Global Hydrogen Fuel Cell Market Report 2021: Growth and Change Related to COVID-19
The major players in the hydrogen fuel cell market are Panasonic, Intelligent Energy Holdings, FuelCell Energy, Plug Power, Hyster-Yale, Doosan Fuel Cell, Ballard Power Systems, Nedstack fuel cell technology, Pearl Hydrogen, Hydrogenics, Horizon Fuel Cell Technologies, Toshiba Energy Systems, Mitsubishi Hitachi Power Systems, AFC Energy and Sunrise Power.
New York, November 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Hydrogen Fuel Cells Global Market Report 2021: COVID-19 Growth And Change” – https://www.reportlinker.com/ p06187346 /? utm_source = GNW
The main types of products in hydrogen fuel cells are polymer exchange membrane fuel cells, direct methanol fuel cells, solid oxide fuel cells and others. Polymer exchange membrane fuel cells are a type of hydrogen fuel cell that converts chemical energy from a fuel such as hydrogen into electricity.
These hydrogen fuel cells are used in a variety of fields including stationery, transportation, portable fuel cell vehicles, power generation utilities, and defense.
The global hydrogen fuel cell market is expected to grow from $ 2.78 billion in 2020 to $ 3.85 billion in 2021 at a compound annual growth rate (CAGR) of 38.8%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 16.50 billion in 2025 at a CAGR of 43.8%.
The hydrogen fuel cell market consists of the sale of hydrogen fuel cells that use the chemical energy of hydrogen to generate electricity. A hydrogen fuel cell is a device that converts hydrogen into clean energy and electricity through a chemical reaction and the byproducts of this chemical reaction are electricity, water, heat.
Hydrogen fuel cells can be used in a wide range of applications such as cars, buildings, electronics, trucks and emergency power systems.
Asia-Pacific was the largest region in the hydrogen fuel cell market in 2020. North America was the second largest market in the hydrogen fuel cell market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
Growing demand for fuel cell electric vehicles around the world is helping in the growth of the hydrogen fuel cell market. Hydrogen powered fuel cell electric vehicles (FCEVs) are called hydrogen fuel cell vehicles.
The sharp increase in the demand for fuel cell electric vehicles is leading to an increase in the demand for hydrogen fuel cells. For example, according to the Passenger Hydrogen Fuel Cell Vehicles report, sales of hydrogen fuel cell vehicles reached 27,500 in 2020.
In addition, sales of fuel cell passenger vehicles reached 8,500 in 2020, the highest annual sales of any previous year. The rise in sales of fuel cell electric vehicles demonstrates the growing demand for fuel cell electric vehicles, thereby contributing to the growth of the hydrogen fuel cell market.
Companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs and component requirements of hydrogen fuel cells. Technological advances are improving the efficiency of hydrogen fuel cells.
For example, in July 2021, Hyzon Motors Inc., an American manufacturer of utility vehicles powered by zero-emission hydrogen fuel cells announced a new utility vehicle that could reduce the weight and manufacturing costs of a utility vehicle powered by Hyzon hydrogen fuel. . The metal structure of the system is integrated with lightweight composite materials in this revolutionary technology.
In April 2021, Alstom, a French company committed to the development and commercialization of mobility solutions that form the sustainable foundations of the future of transport, acquired Helion Hydrogen Power for an undisclosed amount. Thanks to this acquisition, Alstom is expanding its portfolio of innovative and competitive solutions. products and strengthens its expertise in sustainable smart mobility.
Helion Hydrogen Power is a French company dedicated to the design and manufacture of hydrogen fuel cell modules for rail and marine applications.
Countries Covered in the Hydrogen Fuel Cell Market Report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06187346/?utm_source=GNW
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