According to Stratistics MRC, the Global Hydrogen Fuel Cells Market is accounted for $476.78 million in 2017 and is expected to reach $55,061.4 million by 2026 growing at a CAGR of 69.5% during the forecast period. Rising adoption of electric and hybrid vehicles, increasing demand in the telecommunications, automotive and residential micro-CHP sector, and diminishing dependence on non-renewable energy sources are some of the factors boosting the market growth. However, the high cost of switching to this technology and reduced hydrogen refilling stations are restraining the market growth. Moreover, expanding the take-up of novel techniques for the decrease in fuel costs among the fuel makers is providing ample growth opportunities for the market.
A hydrogen fuel cell is a device that changes over hydrogen and oxygen into water, and all the while 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.
Based on the product, the air-cooled type segment is likely to have a huge demand during the forecast period, because this type uses two primary methods, like active and passive methods. Both of these methods offer efficient and cost-effective cooling, which promote their growth. By Geography, Asia Pacific is significantly growing during the forecast period due to the increasing population and growing disposable income.
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Some of the key players profiled in the Hydrogen Fuel Cells market include Toshiba Corporation, Sunrise Power, SFC Energy AG, Plug Power Inc, Pearl Hydrogen, Panasonic Corporation, Nedstack Fuel Cells Technology B.V., Intelligent Energy, Hyster-Yale Group, Hydrogenics, Fuelcell Energy , Doosan Fuel Cell, ClearEdge Power , Ballard Power and AFC Energy PLC.
• Solid Oxide Fuel Cells
• Polymer Exchange Membrane Fuel Cells
• Direct Methanol Fuel Cells
• Other Types
• Water-cooled Type
• Air-cooled Type
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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