Market Size of North America Fuel Cell Technology Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 14.97 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Fuel Cell Technology Market Analysis
The North American fuel cell technology market is expected to register a CAGR of 14.97% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, the advantages of fuel cells over their alternatives, such as lithium-ion batteries, government initiatives, and private investment support, are expected to drive the market studied.
- On the other hand, the availability of proven and cost-effective alternate energy storage systems and the lack of hydrogen supply infrastructure are expected to restrain the market during the forecast period.
- Nevertheless, pure battery vehicles cannot cover all the route, load, and refueling requirements; therefore, fuel cells are a practical solution for trucks to maintain a place. Thus, this is expected to provide an excellent opportunity for the fuel cell technology market in the near future.
