The Global Hydrogen Fuel Cell market is expected grow at an astronomical rate in the forecast period owing to the factors such as surging investment toward the development of infrastructure for hydrogen fuel cells and growing concern about enviornmental issues such as carbon emission. Along with these, launch of various schemes to promote fuel-efficient vehicles such as electric and hybrid vehicles, increasing need for clean and renewable energy, and extensive investment by the major automobile manufacturers such as Hyundai, Toyota, and BMW in hydrogen fuel cell technology are projected to escalate the demand for hydrogen fuel cell in the forthcoming timeline.
According to MarkNtel Advisors’ research report titled “Global Hydrogen Fuel Cell Market Analysis, 2020”, the Global Hydrogen Fuel Cell market is anticipated to grow at a CAGR of around 30% during 2020-25. Based on application, Transportation segment acquired the largest market share in 2019. The growth of the segment is attributed to rising automobile manufacturer inclination toward hydrogen fuel cell technology and considerable investment by the countries such as China, Japan, and US toward electric cars due to increasing levels of global warming and air pollution. Apart from this, with an aim to reduce dependency on non-conventional energy sources and increasing vehicle subsidy in the electric cars , this can further fuel the demand for hydrogen fuel cell in the coming years.
“Global Hydrogen Fuel Cell Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Hydrogen Fuel Cell providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Acquired the Majority Share
Asia-Pacific acquired the majority share in the market in 2019. Japan, China, and South Korea are the key countries with majority number of hydrogen cell cars in the region. The countries aim to put numerous hydrogen-powered vehicles on road by the end of the forecast period. The Chinese government has set target to have 5,000 fuel cell vehicles on its roads by 2020, moving on to 50,000 by 2025 and 1 million by 2030. Moreover, rising adoption of renewable energy, surging investment toward the infrastructure development, extensive R&D activities, and launch of various charging stations for hydrogen-powered for vehicles are anticipated to bolster the growth of the Hydrogen Fuel Cell Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Hydrogen Fuel Cell Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Hydrogen Fuel Cell market are Ballard Power Systems Inc, BMW Group, Fuel Cell Energy Inc, Hydrogenics Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings PLC, Plug Power, Inc., Nuvera Fuel Cells LLC.
Key questions answered in the study: