World News: 14:02 GMT Wednesday 12th June 2019. [Market Research Future via Globe Newswire via SPi World News]
Pune, India, June 12, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR’s) recent study projects that the global hydrogen and fuel cells market is set to post a robust CAGR of 25.09% during its review period which ends in 2025. The application potential of hydrogen fuel cells is enormous however technological bottlenecks which are yet to be addressed continue to hamper the product’s marketability. The future of hydrogen and fuel cells more or less remains bright with plausible technological breakthroughs, which will usher lucrative market opportunities.
Currently, sectors such as automotive and telecommunication are playing an important role in propelling the global Hydrogen and Fuel Cells Market. Growing efforts to reduce dependency on conventional energy sources is reflecting favorably on the market. Advanced economies offer a relatively better opportunities for market players owing to the rapid inclination towards clean technologies. Fuel cells are emission-free, hence tick a number of check-box. Automotive companies are actively exploring the various application possibilities for hydrogen fuel cells. World renowned carmakers such as Hyundai, Daimler, Honda, Toyota amongst others have shown deeper interest in hydrogen and fuel cells technologies in recent years. The pressure continues to mount on the global automotive sector as concerns over CO2 emissions become more severe. Recognizing the urgency, many vehicle manufacturers, OMEs and components suppliers are ramping up investment in clean technologies such hydrogen and fuel cells. This will continue to be a key industry trend during the forecast period.
MRFR’s report includes a detailed segmental analysis of the market based on type and application. On the basis of type, the market has been segmented into water-cooled type and air-cooled type. On the basis of application, the market has been segmented into portable, transport and portable.
The market has been covered across Europe, Asia Pacific (APAC), Latin America, North America and the Middle East and Africa (MEA). In 2016, North America and Latin America collectively accounted for the largest market share and stood at a valuation of USD 753.1 Mn. Countries such as the U.S., Canada, Mexico and Brazil are top markets for hydrogen and fuel cell in the Americas region. Governments in these countries are favoring the adoption of hydrogen and fuel cell. In addition, tax incentives on electric vehicles, fuel cell stationary power facility and hydrogen infrastructure offer a tremendous boost to the market. The Americas hydrogen and fuel cells market is expected to exhibit 24.72% CAGR during the forecast period.
The APAC is also expected to gain exponentially in the forthcoming years. In 2016, the region commanded 28.47% market share with valuation of USD 461.7 Mn. China and India, which are two of the most attractive destinations for the automotive sector are expected to make a significant contribution to the market growth in the region. During the forecast period, the market APAC is projected to demonstrate 27.09% CAGR.
In Europe, the adoption rate of electric vehicle has been impressive in recent years, which remains one of major catalyst for growth of the hydrogen and fuel cells market in the region. In terms of revenue, Europe accounted for 22.61% market share in 2016 with a valuation of USD 366.7 Mn. Fuel cell and hydrogen technologies have been identified as a key contributor to future energy and climate preservation goals in the region.
Some of the key player operating in the global hydrogen and fuel cells market include FuelCell Energy, Inc. (U.S.), Intelligent Energy Holdings plc (U.K.), Ballard Power Systems. (Canada), Hydrogenic Corporation (Canada), Horizon Fuel Cell Technologies (Singapore), Panasonic Corporation (Japan), Pearl Hydrogen (China), Plug Power Inc. (U.S.), Nedstack fuel cell technology BV. (Netherlands), Hyster-Yale Group (U.S.) and Doosan Fuel Cell (U.S.)
Japanese multinational automotive manufacturer Toyota Motor Corp. is reportedly going to supply fuel cell vehicle technology to Chinese carmaker Beijing Automotive Group Co. This will allow Toyota to strengthen its position in China.
Reportedly, French-based automotive component suppliers Michelin and Fauecia SA are set to join forces to develop automotive fuel cell technology. The two companies have recently signed an MoU to create a joint venture, which will focus on hydrogen fuel cells manufacturing and marketing.
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Globe Newswire: 14:02 GMT Wednesday 12th June 2019
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