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.
Going forward, a rise in the number of funding from the government and other organizations for the development and commercialization of the refueling infrastructure, worldwide, is likely to result in the swift progress of the global market for hydrogen fuel cells over the next few years. Moreover, the imminent decline in fuel cell prices, owing to the increasing uptake of novel methodologies for the reduction of fuel prices among the fuel producers, is also anticipated drive the growth prospects of this market in the years to come.
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The global market for hydrogen fuel cells demonstrates a highly competitive and consolidated landscape. The vendors operating in this market are increasingly focusing on providing their customers with new and improved products at a much reduced price in order to support the expansion of their companies. Technological advancements in current offerings is the main strategy they follow to strengthen their position in the global market.
Global Hydrogen Fuel Cells Market: Brief Account
Hydrogen fuel cells is a device that converts hydrogen and oxygen into water, and in the process, produces electricity. In a hydrogen fuel cells device, the flow of chemicals into cells is continuous, thereby ensuring that the battery does not go dead. Hydrogen fuel cells are being used as an alternative fuel in automobiles, in portable power systems, and also for power generation. It is expected that the global hydrogen fuel cells market will grow at a healthy rate in the period from 2016 to 2024, on account of a growing need for clean energy.
The report segments the global hydrogen fuel cells market on the basis of type, application, and geography. On the basis of type, the market is segmented into Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), and others such as alkaline fuel cells, phosphoric acid fuel cells, to name a few. By application, the market is segmented into portable, stationary, and transport.
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The report is an in-depth analysis of the key factors impacting the global hydrogen cells market, which includes both the driving and the restricting factors. The report is collated by experts after examining the market’s historical and present size and state, which is then used to analyze the future growth prospects of the market. The hydrogen fuel cells market has been studied both at the regional as well as the global level. The trending aspects of the market has been discussed and potential opportunities in the future are determined.