The hydrogen and fuel cells market is mainly propelled by factors such as increasing demand in the telecommunications, automotive and residential micro-CHP sector, and diminishing dependency on non-renewable energy sources. However, shorter resilience of the fuel cell is expected to hinder the market growth over the forecast period. It is evident that the advanced countries across the globe are highly focused on making hydrogen as a dependable and effective energy generating source. The abundant benefits of fuel cells over major segments to produce pollution-free energy will generate a huge influence shortly. Top automakers such as Toyota, Hyundai, Honda and Daimler have recently showcased their hydrogen fuel powered vehicles in the market relating to their zero-emission quality.
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Global Hydrogen and Fuel Cells Market Segmental Analysis
Global Hydrogen and Fuel Cells Market is segmented, by type as air-cooled type and water-cooled type.
On the basis of application, the market is segmented as stationary, transport and portable. Stationary accounted for the largest market share of about 81.14%, in 2016, with a market value of more than USD 1,300 million; projected to grow at the highest CAGR during the forecast period. Stationary power includes many applications in which the fuel cells are functioned at a immovable location for prime power, backup power, or combined heat and power (CHP). The dominant position of this segment is due to growing application of stationary fuel cells at various end-use sectors.
Air-cooled type segment accounted for the largest market share of about 62.84% in 2016, with a market value of more than USD 1,300 million in 2016 and is projected to grow at the highest CAGR during the forecast period. Air-cooled type utilizes two primary method such as, passive methods and active methods, both these methods primarily exhibits cost-effective and efficient cooling.
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Regional Market Analysis
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.
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