A fuel cell is an electrochemical device, which combines hydrogen with oxygen so as generate electricity, heat and water. The fuel cell has a quite same resemblance as of a battery in which electrochemical reaction occurs as long as the fuel is available. Hydrogen is preserved in a pressurized container and oxygen is extracted from the atmospheric air. The electrochemical reaction does not involve any combustion in the process thus, no harmful emission occurs. The hydrogen and fuel cells market is principally driven by various factors such as growing demand in the telecommunications, automotive and residential micro-CHP sector, and reduced dependence on conventional energy sources. However, shorter durability of the fuel cell is expected to withhold the market growth over the forecast period.

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The global investment and initiative for green energy, is creating a scope for the development of hydrogen cell during the forecast period. The rising application of hydrogen fuel cell systems in cold regions across the world for combined heat and power, primarily for heating and power generation at residential level, is one of the prime factors that would result in the market growth. The developed as well as developing economies across the globe are currently focusing on clean energy generation, efficiently.

Key Players

The key players of global hydrogen and fuel cells market are Panasonic Corporation (Japan), FuelCell Energy, Inc. (U.S.), Plug Power Inc. (U.S.), Intelligent Energy Holdings plc (U.K.), Hyster-Yale Group (U.S.), Ballard Power Systems. (Canada), Doosan Fuel Cell (U.S.), Nedstack fuel cell technology BV. (Netherlands), Hydrogenics Corporation (Canada), Pearl Hydrogen (China), and Horizon Fuel Cell Technologies (Singapore).

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Regional Outlook:

The global hydrogen and fuel cells market is segmented by prominent regions such as, Americas, Europe, Asia Pacific and Middle East & Africa.

Americas was the first-largest market in 2016, & valued at USD 753.1 million. The American countries, more precisely north American countries fuel cell deployments have been encouraged by federal research and development (R&D) and demonstration programs, and supported by federal tax incentives for FCVs, hydrogen infrastructure, and fuel cell stationary power generation, it is the support and investment by state governments that have propelled the use of fuel cell and hydrogen technologies in certain parts of the country.

Hence, Americas hydrogen and fuel cells market is projected to grow at a CAGR of 24.72%. Asia Pacific is another major market for hydrogen and fuel cells. It accounted for the market share of 28.47% in 2016 with a market value of USD 461.7 million. Growing population along with rising disposable income in the region driving the demand for energy.

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