydrogen. Governments, especially in developed nations have encouraged the use of clean and green energy, and this has resulted in giving the hydrogen fuel cells market, the push that it required. The growing concern regarding environmental pollution across the world is another factor boosting the demand for hydrogen fuel cells. The awareness level regarding hydrogen cells has increased, helping the market to grow at a steady pace.
The growth of the global hydrogen fuel cells market is however, hampered by a lack of infrastructure for fuel cells, high cost of switching the technology, and reduced hydrogen re-filling stations, and the high initial cost associated with the adoption of this technology.
Global Hydrogen Fuel Cells Market: Geographical Analysis
On the basis of geography, the market is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Of these, Asia Pacific is leading in the market and will continue to expand at a significant CAGR in the coming years. The growing use of hydrogen fuel cells in South Korea and Japan in hybrid cars coupled with strict environmental norms are behind the growth of this market. North America followed by Europe are also expected to be potential markets for hydrogen fuel cells. Subsidies on purchase of hybrid vehicles is one of the key factors driving the growth of the market in these regions.
Global Hydrogen Fuel Cells Market: Companies Mentioned
The global hydrogen fuel cells market is consolidated with only a few companies operating in the market. However, on account of the market attractiveness the number of new companies to enter into the market is expected to increase in the near future. Some of the players currently operating in the hydrogen fuel cells market include SFC Energy AG, Plug Power Inc., Panasonic Corporation, AFC Energy PLC, Hydrogenics, Nedstack Fuel Cells Technology B.V., ClearEdge Power, and Toshiba Corporation. Leading companies are investing in research and development in order to grow in the industry and come up with innovations.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.