The Asia-Pacific market segment, on the other hand, is expected to develop at the fastest rate during the forecast period. ![]() The fuel cell deployments in North American countries have been aided by research and development programs, as well as incentives and subsidies provided by government for fuel cell-based vehicles, as well as funding and expenditure by governments, which have pushed the use of fuel cell and hydrogen technologies in North America region. Other reasons such as technical improvements, higher performance, rising petroleum prices, reduced noise, and stringent government regulations regarding environmental conservation are also predicted to contribute to the hydrogen fuel cells market's growth during the forecast period. Over the projected period, this is expected to assist the expansion of hydrogen fuel cells market. However, in recent years, there has been a growing awareness and issue about the negative environmental impact of fossil fuel engines, which produce considerable amounts of greenhouse gases. The automobile sector has experienced remarkable expansion as a result of rising vehicle demand. The hydrogen fuel cells market's demand is being driven by the desire to minimize reliance on diesel and oil. The environmental issues have arisen as a result of the over exploitation of fossil resources, which have resulted in harmful gas emissions. Another element influencing the industry is the increased environmental awareness. The use of electric vehicles has drawn the attention of the government due to an increase in carbon emissions. The market for hydrogen fuel cells is being driven by the growing demand for electric vehicles. ![]() During the forecast period, each of these variables is expected to have a significant impact on the hydrogen fuel cells market. The increased environmental concerns, increased government initiatives for the construction of hydrogen fuel cells infrastructure, expensive initial infrastructure investment, and technology advancement are all significant factors influencing the growth of the global hydrogen fuel cells market. They do not produce any greenhouse gas (GHG) emissions during vehicle operation. ![]() Hydrogen Fuel Cell Vehicle possess high potential to reduce emissions related to the transportation sector. In contrast to most batteries, fuel cells require a constant supply of fuel and oxygen to sustain the chemical reaction.Įlectricity is generated by using hydrogen to operate a hydrogen fuel cell. The global hydrogen fuel market size was valued at $2.7 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.Ī fuel cell is an electrochemical device that uses two redox processes to transform the chemical energy of a fuel (typically hydrogen) and an oxidizing agent (commonly oxygen) into electrical energy. Dublin, (GLOBE NEWSWIRE) - The "Hydrogen Fuel Cell Market by Type, Application, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to 's offering.
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