Hydrogen Fuel Cell Market 2022
PMR presents an in-depth analysis and presents key insights on the global Hydrogen Fuel Cell market in its latest market study titled ‘Hydrogen Fuel Cell Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2028’. The long-term outlook on the global Hydrogen Fuel Cell market remains optimistic with the market being valued at over US$ 66 Mn at the end of 2018. The market is anticipated to be valued at over US$ 278 Mn at the end of 2028.
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The Hydrogen Fuel Cell market is categorised on the basis of power, product type and end use, studied across regions. By power, the >1000 kW Hydrogen Fuel Cell segment is likely to create lucrative opportunities in the market. Regionally, North America dominates the market for fuel cells for data centres and is expected to amass nearly half of the market size over the studied period. The region accounts for a significant share in terms of installed base for Hydrogen Fuel Cell market and is anticipated to witness 13.9% growth between 2018 and 2028.
Key Companies-
- FuelCell Energy, Inc.
- Altergy
- Bloom Energy pvt. Ltd.
- Logan Energy
- AFC Energy
- Toshiba Fuel Cell Power Systems Corporation
- Plug Power
- Panasonic
- Hydrogenics
- Ballard
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Shifting Trend from Conventional to Renewable Energy Sources Positions Fuel Cells in the Limelight to Power Data Centres
PMR suggests that the global market for Hydrogen Fuel Cells is estimated to register healthy growth throughout the forecast period. This can mainly be attributed to the fact that data centres consume around 2%-3% of the global electricity, which results in increased carbon footprint. Responding to high energy costs and growing environmental concerns, data centre holding companies are looking for alternatives to renewable sources of energy.
Market players are now focusing on fuel cells as an alternative source of energy since they require lesser space compared to wind and solar farms and higher efficiency than its counterparts, among other characteristics. Another factor having a positive impact on the Hydrogen Fuel Cell market is the trend of digitization. The digital revolution has penetrated every sector and industry and has staggered the data generated and exponentially increased the need for processing, storage & management of data, thereby positively impacting the Hydrogen Fuel Cell marketplace. To provide cyber security, new age data centres are opting to locally generate electricity, which is further fuelling the prevalence of off-site data centres, propelling the market for Hydrogen Fuel Cells.
Though the high initial cost is a hindrance to market growth, large scale production and wide adoption of fuel cells for data centres will lead to lowered prices. Keeping aside the merits of fuel cells, these have certain shortcomings when employed in data centre facilities. The sluggish response of fuel cells to changing power load may prove to be a challenge for the Hydrogen Fuel Cell manufacturers.
Global Hydrogen Fuel Cell Market Segmentation Analysis
The Hydrogen Fuel Cell market has been classified in terms of product type into PEM Hydrogen Fuel Cell, Solid Oxide Hydrogen Fuel Cell, Molten Carbon Hydrogen Fuel Cell and Phosphoric Acid Hydrogen Fuel Cell.
- Among product types, the PEM Hydrogen Fuel Cell segment is estimate to remain at the forefront of the Hydrogen Fuel Cell market in value-volume terms and is anticipated to create lucrative opportunities over the forecast period
- The Molten Carbon Hydrogen Fuel Cell segment is projected to grow at a healthy growth rate. Its market valuation is expected to expand by nearly 4.3X between 2018 and 2028
Global Hydrogen Fuel Cell Market Regional Forecast
Regionally, North America accounts for a prominent portion of the global Hydrogen Fuel Cell market. Europe is the only other region with double digit market share. Accounting for a significant revenue proportion in the global Hydrogen Fuel Cell market, East Asia is anticipated to register noteworthy CAGR during the forecast period.
The global Hydrogen Fuel Cell market is expected to grow with 15.5% annual growth rate while the Latin America Hydrogen Fuel Cell market, East Asia Hydrogen Fuel Cell market and Middle East & Africa Hydrogen Fuel Cell market are expected to grow at a decently high rate owing to increased data centre installation in the region.
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Key Questions Answered in This Report –
Which is the largest regional market for Hydrogen Fuel Cell?
What are the upcoming trends of Hydrogen Fuel Cell Market in the world?
What are the key driving factors for the growth of the Hydrogen Fuel Cell Market?
What are the top players operating in the Hydrogen Fuel Cell Market?
What are the key regions in the global Hydrogen Fuel Cell market?
Who are the key players/companies in the global Hydrogen Fuel Cell market?
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