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According to The Business Research Company’s research report on the hydrogen fuel cells market, the global hydrogen fuel cells market is expected to grow from $2.78 billion in 2020 to $3.85 billion in 2023 at a compound annual growth rate (CAGR) of 38.8%. The growth of the hydrogen fuel cell market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hydrogen fuel cell market is expected to reach $16.50 billion in 2025 at a CAGR of 43.8%.
Companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs, and component requirements of hydrogen fuel cells. Advances in technologies improve the efficiency of hydrogen fuel cells. For example, in July 2023, Hyzon Motors Inc., a US-based manufacturer of commercial vehicles powered by zero-emission hydrogen fuel cells announced a new commercial vehicle that could reduce the weight and manufacturing costs of a commercial vehicle powered by Hyzon’s hydrogen fuel. The system’s metal structure is integrated with lightweight composite materials in this revolutionary technology.
The Business Research Company’s report titled Hydrogen Fuel Cells Global Market Report 2023 – By Type (Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC)), By Application (Stationary, Transport, Portable), By End User (Fuel Cell Vehicles, Utilities, Defense), COVID-19 Growth And Change covers major hydrogen fuel cells companies, hydrogen fuel cells market share by company, hydrogen fuel cells manufacturers, hydrogen fuel cells market size, and hydrogen fuel cells market forecasts. The report also covers the global hydrogen fuel cells market and its segments.
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The hydrogen fuel cell market consists of sales of hydrogen fuel cells that use the chemical energy of hydrogen to produce electricity. A hydrogen fuel cell is a device that converts hydrogen into clean energy and electricity by a chemical reaction and the by-products of this chemical reaction are electricity, water, heat. Hydrogen fuel cells can be used in a wide range of applications such as cars, buildings, electronic devices, trucks, and backup power systems.
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 the chemical energy of a fuel such as hydrogen into electricity. These hydrogen fuel cells are used in various areas including stationery, transportation, portable fuel cell vehicles, utilities for generating power, and defense.
Major players in the hydrogen fuel cells industry 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.
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 the hydrogen fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Hydrogen Fuel Cells Global Market Report 2023 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide hydrogen fuel cell market overviews, hydrogen fuel cell market analyze and forecast market size and growth for the whole market, hydrogen fuel cell market segments and geographies, hydrogen fuel cell market trends, hydrogen fuel cell market drivers, hydrogen fuel cell market restraints, hydrogen fuel cell market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Electric Cars Global Market Report 2023 – By Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), By Battery Type (Lithium-Iron-Phosphate (LFP), Lithium–Nickel–Manganese Cobalt Oxide (Li-NMC), Lithium–Titanate Oxide (LTO) Battery, Lithium–Nickel–Cobalt–Aluminum Oxide (NCA) Battery, Nickel–Metal Hydride (Nimh) Battery, Lead Acid Battery), By Application (Home Use, Commercial Use), COVID-19 Growth And Change
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