MARKET OVERVIEW
The growing incentives to increase adoption of FCVs is notably driving the hydrogen fuel cell stacks market growth, although factors such as high cost of fuel cell development and adoption may impede market growth. The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services.
MARKET SCOPE
The "Global Hydrogen Fuel Cell Stack Market Analysis to 2028" is a specialized and in-depth study of the fuel cell with a special focus on the global market trend analysis. The report aims to provide an overview of the hydrogen fuel cell stack market with detailed market segmentation by type, application and geography. The report provides key statistics on the market status of the leading hydrogen fuel cell stack market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-On the basis of type the market is segmented into air-cooled type and water-cooled type
-On the basis application, the market is segmented as Fuel Cell Electric Vehicles (FCEVs), cogeneration, and portable power systems
MARKET DYNAMICS
Drivers
-The growing incentives to increase the adoption of FCVs
-Increasing investment from key players drives the market growth
Restraints
-Higher Initial Investment Restraints the Market Growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The hydrogen fuel cell stack market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the hydrogen fuel cell stack market in these regions.
IMPACT OF COVID-19 ON HYDROGEN FUEL CELL STACK MARKET
The outbreak of the COVID-19 has severely impacted the energy and power industries, which resulted a decline in market growth in the year 2020. The outbreak of the pandemic led to demand-supply gap, shutdown of several manufacturing industries across the globe, which in turn, caused disruptions in raw material procurement and further led to price volatility. The withdrawal of upcoming investments and hold on for ongoing projects in deploying hydrogen fuel cell stack has directly influenced the market growth. However, the global situation is getting recoverd at a slow & steady pace which is anticipated to increase in coming years. Furthermore, the key players engaged in the market are also focusing on investment in hydrogen fuel cell stack which is further strengthening the market growth in pandemic recovery period. The increase in energy demand owing to rise in population and government initiatives encourages increased deployment of fuel cell vehicles across the globe are some of the key factors anticipated to boost the demand for the hydrogen fuel cell stack market over the projected period.
MARKET PLAYERS
The report covers key developments in the hydrogen fuel cell stack market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the hydrogen fuel cell stack market are anticipated to provide lucrative growth opportunities in the future with the rising demand for hydrogen fuel cell stack in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the hydrogen fuel cell stack market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Advent Technologies Holdings Inc.
-Ballard Power Systems Inc.
-Cummins Inc.
-Freudenberg FST GmbH
-Horizon Fuel Cell Technologies Pte. Ltd.
-Nuvera Fuel Cells LLC
-Plug Power Inc.
-PowerCell Sweden AB
-Proton Power Systems plc
-Xinyuan Power Co. Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.