Hydrogen and Fuel Cells Market

A fuel cell is an electrochemical device that combines hydrogen fuel with oxygen to produce electricity, heat and water. The fuel cell is similar to a battery in that an electrochemical reaction occurs as long as fuel is available. Hydrogen is stored in a pressurized container and oxygen is taken from the air. Because of the absence of combustion, there are no harmful emissions, and the only by-product is pure water. The Hydrogen and Fuel Cells market is mainly driven by various factors such as Growing Demand in the Automotive, Telecommunications and Residential Micro-CHP Sectors, and Reduced dependency on non-conventional energy sources. The CSP market has various constraints that hinder the growth of the market such as the shorter durability of fuel cell.

The global hydrogen and fuel cells market is expected to grow at 25.09% CAGR during the forecast period. In 2016, the market was led by Americas, with a 46.44% share, followed by Asia Pacific and Europe with shares of 28.47% and 22.61%, respectively.

The market on the basis of type, has been segmented as air-cooled and water-cooled. Air-Cooled segment dominate the global hydrogen and fuel cells market with a share of 62.84% in 2016, in terms of value. It is expected to grow at a CAGR of 25.80% during the forecast period. On the basis of application, the hydrogen and fuel cells market has been segmented as stationary, transport and portable. Stationary accounted for the largest market share of 81.14% in 2016, with a market value of USD 1,315.9 million and is projected to grow at the highest CAGR of 26.04% during the forecast period.

Market Size

2016: USD 1,621.8 Million

2025: USD 11,813.5 Million

CAGR

Key Geographies

Americas: 46.44%

Asia Pacific: 28.47%

Europe: 22.61%

Middle East & Africa: 2.48%

Key Leading Countries

U.S.

Canada

Japan

Germany

South Korea

Key Market Drivers

Growing Demand in the Automotive, Telecommunications and Residential Micro-CHP Sectors

Reduced dependency on non-conventional energy sources

Key Market Restraint

Shorter Durability of Fuel Cell

Key Vendors

Panasonic Corporation (Japan)

FuelCell Energy, Inc. (U.S.)

Plug Power Inc. (U.S.)

Ballard Power Systems. (Canada)

Hydrogenics Corporation (Canada)