Press release
Hydrogen Fuel Cell Market to Observe a Prominent CAGR of 12.1% by 2030 | Report by Delvens
"Hydrogen Fuel Cell Market"
Hydrogen fuel cell vehicles use hydrogen to power an on-board electric motor, which is responsible for the vehicle's movement. The hydrogen fuel cell is a device that generates electrical energy through a chemical reaction between hydrogen and oxygen. Unlike traditional gasoline and diesel vehicles, hydrogen fuel cell vehicles do not produce greenhouse gas emissions during operation, making them a promising solution for reducing emissions in the transportation sector. However, in order for the fuel cell to function, it requires a constant supply of both oxygen and fuel (hydrogen). The fuel cell works by utilizing a compound reaction, where hydrogen is split into protons and electrons, and the electrons are used to generate electrical energy.
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The prominent players in the Hydrogen Fuel Cell market are FuelCell Energy, Inc.; Ballard Power Systems; 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; Audi AG; BMW Group; Daimler AG; General Motors Company; Honda Motor Co. Ltd; MAN SE; Hyundai Motor Group; Ballard Power Systems Inc.; Volvo Group; Toyota Motor Corporation.
The Hydrogen Fuel Cell Market size was estimated at USD 3.12 billion in 2023 and is projected to reach USD 7.2 billion in 2030 at a CAGR of 12.1% during the forecast period 2023-2030. Hydrogen Fuel Cell Market By Type (Proton Exchange Membrane Fuel cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Others), By Application (Stationary, Transportation, Portable), By End User (Fuel Cell Vehicles, Utilities, Defense) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Hydrogen Fuel Cell Market Recent Developments:
In March 2022, two companies, Ceres and HORIBA MIRA, formed a partnership to work together on fuel cell testing and creating a Ceres fuel cell test facility. The location of this partnership is at the HORIBA MIRA West Midlands location in the UK. Ceres is a company that specializes in developing and manufacturing solid oxide fuel cells (SOFCs) for various applications, including power generation and transportation.
November 2021, Ballard Power Systems, a leading provider of hydrogen fuel cell technology, collaborated with Microsoft and Caterpillar Inc. in November 2021 to develop a megawatt-scale hydrogen fuel cell backup generator system for data centers.
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Scope of the Hydrogen Fuel Cell Market Report:
Hydrogen Fuel Cell Market By Type, By Application, By End User and region:
Based on Type, the Hydrogen Fuel Cell Market is segmented into:
Proton exchange membrane fuel cells
Phosphoric acid fuel cells
Sold oxide fuel cells
Polymer exchange membrane fuel cells
Direct methanol fuel cells
Molten carbonate fuel cells
others
Based on Application, the Hydrogen Fuel Cell Market is segmented into:
Stationary
Transportation
Portable
Based on End User, the Hydrogen Fuel Cell Market is segmented into:
Fuel cell vehicles
Utilities
Defense
Based on Region, the Hydrogen Fuel Cell Market is segmented into:
Asia Pacific
Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle East & Africa
South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa
Hydrogen Fuel Cell Market Regional Analysis:
North America to Dominate the Market
The fuel cell market in the Asia Pacific region has experienced significant growth due to the implementation of policies and strategies that promote the use of fuel cell systems for transportation applications in countries like China, India, South Korea, and Japan.
These policies and strategies have been put in place to address the increasing demand for unconventional sources of energy and to reduce carbon emissions in the region.
Hydrogen Fuel Cell Market Reasons to Acquire:
Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
Gain authentic and granular data access for the Hydrogen Fuel Cell Market to understand the trends and the factors involved in changing market situations.
Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
Direct Purchase of the Hydrogen Fuel Cell Market Research Report at: https://www.delvens.com/checkout/hydrogen-fuel-cell-market-trends-forecast-till-2030
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About Us:
Delvens is a strategic advisory and consulting company headquartered in New Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche to major markets, serving more than 1K prominent companies by assuring to provide the information on country, regional and global business environment. We have a database for more than 45 industries in more than 115+ major countries globally.
Delvens database assists the clients by providing in-depth information in crucial business decisions. Delvens offers significant facts and figures across various industries namely Healthcare, IT & Telecom, Chemicals & Materials, Semiconductor & Electronics, Energy, Pharmaceutical, Consumer Goods & Services, Food & Beverages. Our company provides an exhaustive and comprehensive understanding of the business environment.
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