The Hydrogen Fuel Cells Global Market Report 2023 by The Business Research Company, provides hydrogen fuel cells market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Hydrogen Fuel Cells Global Market Report 2023, the market size is expected to grow from $5.64 billion in 2022 to $8.23 billion in 2023 at a compound annual growth rate (CAGR) of 45.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the hydrogen fuel cells market is expected to grow to $32.65 billion in 2027 at a CAGR of 41.1%.
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.
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The hydrogen fuel cells market is segmented:
1) By Type: Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), Other Types
2) By Application: Stationary, Transport, Portable
3) By End User: Fuel Cell Vehicles, Utilities, Defense
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.
The hydrogen fuel cells market report table of contents includes:
1. Executive Summary
2. Hydrogen Fuel Cells Market Characteristics
3. Hydrogen Fuel Cells Market Trends And Strategies
4. Hydrogen Fuel Cells Market – Macro Economic Scenario
5. COVID-19 Impact On Hydrogen Fuel Cells Market
……………………………………26. Africa Hydrogen Fuel Cells Market
27. Hydrogen Fuel Cells Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hydrogen Fuel Cells Market
29. Hydrogen Fuel Cells Market Future Outlook and Potential Analysis
30. Appendix
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