Hydrogen fuel cells need constant source of oxygen and fuel to operate. A fuel cell refers to a device that assists in the generation of electrical power with the help of chemical reaction. Hydrogen fuel cells is used in the conversions of hydrogen for electricity generation. A fuel cell refers to a device that is utilized in the conversion of chemical potential energy into electrical energy. Fuel cells are used in the production of electricity from wide range of domestic fuels. It comprises renewable and hydrogen. This is likely to supply electricity for any application, right from cars to buses to commercial structures.
A fuel cell makes use of chemical energy of another fuel and hydrogen to generate power. With growing demand for clean power, the global hydrogen fuel cells market is likely to gain momentum in the years to come.
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Fuel cells find use in many applications, some of which are mentioned below
- Emergency backup power applications
- Material handling
- Transportation
- Portable
- Stationary
An increase in the initiatives on part of the government coupled with rising concern for safety of the environment are likely to offer growth opportunities for the global hydrogen fuel cells market in forthcoming years.
Vehicles that run on hydrogen fuel cells mix the recreational benefits, environmental benefits of electricity driven cars together with, refuelling, and range of the normal cars. Refuelling of a fuel cell car is similar to that of refuelling a truck or a car.
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North America is expected to lead the global hydrogen fuel cells market over the assessment tenure. Rising awareness about the various benefits that it offers is driving its demand in North America. Nearly 60 hydrogen fuelling stations are operating as of now. Out of which around 40 stations are open to public for its use and most of them are in the state of California.
Global Hydrogen Fuel Cells Market: Snapshot
The market for hydrogen fuel cells is gaining considerable impetus across the world, thanks to the infrastructural developments in the field of hydrogen production. The rising adoption of electric and hybrid vehicles has also boosted the demand for hydrogen fuel cells, globally, reflecting positively on the growth of the overall market.
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Global Hydrogen Fuel Cells Market: Geographical Analysis
On the basis of geography, the market is segmented into Asia Pacific, North America, Europe, and the Rest of the World. Of these, Asia Pacific is leading in the market and will continue to expand at a significant CAGR in the coming years. The growing use of hydrogen fuel cells in South Korea and Japan in hybrid cars coupled with strict environmental norms are behind the growth of this market. North America followed by Europe are also expected to be potential markets for hydrogen fuel cells. Subsidies on purchase of hybrid vehicles is one of the key factors driving the growth of the market in these regions.
Global Hydrogen Fuel Cells Market: Companies Mentioned
The global hydrogen fuel cells market is consolidated with only a few companies operating in the market. However, on account of the market attractiveness the number of new companies to enter into the market is expected to increase in the near future. Some of the players currently operating in the hydrogen fuel cells market include SFC Energy AG, Plug Power Inc., Panasonic Corporation, AFC Energy PLC, Hydrogenics, Nedstack Fuel Cells Technology B.V., ClearEdge Power, and Toshiba Corporation. Leading companies are investing in research and development in order to grow in the industry and come up with innovations.
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