The global fuel cells market size is projected to reach USD 1185 million by 2027 from an estimated value of USD 263 million in 2020, growing at a CAGR of 26.4% during the forecast period. Hydrogen Fuel Cells are a device that changes over hydrogen and oxygen into water, and in the process, produces electricity. One of the key factors driving the growth is the increasing demand for the unconventional sources of energy. The reduction in environmental impact and the growth in private-public partnerships are other factors anticipated to propel the demand. Increasing Government initiatives and subsidies for manufacture of fuel cell electric vehicles in order to reduce carbon emissions is set to drive hydrogen fuel cell market size.
This market consists of a few leading players, such as Ballard Power Systems, Hydrogenic, Fuel Cell Energy, Intelligent Energy, SFC Energy, and Plug Power, due to the advantage of their high-end technological solutions. The other players in the market include Toshiba Energy Systems & Solution Corporation, Mitsubishi Hitachi Power Systems, Aisin Seiki Co., Bloom Energy, Ceres Power, Kyocera, SOLID power, Doosan Fuel Cell America, Horizon Fuel cell, Altergy, Nuvera, AFC Energy, Microrganic Technologies, Sainergy, and Arcola Energy Ltd.
Asia-Pacific dominates the Hydrogen Fuel Cell industry owing to increasing demand from applications such as transportation and unmanned aerial vehicles sector owing to high investments. The deployment of fuel cell electric vehicles is likely to grow in other cities in China in near future. In 2019, Tokyo Metropolitan Government’s (TMG’s) has planned to power several operations in 2020 Olympic and Paralympics games, which will be held at Tokyo, using fuel cell technology. This has created ample of business opportunities for hydrogen fuel cell top 10 companies. In 2018, Panasonic Corporation has planned to commercialized hydrogen fuel cell generators by 2021. At present, Japan has approximately 100 fuelling stations which are subsidized by the Government with continued operational support from manufacturers like Toyota. The Japan’s Government is planning to build 900 hydrogen fuelling stations by 2030 which set to create ample opportunities for hydrogen fuel cells.
Considering the factors as mentioned above, the market for hydrogen fuel cell is discovering various opportunities and is expected to grow in upcoming years. This creates opportunities for hydrogen fuel cells