BANGALORE, India, June 19, 2020 /PRNewswire/ -- A hydrogen fuel cell is an electrochemical power generator that combines hydrogen and oxygen to produce electricity, with water and heat as by-products.
The Hydrogen Fuel Cell market size was valued at USD 1777.89 million in 2019 and is projected to reach USD 5515.89 million by 2026, at a CAGR of 17.31% during the forecast period. This report covers the market size of hydrogen fuel cells in Transportation, Stationary and portable applications.
It is predicted that by 2021 most of the leading automakers will have started electric fuel cell vehicles worldwide. Some automotive companies including Hyundai, Toyota, Honda, Daimler, and BMW began developing FCEV with a hydrogen fuel cell, which releases water vapor and heat, making it a truly emission-free locomotive technology.
This study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
Get Detailed Analysis of COVID-19 Impact on Hydrogen Fuel Cell Market
The major factors that are expected to increase the hydrogen fuel cell market size are an increase in environmental concerns, increased government initiatives to develop infrastructure for hydrogen fuel cells, and technological advancements.
Increasing government initiatives to reduce carbon emissions is expected to increase the hydrogen fuel cells market size. Due to its eco-friendly nature and high efficiency when compared to a combustion engine the hydrogen fuel cell is expected to be adopted on a larger scale by the automotive industry.
Increasing investments in R&D for the development of hydrogen fuel cell vehicles is expected to drive the market in a positive direction.
The demand for fuel-efficient vehicles has recently increased as oil and diesel prices have risen. Hydrogen fuel cell vehicles have an efficiency of 60-70% over both IC motor vehicles and hybrid vehicles. This factor boosts the requirement for advanced fuel-efficient technologies, which lead to the growth of hydrogen fuel cell market size.
FACTORS THAT CAN RESTRAIN THE GROWTH OF HYDROGEN FUEL CELL MARKET SIZE
Hydrogen fuel cells are expensive, which hinders the market growth. The cost of hydrogen cells such as transport and storage is higher than the cost of petrol products.
Another factor that can hinder growth is a safety issue. Hydrogen is inflammable and has no smell as opposed to other gases. The need to use gas sensors and gas detectors will hamper the market growth.
HYDROGEN FUEL CELL MARKET SHARE ANALYSIS
Japan was the largest consumer market with a market share of 27.31% in 2011 and 30.12% in 2015 with an increase of 10.28%.
North America and Other regions the second and third markets with a market share of 25.34% and 20.16% in 2015.
The top three companies make up more than 46% market share of the Hydrogen Fuel Cells market in 2015. The top three manufacturers are Ballard Power Systems Inc. (BLDP) (market share of 17.36%), Toshiba (market share of 16.68%) and PLUG Power( market share of 11.93%) in 2015. The majority of large corporations are mainly concentrated in Japan and South Korea, and North America.
The global Fuel Cell market size is valued at 5057.3 Million USD in 2020 and is expected to reach 40030 Million USD by the end of 2026, growing at a CAGR of 34.0% during 2021-2026
The industry's leading producers are Bloom Energy, Panasonic, and Toshiba ESS, which together account for 50.10% of revenues. By region, the Asia-Pacific has the highest revenue share, with more than 36 percent in 2019.
Increasing interest in high-speed transport applications and huge market potential in Asia-Pacific for heavy-duty transport fuel cells are expected to drive the fuel cell market size during the forecast period.
The hydrogen fuel cell vehicle market size was valued at USD 651.9 Million in 2018 and is projected to reach USD 42,038.9 Million by 2026, growing at a CAGR of 66.9% from 2019 to 2026.
The main factors that are expected to increase the Hydrogen Fuel Cell Vehicle Market size are an increase in environmental concerns, increased government initiatives to develop infrastructure for hydrogen fuel cells, and technological advancements.
The M&HCV segment accounted for the major shares of the fuel cell commercial vehicle market. The segment consists of medium and heavy trucks and buses and the development of these vehicles under partnerships between governments, OEMs, and fuel cell technology companies will contribute to the growth of this industry segment in the coming years.
This report focuses on Fuel Cell Commercial Vehicle volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Fuel Cell Commercial Vehicle market size by analyzing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, China, and Japan.
This report also studies the Global Automotive Hydrogen Fuel Cell competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
The solicitation of proposals by the governments and public-private companies across the world to mitigate the impact of the COVID-19 pandemic is the key factor propelling the growth of the Automotive Hydrogen Fuel Cell market
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains detail research methodology employed to generate the report, Please also reach to our sales team to get the complete list of our data sources