Hydrogen Fuel Cells Market
The global hydrogen fuel cells market is anticipated to witness a CAGR of 66.6% during the analysis period (2021-2028). The growth in the hydrogen fuel cells market is attributed to the intensified initiatives for the development of hydrogen fuel cell infrastructure and ongoing technological innovations.
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Hydrogen Fuel Cells Market Dynamics
The prime factors contributing to the growth of the global hydrogen fuel market include the rising norms enforced by the government bodies in developed countries and the environment-friendly objectives to eradicate emission rates. For example, the European Commission on 14 July 2021 embraced a series of legislative proposals, such as the transitional target of more than 55% net decrease in greenhouse gas emissions by 2030 that would raise applicability of the hydrogen fuel cell and ability to replace the traditional energy, thereby driving the overall market.
With the increasing agitation towards environment, several government authorities are drifting towards a hydrogen economy by enforcing various policies to establish hydrogen refuelling stations and hydrogen-based fuel cells for vehicles. This is anticipated to raise the demand for PEMFC. For instance, South Korea, in 2019, declared to develop hydrogen refueling stations in line with its norm pertaining to hydrogen that encourage the usage of clean energy in the automobile industry.
However, though hydrogen is the most abundant element in the universe, hydrogen needs to be extricated from water or from carbon fossil fuels. Both processes need a huge amount of energy to achieve, which can be sometimes more than the energy gained and expensive, which may restrain the hydrogen fuel cells market size.
Regional Drivers
Based on the region, the North America region is likely to lead the global hydrogen fuel cell market over the forecasted period. The strategic policies enforced to limit carbon discharge in the region. For instance, Caterpillar Inc, in 2021, declared a three-year project by means of partnership with Microsoft and Ballard Power System to exemplify a power system integrating large-format hydrogen fuel cells to backup power for Microsoft data centers. The project is sponsored by the US Department of Energy (DOE) and supported by the National Renewable Energy Lab (NREL).
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