Hydrogen Fuel Cells Market 44% Growth Rate To Be Supported By Increasing Demand For EVs

Hydrogen Fuel Cells Market Report 2021 - COVID-19 Growth And Change

Hydrogen Fuel Cells Global Market Report 2021 – COVID-19 Growth And Change

The Business Research Company’s Hydrogen Fuel Cells Global Market Report 2021 – COVID-19 Growth And Change

LONDON, GREATER LONDON, UK, November 10, 2021 /EINPresswire.com/ — The growing demand for fuel cell electric vehicles around the world is contributing to the growth of the hydrogen fuel cell market. Fuel cell electric vehicles (FCEVs) powered by hydrogen are called hydrogen fuel cell vehicles. The surge in demand for fuel cell electric vehicles leads to increased demand for hydrogen fuel cells. For example, according to the Passenger Hydrogen Fuel Cell Vehicles report, the sales of hydrogen fuel cell vehicles reached 27,500 in 2020. Moreover, the sales of passenger fuel cell vehicles reached 8,500 in 2020, the highest annual sales compared to any of previous years. Rising sales in fuel cell electric vehicles demonstrate the growing demand for fuel cell electric vehicles, thereby contributing to the growth of the hydrogen fuel cell market.

The global hydrogen fuel cells market size is expected to grow from $2.78 billion in 2020 to $3.85 billion in 2021 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%.

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In April 2021, Alstom, a France-based company engaged in developing and marketing mobility solutions that provide the sustainable foundations for the future of transportation acquired Helion Hydrogen Power for an undisclosed amount. Through this acquisition, Alstom expands its portfolio of innovative & competitive solutions products and strengthens its expertise in sustainable intelligent mobility. Helion Hydrogen Power is a France-based company that is engaged in the designing and manufacturing of hydrogen fuel cell modules for rail and marine applications.

Major players covered in the global 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.

TBRC’s global hydrogen fuel cells market report is segmented by type into polymer exchange membrane fuel cells (PEMFC), direct methanol fuel cells (DMFC), solid oxide fuel cells (SOFC), others, by application into stationary, transport, portable, by end user into fuel cell vehicles, utilities, defense.

Hydrogen Fuel Cells Global Market Report 2021 – 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 is one of a series of new reports from The Business Research Company that provides hydrogen fuel cells market overview, forecast hydrogen fuel cells market size and growth for the whole market, hydrogen fuel cells market segments, and geographies, hydrogen fuel cells market trends, hydrogen fuel cells market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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Source: EIN Presswire