Global Hydrogen Fuel Cell Market to Grow with a Significant CAGR During 2022 - 2030; Surge in Initiatives by Government of Nations for Adoption of Green Energy Over Rising Environmental Concerns to Drive the Market Growth
New York, June 22, 2022 (GLOBE NEWSWIRE) -- Global carbon dioxide (CO2) emissions from fossil fuels and industry have increased considerably over the past 2 decades, and in 2020 reached a record high of about 38 billion metric tons of CO2. As public awareness of environmental deterioration and natural resource depletion grows, numerous technologies supporting the eco-friendly notion of environmental sustainability are being introduced to the market. On the other hand, the World Health Organization, in its statistics stated that 99% of the population worldwide lived in places in the year 2019, where the air quality guidelines levels, set by the WHO was not met. As people become more conscious of the dangers of air pollution, the rise in traffic, and greenhouse gas emissions, hydrogen fuel cell vehicles are becoming more popular as they are more environmentally friendly than conventional automobiles.
Kenneth Research published a report titled “Global Hydrogen Fuel Cell Market” which is studied for the forecast period, i.e., 2022 – 2030. The market research report also provides a detailed analysis of the top competitors operating in the market, as well as industry characteristics such as growth drivers, restraining factors, current trends, and market growth prospects during the forecast period.
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The global hydrogen fuel cell market is expected to garner a noteworthy value by the end of 2030, and further grow with a significant CAGR during the forecast period. Hydrogen fuel cell vehicles are known to be more efficient than internal combustion engines (ICEs) and hybrid vehicles. These vehicles provide about 60-70 percent greater efficiency advantage over the other conventional type vehicles. On the other hand, according to the Alternative Fuels Data Center (AFDC) of the U.S. Department of Energy (DOE), the fuel cell electric vehicles (FCEV), that are powered by hydrogen, can refuel in under 4 minutes and have a driving range of over 300 miles. On account of the recent increase in the price of gasoline and diesel, the demand for fuel-efficient automobiles has surged amongst the end-users. This is also related to the depletion of fossil fuel reserves and an increase in the desire of the business organizations to maximize profits from these reserves. Thus, the demand for sophisticated fuel-efficient technologies is projected to increase, resulting in a surge in demand for hydrogen fuel cell vehicles for transportation.
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North America, on the other hand, is the 2nd largest region in the hydrogen fuel cell market over the forecast period. Hydrogen fuel cell deployments in North American countries have been aided by the research and development programs of the government as well as numerous incentives and subsidies aided by the regulatory bodies for hydrogen fuel cell-based vehicles. The DOE, in one of its statistics, stated that over the past 2 decades, it has invested over USD 4 Billion in a number of hydrogen and related areas, that include the production of the chemical compound from a wide range of domestic sources, followed by delivery and its storage, and conversion of technologies to include fuel cells and turbines. Furthermore, the surge in the adoption of hydrogen technologies in the region is also expected to boost the market growth during the forecast period. In the other statistics by the DOE, the hydrogen economy in the United States is expected to be USD 750 Billion per year in revenue by 2050. Furthermore, the statistics also stated that investments worth $1 billion for the Advanced Clean Energy Storage project in Utah, along with a 5 MW electrolyzer project in Washington State, followed by the first-of-its-kind nuclear-to-hydrogen initiatives in numerous states, and a 20 MW electrolyzer facility to manufacture hydrogen from solar electricity in Florida are all being adopted to promote hydrogen technology.
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The global hydrogen fuel cell market is segmented by application into vehicular and non-vehicular, out of which, the vehicular segment is expected to hold the largest share of the market over the forecast period on account of investment by several countries in fuel cell technology to improve the transportation infrastructure and to reduce emissions. Further, the presence of a large volume of hydrogen fueling stations across countries in the region is also expected to drive the growth of the market in the Asia Pacific. For instance, there were about 150 functioning hydrogen refueling stations in Japan as of September 2021. Besides this, the presence of some of the giants who manufacture hydrogel fuel vehicles in the region is also expected to create numerous opportunities for market growth. Japanese auto manufacturers, such as Toyota and Honda are the 2 among the 3 automobile manufacturers which occupy a majority of the share of total exports of hydrogen cars globally.
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Some of the prominent industry leaders in the global hydrogen fuel cell market that are included in our report are Ballard Power Systems, FuelCell Energy, Inc., PLUG POWER INC., Mitsubishi Power (Mitsubishi Heavy Industries Ltd.), Cummins Inc., SFC Energy AG, TW Horizon Fuel Cell Technologies, Toshiba Energy Systems & Solutions Corporation, and others.
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