Hydrogen Fuel Cells Market Enjoys Government Support to Promote Clean Energy

The global hydrogen fuel cells market features a consolidated vendor landscape with the presence of a handful of companies. The market, however, is intensely competitive compelling leading players to invest in research and development to introduce innovative products and sustain the competition. The high growth opportunities in the hydrogen fuel cells market is expected to attract participation from new players in the near future.
Hydrogen fuel cells convert hydrogen and oxygen into water generating electricity in the process. Hydrogen fuel cells majorly find application in portable devices, stationary devices, and transport medium. Hydrogen fuel cells feature continuous flow of chemicals into cells, thereby ensuring that the battery does not discharge completely. Hydrogen fuel cells are used as an alternative fuel in portable power systems, in automobiles, and for power generation as well. The growing need for clean energy is expected to have a positive bearing on the growth of hydrogen fuel cells market, says a new research report published by Transparency Market Research.
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In this blog post, several questions that are pertinent with respect to the growth of hydrogen fuel cells market have been answered;
Q. What are the factors stoking growth of hydrogen fuel cells market?
A. The global market for hydrogen fuel cells is primarily driven by the growing need for clean energy, infrastructural development to produce hydrogen, and government initiatives for the production of green energy. In particular, governments in developed nations are promoting the use of clean and green energy, thereby giving impetus to the hydrogen fuel cells market.
The increasing awareness about environmental pollution and measures to reduce the same is also a significant factor boosting the demand for hydrogen fuel cells. With the rising awareness about hydrogen cells, the market for hydrogen fuel cells has further received a boost.
Q. What are the growth challenges that the hydrogen fuel cells market is facing?
A. The growth of the global market for hydrogen fuel cells is hampered by several factors. This includes lack of infrastructure for fuel cells, reduced hydrogen re-filling stations, high cost involved in switching technology, and high initial cost involved in the adoption of this technology.
Q. How are regional markets faring in terms of growth in the hydrogen fuel cells market?
A. Asia Pacific dominates amongst all regional markets and is expected to display a significant CAGR in the coming years. The increasing use of hydrogen fuel cells in hybrid cars in Japan and South Korea combined with increasing environmental regulations in place for green energy are behind the growth of this regional market.
North America trailed by Europe also hold potential to emerge as significant markets for hydrogen fuel cells. Government subsidies on the purchase of hybrid vehicles is one of the major factors fuelling the growth of these regional markets.


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