Hydrogen and Fuel Cells Market is expected to grow with the CAGR of approximately 25.09%, during the forecast period

Market Scenario
Hydrogen and Fuel Cells Utilizes hydrogen as a chemical component, which is propagated into the fuel cell so as to generate energy. The basic standard is the reversal process of the water electrolysis, whereas in water is the byproduct of the reaction.

A fuel cell is an electrochemical device, which combines hydrogen with oxygen so as generate electricity, heat and water. The fuel cell has a quite same resemblance as of a battery in which electrochemical reaction occurs as long as the fuel is available. Hydrogen is preserved in a pressurized container and oxygen is extracted from the atmospheric air. The electrochemical reaction does not involve any combustion in the process thus, no harmful emission occurs. The hydrogen and fuel cells market is principally driven by various factors such as growing demand in the telecommunications, automotive and residential micro-CHP sector, and reduced dependence on conventional energy sources. However, shorter durability of the fuel cell is expected to withhold the market growth over the forecast period.

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It is evident that the developed nations across the world are highly concentrating on making hydrogen as a reliable and efficient energy producing source. The numerous benefits of fuel cells across major sectors to produce emission-free energy will create a huge impact shortly. Top automakers such as Toyota, Hyundai, Honda and Daimler have recently unveiled their hydrogen fuel powered vehicles in the market pertaining to their zero-emission quality. Fuel cell solutions have evolved significantly since they were introduced to the Automotive, Telecommunications and Residential Micro-CHP Sectors.

The major economies around the world have currently implemented specific plans to promote clean energy by focusing on hydrogen fuel cell technology. The high efficiency of the fuel cell system comes along with lower capital expenditures for backup power equipment. All these initiatives will highly influence the growth rate of hydrogen fuel market. Ene.field will deploy up to 1,000 residential fuel cell Combined Heat and Power (micro-CHP) installations, across 11 key European countries till 2020. Also, Tokyo Gas under Ene-farm Japan Programme aims to sell 300,000 home-use fuel cell system by 2020.

The global investment and initiative for green energy, is creating a scope for the development of hydrogen cell during the forecast period. The rising application of hydrogen fuel cell systems in cold regions across the world for combined heat and power, primarily for heating and power generation at residential level, is one of the prime factors that would result in the market growth. The developed as well as developing economies across the globe are currently focusing on clean energy generation, efficiently. Various associations and government have reformed their energy policy to fulfil the growing demand for power from the increasing population. Hydrogen fuel cells provide an efficient way to fulfil the growing need of the power for heating and energy generation. Hydrogen fuel cell market is expected to witness phenomenal growth in the European, North American and North Asian countries due to rise in government incentive scheme for heating and powering residential sectors through Micro-CHP.

Hydrogen and Fuel Cells Market is expected to grow with the CAGR of approximately 25.09%, during the forecast period.
Market Segmentation

Global 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.

Hence, Americas hydrogen and fuel cells market is projected to grow at a CAGR of 24.72%. Asia Pacific is another major market for hydrogen and fuel cells. It accounted for the market share of 28.47% in 2016 with a market value of USD 461.7 million. Growing population along with rising disposable income in the region driving the demand for energy. Moreover, these rapidly growing economies in the region are also the top polluters in the world. Hydrogen and Fuel Cell is identified as the best replacement for other conventional fossil fuel energy sources that are used to reduce carbon emission by efficiently meeting the electricity needs.

Hence, Asia Pacific is expected to grow at a CAGR of 27.09% during the forecast period. Europe had the market share of 22.61% in 2016, with a market value of USD 366.7 million. The European Strategic Energy Technology (SET) Plan identifies fuel cell and hydrogen technologies as crucial technologies contributing to reaching the ambitious goals of the integrated European energy and climate policy with a time horizon of 2020 and beyond. In the Middle East & Africa region South Africa, UAE, and Saudi Arabia are the major countries. Increased renewable energy activities to meet the energy demand, is one of the essential reasons for growth in the hydrogen and fuel cells market in the Middle East and Africa.

Key Players
The key players of global hydrogen and fuel cells market are Panasonic Corporation (Japan), FuelCell Energy, Inc. (U.S.), Plug Power Inc. (U.S.), Intelligent Energy Holdings plc (U.K.), Hyster-Yale Group (U.S.), Ballard Power Systems. (Canada), Doosan Fuel Cell (U.S.), Nedstack fuel cell technology BV. (Netherlands), Hydrogenics Corporation (Canada), Pearl Hydrogen (China), and Horizon Fuel Cell Technologies (Singapore).

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