The Global Off-Highway Fuel Cell Electric Equipment Market is expected to grow at a considerable CAGR during 2025-30, says MarkNtel Advisors in their research report. The hydrogen fuel cell is a growing technology that has been receiving massive investments by both the governments & private companies worldwide toward its development, coupled with its usage across various types of vehicles in the coming years.
Over fossil fuels, this technology can significantly enhance storage system capacity and has several benefits like better energy efficiency, almost zero emissions that can cause health problems, fast refueling, extended usage, etc.
With the mounting developments & substantial investments in hydrogen fuel cells, companies involved in off-road equipment manufacturing are willing to incorporate this technology in their future products, which, in turn, would boost the overall market during the forecast period, further states the research report, “Global Off-Highway Fuel Cell Electric Equipment Market Analysis, 2022.”
Construction & Mining Industries to Contribute Significantly to the Market Growth during 2025-30
The use of diesel is very common across the Construction & Mining industry. The prices of fossil fuels are becoming more volatile than ever before, and their mounting use has a long-term impact on both the environment & human health, owing to the increasing carbon emissions. Therefore, to help mitigate the adverse effects of conventional heavy equipment, the demand for hydrogen fuel cells in the construction & mining industries is projected to increase dramatically in the coming years.
Many companies are working on the research & development of hydrogen fuel cells to enter the market & launch products that can contribute to sustainable development. Fuel cell technology is promising sustainable solutions for heavy construction machines.
For instance, Volvo Group, in its big step toward a carbon-neutral future, set up the first Hydrogen Fuel Cell Test Lab at Volvo CE (Construction Equipment) Technical Center in Sweden. It is a significant advancement in the company's desire to become fossil-free by 2040. Hence, in the coming years, the construction & mining industries shall earmark the largest market share and provide lucrative growth opportunities to the leading market players.
“Global Off-Highway Fuel Cell Electric Equipment Market Analysis, 2022” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
Increasing Number of Hydrogen Filling Stations across the US & Canada to Drive the North America Off-Highway Fuel Cell Electric Equipment Market
Numerous R&D activities in deploying fuel cell technology and mounting initiatives & investments toward developing the hydrogen-refueling infrastructure across North America, owing to the increasing use of heavy equipment in construction activities, are the prime aspects driving the regional market.
Currently, most of North America's hydrogen stations are located in Los Angeles & San Francisco. Besides, Canada has also developed its hydrogen filling station infrastructure across Vancouver, Vitoria, & Quebec.
However, this existing infrastructure is limited, and the available vehicles running on hydrogen-fueled cells are in the growth phase. Still, with the increasing awareness & availability of hydrogen fuel cells, the demand for Off-Highway fuel cell-based electric equipment is likely to increase during 2025-2030.
Key Questions Answered in the Study
According to MarkNtel Advisors, the leading industry players in the Global Off-Highway Fuel Cell Electric Equipment Market are SANY, Komatsu, JCB, Hyundai, Volvo, Hitachi, Kubota, and Others.