hydrogen fuel cell stacks market analysis considers sales from applications in stationary, transport, and portable. Our report also finds the sales of hydrogen fuel cell stacks in APAC, Americas, and EMEA. In 2018, the stationary segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as minimal CO2 emission and high-energy efficiency will play a vital role in the stationary segment to maintain its market position. Also, our global hydrogen fuel cell stacks market report looks at factors such as incentives to increase the adoption of FCVs, favorable government regulations and initiatives, and the rising demand for clean energy sources. However, high cost of fuel cell development and adoption, challenges associated with hydrogen refueling facilities, and competition from alternative technologies may hamper the growth of the hydrogen fuel cell stacks industry over the forecast period.
Global Hydrogen Fuel Cell Stacks Market: Overview
Favorable government regulations and initiatives
The adoption of fuel cells and other clean power generation technologies is increasing and is reducing the dependence on fossil fuel. Thus, governments across the globe have introduced several initiatives to reduce the cost of the technology and to improve the hydrogen-related infrastructure. For instance, according to US DOE, the funds provided by the California Energy Commission mainly focused on boosting the deployment of hydrogen refueling stations. This will lead to the expansion of the global hydrogen fuel cell stacks market at a CAGR of over 18% during the forecast period.
Increasing adoption in material handling applications
Hydrogen fuel cells are a new commercial technology and are gaining traction owing to their high efficiency in automotive and power generation applications with low emissions. With the growing R&D activities to develop hydrogen fuel cell infrastructure, hydrogen fuel cell-powered systems have been introduced for material handling equipment, increasing its productivity. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global hydrogen fuel cell stacks market during the forecast period 2019-2023, click here.
With the presence of several major players, the global hydrogen fuel cell stacks market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hydrogen fuel cell stacks manufacturers, that include Ballard Power Systems Inc., Bing Energy Inc., Freudenberg SE, Horizon Fuel Cell Technologies Pte. Ltd., Hydrogenics Corp., Nuvera Fuel Cells LLC, Plug Power Inc., PowerCell Sweden AB, Proton Power Systems Plc, and Sunrise Power Co. Ltd.
Also, the hydrogen fuel cell stacks market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.