New York, March 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydrogen Fuel Cells Global Market Report 2022" - https://www.reportlinker.com/p06248541/?utm_source=GNW
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 global hydrogen fuel cells market is expected to grow from $3.85 billion in 2021 to $5.58 billion in 2022 at a compound annual growth rate (CAGR) of 44.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $22.34 billion in 2026 at a CAGR of 41.5%.
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 applications by fuel cell vehicles, utilities for generating power and defense.
Asia Pacific was the largest region in the hydrogen fuel cell market in 2021.North America was the second-largest market in the hydrogen fuel cell market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 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 2021, 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.
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.
The countries covered in the hydrogen fuel cells market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06248541/?utm_source=GNW
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