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How big is the hydrogen fuel cell market?

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How big is the hydrogen fuel cell market?

The global hydrogen fuel cells market is expected to grow from $2.78 billion in 2020 to $3.85 billion in 2021 at a compound annual growth rate (CAGR) of 38.8\%.

What is the projected growth of fuel cell cars in the next 20 years?

12 October 2021 IDTechEx’s analysis in their new report, “Fuel Cell Electric Vehicles 2022-2042”, forecasts the market value of on-road fuel cell vehicles will grow to $160 billion in 2042 at a CAGR of 23.9\% over the 20-year forecast period.

How many FCEV are there in the world?

As of December 2020, 31,225 passenger FCEVS powered with hydrogen had been sold worldwide. South Korea is the country with the most passenger FCEVs (10,041 units), followed by the United States (9,135), China (5,546) and Japan (4,100).

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What is the future of hydrogen fuel cells?

Unlike batteries, fuel cell technology can be scaled for passenger vehicles, as well as buses, ships, and trains. In the future, hydrogen will even fuel urban air mobility. As well as expanding its lineup of battery, hybrid, and plug-in electric vehicles, Hyundai is pioneering hydrogen fuel cell technology.

What is the fuel cell market?

The global fuel cell market size was valued at USD 4.1 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 23.2\% from 2020 to 2028….

Attribute Details
Forecast period 2021 – 2028
Market representation Volume in Units, Capacity in Mega Watt, Revenue in USD Million and CAGR from 2020 to 2028

What is the market for hydrogen?

26, 2021 (GLOBE NEWSWIRE) — The global hydrogen generation market size was valued at US$ 129.6 billion in 2020….

Report Coverage Details
Market Size US$ 219.2 Billion by 2030
Growth Rate from 2021 to 2030 CAGR of 5.4\%
Fastest Growing Market Asia Pacific
Largest Market North America
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How many hydrogen fuel cell cars are there?

Automobiles. As of 2021, there are two hydrogen cars publicly available in select markets: the Toyota Mirai and the Hyundai Nexo. The Honda Clarity was produced from 2016 to 2021.

What is the fuel of the future?

Hydrogen is the fuel of the future.

Why is hydrogen the future fuel of choice?

In the future, hydrogen will join electricity as an important energy carrier, since it can be made safely from renewable energy sources and is virtually non-polluting. It will also be used as a fuel for ‘zero-emissions’ vehicles, to heat homes and offices, to produce electricity, and to fuel aircraft.

What are some current applications of fuel cells?

10 Industry applications of hydrogen fuel cells.

  • Global Distribution. Fuel cells boast both the range and power required for long-haul trucking and local distribution.
  • Buses.
  • Trains.
  • Personal Vehicles.
  • Planes.
  • Backup Power Generation.
  • Unmanned Arial Vehicles (UAVs)
  • Boats and Submarines.
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What are the markets where fuel cells are making an impact?

Companies with methanol fuel cell products are finding markets in material handling and off-grid applications, such as power for telecommunications towers, monitoring equipment and sensors, hand-held electronics, and electronics in recreational vehicles and boats.