Material Handling Equipment Market Size Worth $41.18 Billion By 2025

The global material handling equipment market size is expected to reach USD 41.18 billion by 2025, at a CAGR of 6.8% over the forecast period according to a study conducted by Grand View Research, Inc. Rising growth of e-commerce industry, rapid industrialization, and automation in manufacturing sector are some of the factors expected to positively impact the growth.

Rising penetration of advanced technologies such as Artificial Intelligence (AI), Radio Frequency Identification (RFID), and Internet of Things (IoT), among others is also anticipated to power the market growth. For instance, in April 2016, Hyster-Yale Materials Handling, Inc., announced the launch of Yale A-WARE. Yale A-WARE is a location-based truck performance control solution that uses RFID tags to control speed and monitor lifts and acceleration restrictions. These RFID tags are deployed in warehouse storage aisles, which are read by a RFID sensor mounted on the truck. The sensor reads the tag and triggers the pre-defined lift and speed settings at which the truck can operate.

Materials handling equipment are extensively used in several manufacturing industries, such as automotive, food and beverage, and pharmaceutical. For instance, chemical industries usually face inefficient or disorganized storage. This issue can be resolved with storage and handling systems that are highly specific or customized toward the load. Furthermore, the growing disposable income coupled with rising penetration of internet has made online shopping convenient. This has urged the need to set up more warehouses, which would indirectly spur the material handling equipment sales across the e-commerce industry.

Furthermore, these equipment are also used in warehouses for managing the storage and transportation of good and products. It improves productivity by enhancing logistics at warehouses and manufacturing plants. These products offer cost-effective, process efficient, and an accurate method for the swift transition of goods across the manufacturing plants and warehouses, thereby driving the market growth. However, high initial costs and real-time technical challenges coupled with lack of awareness are some of the challenges affecting the growth.

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Further key findings from the study suggest:

The industrial trucks segment accounted for a significant market share in 2018. However, automated storage and retrieval systems are anticipated to witness the highest growth over the forecast period. This is accredited to the varied uses of automated solutions across several applications such as conveyor systems, robotic delivery systems, and automated guided vehicles to speed up the task to be carried out
Additionally, benefits such as enhanced work efficiency and reduced human efforts are some of the major factors expected to augment the sales of automated storage and retrieval systems over the forecast period
Europe held a market share of over 30.0% in terms of revenue in 2018. However, Asia Pacific is anticipated to witness significant growth over the forecast period, attributed to the rising industrial and infrastructural activities in developing countries such as India and Japan. Additionally, growing e-commerce industry is also expected to spur product sales
The material handling equipment market is highly consolidated and characterized by high competition with the presence of major global players such as BEUMER Group; Intelligrated Systems Inc.; Kion Group AG; Toyota Industries Corporation; and Murata Machinery Ltd.; among others. These players engaged in mergers and acquisitions and collaborations or partnerships to enhance their market presence and to expand their product portfolio

Automotive Aftermarket Size Worth $513.8 Billion By 2027

The global automotive aftermarket size is expected to reach USD 513.8 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Digitalization of automotive repair and component sales, along with advanced technology incorporations in the automobile aftermarket component manufacturing, is expected to boost the market growth. Increasing adoption of semi-autonomous, electric vehicles, and hybrid and autonomous cars is further expected to bolster the market growth.

Increasing disposable income and improved lifestyle in developing countries such as India and Brazil are leading to increased vehicle penetration, which is expected to drive the market in the region. Growth in the automotive manufacturing sector across various regions, along with stringent emissions norms, are expected to drive the aftermarket component sales over the forecast period. Third party services and technological advancements offer new and profitable revenue streams to leverage these opportunities. In addition, the industry requires investment in product development, supply chain, organizational design, and pricing model to create significant surge in the demand.

Manufacturers in developing countries are adopting various strategies, including mergers, acquisitions, and partnerships to gain a strong foothold in the market. Asia Pacific is expected to be the fastest growing regional market owing to improving living standards and high automobile production. With increasing penetration and acceptance of gas and hybrid electric cars, specialized repair centers, dedicated toward repairing of particular vehicles, are expected to increase.

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Further key findings from the report suggest:

The aftermarket is estimated to grow significantly over the forecast period owing to increasing number of lightweight vehicles along with increasing age of the light vehicle fleet
Innovative business models and solutions provided by the manufacturers and growing investments in the same, are expected to create sustainable growth opportunities for the market
North America has a higher technology adoption rate, which is anticipated to result in faster and higher adoption of hybrid electric automobiles in the region as compared to other geographies
The automotive aftermarket is anticipated to witness a phase change owing to the growing proportion of specialized automotive collision repair centers that are dedicated toward serving specific vehicles such as alternate fuel powered vehicles
Key industry participants include Magneti Marelli S.p.A., Continental AG, 3M Company, Federal-Mogul Corporation, Delphi Automotive PLC, Robert Bosch GmbH, and Denso Corporation.

Electric Scooters Market Size Worth $41.98 Billion By 2030

The global electric scooters market size is expected to reach USD 41.98 billion by 2030 at a CAGR of 7.7% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing adoption of e-scooters among the young population, rising purchasing power of the middle-class community in developing countries, and rapid urbanization are expected to significantly drive product demand across the globe. Electric scooters offer affordable last-mile transportation as compared to on-demand transportation. Agility and ease of maneuver in densely populated areas with high traffic congestion are additional advantages these vehicles offer, which is expected to fuel E-scooters market growth.

Consumer satisfaction is another essential factor for vendors trying to retain existing customers or looking to expand their customer base. It can be measured using various parameters such as durability, maintenance expense, performance, comfort and safety, and operating cost. Vendors are trying to focus on two critical factors to attract customers: design/style and specifications. In May 2019, Pure EV launched two electric scooters for the Indian market, EPLUTO and ETRANCE, with the long-range of 120kms per charge. The ETRANCE scooter has a ground to handle height of about 3.5ft and weighs around 47kgs. These specifications were specifically designed with the women population in the country.

The year 2018 witnessed the introduction of various battery-operated two-wheelers, for instance, Vespa Electrica by Piaggio & C. SPA. The following year was highly promising for most electric scooter vendors owing to the various strategies adopted by them to expand their fleet to international markets. Besides this, well-established two-wheeler companies launched their electric scooters and invested in the installation of charging systems and infrastructure across various countries. For instance, Gogoro, Inc. and KYMCO expanded their reach in other regions to capture the benefit of untapped market. GenZe By Mahindra, YAMAHA Motor Pvt. Ltd., VÄSSLA ELECTRIC SCOOTERS., and PURE EV are among other players that integrated swappable battery systems in their electric scooter variants. Moreover, the governments in several Asian and European countries have been offering subsidies to drive the sale of battery-powered two-wheelers. These initiatives are anticipated to become more robust with increasing gasoline prices.

Asia Pacific dominated the global market in 2019 and is predicted to continue its dominance over the forecast period. The growth in the region is accredited to the presence of increasing number of e-scooter manufacturers and rising vehicle charging infrastructural investments in countries such as Taiwan, India, and China. In 2019, China acquired over 84% of the revenue in the Asia Pacific market. North America is poised to grow at a considerable pace from 2020 to 2030. The growth in the region is owing to faster adoption of electric vehicles in the U.S. as an alternative to traditional fuel transportation.

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https://www.grandviewresearch.com/industry-analysis/electric-scooters-market

Further key findings from the study suggest:

By product, the retro segment is expected to dominate the E-scooters market owing to significant demand for the same among youth and elderly population
Based on battery, the sealed lead acid segment dominated the market with a 63.8% share in the market in 2019 due to benefits such as low cost, and robustness. However, the share is anticipated to decline swiftly owing to significant rise in demand for Li-Ion batteries
Asia Pacific is expected to be the largest regional market over the forecast period owing to significant investments in vehicle charging infrastructure and government subsidies for battery-powered scooters
Prominent industry participants include Gogoro, Inc.; Piaggio & C. SPA; Mahindra GenZe; Gogoro, Inc.; Jiangsu Xinri E-vehicle Co. Ltd.; and Hero Electric.

Smart Cities Market Size Worth $463.9 billion By 2027

The global smart cities market size is expected to reach USD 463.9 billion by 2027, registering a CAGR of 24.7% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Smart cities encapsulate a significant number of different domains and application areas that are enhanced with technological advancements and their effective use to provide services to people. Be it a major tourism hub or a small community striving to become sustainable, smart city solutions have found their way in diverse areas of an urban lifestyle. The demand for these solutions is anticipated to be on the rise, owing to a number of factors such as growing urban population and the need to better manage limited natural resources for environmental sustainability. Rapid urbanization, aging infrastructure, and adoption of new technology, coupled with the need for improved quality of life, are also driving the market growth.

Smart cities address a diverse set of problems, such as efficient transportation, smart and enhanced buildings and homes, optimum energy utilization, and better administrative services. The increasing adoption of novel technologies that complement the management of cities in the future is also a major catalyst for the market growth. The market would also benefit from initiatives taken by national and regional governments, residents, and local businesses to implement projects and tend toward cities’ problems.

Smart city market encompasses several sectors such as healthcare, transport, water, assisted living, security, and energy and their implementation varies from city to city due to the technological penetration in the region. The high amount of initial financial investments, need for the consolidation of different departments and sectors, and lack of a systemic approach may have a negative impact on the industry growth. Nevertheless, the market is anticipated to grow rapidly in the coming years, which would be driven by the availability of technology and an all-inclusive participation of industry stakeholders.

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https://www.grandviewresearch.com/industry-analysis/smart-cities-market

Further key findings from the study suggest:

Communication infrastructure and web-based services are anticipated to play a major role toward global adoption of this solution. The inevitable consolidation of services, infrastructure, data, and sensors would significantly help adopt advanced solutions for these cities. The major hindrance in the adoption and implementation of these technologies include concerns regarding the privacy and security of data
Attempts have also been made at developing consortia to support and standardize the market globally; however, this is limited to certain regions and application areas due to the lack of a systemic approach
The industry is witnessing different forms of investment scenarios, such as Build Operate Transfer (BOT), Build Operate Manage (BOM), and Build Operate Own (BOO), which are gaining traction as the major financial funding measures for these cities. The BOM model for investment and management is gaining popularity due to ease of operation and control over the infrastructure that it offers to interested parties
Key participants in the smart cities market include ABB Limited; Accenture; Cisco Systems, Inc.; Schneider Electric SE; Siemens AG; IBM Corporation; General Electric Company; and Microsoft Corporation; Hitachi, Ltd.; Honeywell International Inc.; Intel Corporation; Oracle Corporation; Huawei Technologies Co. Ltd.; and Johnson Controls International plc. The industry is also marked with a growing number of collaborations between governments and companies to develop and implement pilot projects.

Video Surveillance & VSaaS Market Size Worth $48.95 Billion By 2020

The Global video surveillance & VSaaS market size is expected to reach USD 48.95 billion by 2020, according to a new study by Grand View Research, Inc. Growing number of security concerns on a global level coupled with increased investment in sophisticated surveillance network development is expected to drive the market. Increased demand for traffic surveillance and intrusion detection is also expected to propel market growth over the next six years.

Technological advancement has led to the development of improved surveillance cameras and related devices. Declining IT costs and centralized data management are expected to positively impact the video surveillance & VSaaS market. Privacy concerns associated with public surveillance may restrain the market growth. Implementing big data analytics solutions is expected to provide viable growth opportunities to companies operating in the market. Mobile video surveillance allows real-time data viewing, which presents growth potential to the video surveillance market.

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https://www.grandviewresearch.com/industry-analysis/video-surveillance-industry

Further Key Findings from the Report Suggest:

IP-based systems are expected to gain market share over the forecast period, which can be attributed to benefits such as superior image resolution and integrated analytics engines. The demand for analog systems is expected to remain robust in the price-sensitive consumer segment.
Hardware accounted for the majority of the market share in 2013 and is expected to remain the leading component segment over the forecast period. Key hardware products include cameras, recorders, and storage devices; the need for efficient security in public venues and sporting events is expected to drive global surveillance cameras demand. The services segment that includes hosted, managed and hybrid services is expected to witness high growth over the next six years.
Transportation and retail are expected to remain the major application segments over the forecast period. The need for traffic regulation and controlling theft and vandalism activities in public transport are expected to drive market growth. Video surveillance proves effective for deterring crime and curbing business losses, which is expected to fuel the retail segment.
North America was the largest regional market in 2013 and is characterized by the presence of several industry participants. Asia Pacific is expected to gain market share over the forecast period; this is mainly due to the growing installation of surveillance devices in China and India, along with increased infrastructure spending in the region.
Key market players include Hikvision Digital Technology, Axis Communications, Honeywell, Cisco, Bosch Security, etc. Companies enter into strategic alliances and focus on product innovation in order to gain market share. Focus on providing VSaaS solutions and investing in emerging markets are other strategic initiatives.

Tight Gas Market Demand To Reach 15,452.3 BCF By 2027

The global tight gas market demand is expected to reach 15,452.3 billion cubic feet (BCF) by 2027, ascending at a CAGR of 5.02% from 2020 to 2027, according to a new report by Grand View Research, Inc. The rise in government policies for clean fuel production, along with the deployment of advanced drilling technologies across several countries, is likely to drive the market over the forecast period.

Tight gas, a form of natural gas, is regarded as a reliable energy source for power generation and occupies the second-largest share of energy supply in the global electricity generation after coal. The share of tight gas is bound to increase over the coming years in response to the environmental and economic limits of coal generation, at least in countries where natural gas is a viable alternative. This heavy end-use application is expected to positively influence the tight gas industry landscape.

The tight gas supply chain includes production and processing, gas transmission and storage, and distribution to large volume customers, residential customers, and commercial customers. The convergence of multi-stage hydraulic fracturing and horizontal drilling has enabled the industry participants to produce natural gas from tight formations in an economic manner. The development of these advanced techniques is expected to strengthen the upstream segment of the supply chain.

Stable regulatory and fiscal policies, adoption of advanced technologies, decreasing drilling and well completion costs, along with growing investments from international market players, are among the key factors for sustaining the competitiveness of the tight gas industry. Moreover, the profitable production of tight gas depends on the accessible demand markets for it, such as electricity generation, industrial thermal sector, building thermal sector, and others.

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https://www.grandviewresearch.com/industry-analysis/tight-gas-industry

Further key findings from the report suggest:

The industrial application segment accounted for the largest market share in 2019 owing to utilization of tight gas in various applications in industries such as for production of fertilizers, chemical plants, iron and steel plants, and in various other industries
The power generation application segment is expected to expand at the fastest growth rate in the forecast period owing to rise in environmental concerns regarding coal-based power generation plants, coupled with major countries around the world switching towards natural gas-based power generation plants
North America occupied a dominant market position in 2019, with the U.S. being touted as the major contributor across the region. Development of advanced drilling technology, along with the presence of abundant tight gas reserves, is anticipated to propel the market growth over the forecast period in the region
The rest of the world is expected to witness the fastest growth over the forecast period. Countries such as China and Argentina are expected to dominate the region over the forecast period owing to the presence of favorable policies and financial support from the government for tight gas development
The transportation application segment is estimated to expand at a significant CAGR over the forecast period owing to rise in environmental concerns regarding the usage of diesel and gasoline fuel, coupled with a rise in the adoption of compressed natural gas (CNG) fueled vehicles in major countries around the world.

Shale Gas Market Size Worth $131.1 Billion By 2027

The global shale gas market size is expected to reach USD 131.1 billion by 2027, ascending at a CAGR of 8.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for cleaner combustion energy sources in several end-use applications is likely to drive the market over the forecast period.

Profitable production of shale gas, a natural gas trapped in shale formations, relies on accessible demand for it. It has technical characteristics that make it a very useful and flexible fuel, where the delivery infrastructure exists, and it has found uses in the building thermal sector, industrial thermal sector, and power generation. Recent macroeconomic shifts along with fuel supply competitive dynamics have caused the proportions to favor shale gas usage in power generation more and industrial usage less.

Shale gas contributes substantial energy to electricity generation and second only to coal in terms of the share of energy supply in global electricity generation. This share is expected to grow over the next few decades in response to the economic and environmental limits of coal generation, at least where natural gas is a viable alternative. This end-use application is expected to drive the market over the forecast period.

The shale gas supply chain includes production and processing, gas transmission and storage, and distribution to city gate, large volume customers, residential customers, and commercial customers. Development of hydraulic fracturing technology along with horizontal drilling technique is expected to boost economical production of shale gas, thereby strengthening the upstream segment of the supply chain.

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https://www.grandviewresearch.com/industry-analysis/shale-gas-industry

Further key findings from the study suggest:

North America occupied the largest market revenue share in 2019, with U.S. being the major contributor to the regional market. Abundant shale gas reserves along with development of advanced drilling technology are among the key factors influencing industry growth
Potential shale gas resources in China are attracting huge investments from major market players all over the world in order to extract and produce unconventional gas from the reserves
The power generation segment occupied the largest market share of 36.1% in 2019 owing to growing demand of natural gas in coal-to-gas electricity generation plants
The transportation sector is estimated to witness a significant CAGR owing to increasing number of Compressed Natural Gas (CNG) fueled vehicles across the automotive industry.

Aluminum Flat Products Market Size Worth $74.9 Billion By 2027

The global aluminum flat products market size is expected to reach USD 74.9 billion by 2027, expanding at a CAGR of 4.2%, according to a new report by Grand View Research, Inc. Establishment of plants and stringent regulation policies is projected to assist in the growth of the market. In July 2018, BMW announced its plans to invest USD 1.7 billion in a new car factory in Hungary. Establishment of new manufacturing plants is anticipated to increase the demand for aluminum flat products in the automotive sector. In November 2017, Aleris Corp announced its capacity expansion to increase the production of aluminum sheet for the automotive sector in Europe. These initiatives by the major end-use industries and manufacturing companies are likely to propel market growth over the forecast period.

Growing demand for electric vehicles and favorable tax policies by government is another factor driving the market. Considering the environmental pollution, in January 2019, the Federal Ministry of Finance in Germany announced its plan to implement that the consumers using electric vehicles have to pay less tax than the consumers using the combustion engine to promote the sales of electric vehicles. Utilization of lightweight materials enhances the performance of electric vehicles. As electric mobility penetrates the automotive sector of the country, it is likely to generate demand for aluminum flat products over the forecast period.

The use of recycled material by the enduse industries to reduce the production cost and environmental pollution caused during the extraction of bauxite. For instance, in September 2017, Jaguar Land Rover announced to expand the use of recycled aluminum in vehicles. Jaguar Land Rover invested USD 2.3 million to meet the target of using Recycled Aluminum through Innovative Technology (REALITY) from the end of vehicles life and used in new vehicle body structure.

Availability of substitutes is likely to hamper market growth over the forecast period. Carbon fiber and magnesium alloy are major substitutes for aluminum in the automotive sector. Properties of magnesium alloys such as dent-resistance and machinability coupled with its ability to shield electromagnetic radiation and damped vibrations are likely to propel its utilization over the coming years.

Outbreak of COVID-19 in the first quarter of 2020 is projected to put short term negative impact on the market. Most governments around the world have observed lockdown due to highly contagious nature of COVID-19. This has affected temporary closure of non-essential businesses such vehicles and aircraft manufacturing creating impact in the demand of various metals and its alloys.

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https://www.grandviewresearch.com/industry-analysis/aluminum-flat-products-market

Further key findings from the report suggest:

In terms of volume, building and construction was the largest application segment and accounted for 10,693.5 kilotons of volume in 2019. The growth of the segment is attributed to growing infrastructure investments in emerging countries such as India and Brazil
In terms of revenue, automotive and transportation segment is projected to witness a CAGR of 3.6% over the forecast period. Increasing aluminum content per vehicle is key factor promoting the growth of this application segment
Plates accounted for revenue share of 42.0% in 2019. The growth of the segment is attributed to increasing demand in shipbuilding and consumer durables industry
Asia Pacific is projected to remain largest regional market over the coming years on account of growing demand from automotive and construction sector.

Coal Bed Methane Market Worth $25.2 Billion By 2027

Coal Bed Methane is an unconventional form of natural gas which is found in coal seams or coal deposits. It is also known as coal seam gas, virgin coal seam methane, or ‘sweet gas’, owing to a lack of hydrogen sulfide. There are different methods of recovering CBM, making it a very stable source of energy. Drilling cost is the major contributor to the overall production cost. Electricity cost, machine maintenance cost and operational costs also contribute to the total cost of production. The leading application area is power generation.

Natural gas is one of the most rapidly growing forms of energy and has made its presence felt significantly in the global energy market. It has been rapidly catching up with crude oil as a fuel alternative because of its cleaner existence. Natural gas has been able to successfully penetrate the transportation and domestic application markets, thus helping it evolve as the primary global fuel. However, there has been an increased emphasis on the usage of unconventional natural gas sources such as shale gas, tight gas, methane hydrates and CBM owing to the depletion of conventional natural gas reserves.

However, the market is also not without its challenges. The dewatering of a CBM well consumes a lot of time, increasing the overall cost of its development which is a major challenge to this market. The Chinese market has not reached its full potential owing to myriad issues ranging from geological conditions, to conflicting mining rights, to insufficient subsidies and difficulties faced in attracting private capital. Also, doubts still persist regarding the quality, quantity and dispersal of the water from the coal seams.

The U.S. dominates global production, followed by Canada. The Asia Pacific region is expected to be one of the fastest growing markets in the near future owing to an increase in drilling activities, primarily in coal rich countries such as India, Australia, China and Indonesia. In Europe, the United Kingdom also has gathered pace in extraction activities of coal bed methane. Australia has been a major contributor to the market, with coal seam gas exploration a thriving activity, and the industry is aggressively expanding in the New South Wales (NSW) region. Bowen basin, Surat basin and Sydney basin are some of the well-known sites for coal seam gas exploration. India and China are especially showing good promise in terms of coal bed methane reserves and their exploration.

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https://www.grandviewresearch.com/industry-analysis/coal-bed-methane-industry

Further key findings from the report suggest:

Coal Bed Methane production is expected to be driven by increasing exploration and extraction on a global scale over the next few years.
Methane emissions that result from conventional fuel and coal mining are reduced in this case, thus driving the market.
Governments provide tax incentives to companies undertaking this operation, which again is a big driving factor. CBM is also priced lower than other unconventional natural gases, increasing its market attractiveness.
Growing demand for sustainable fuel in the country in order to reduce reliance on conventional sources of natural gas is expected to be the key driving force for the North American market.
Growing GDP in Asia-Pacific is responsible for the increasing energy demand in the region, with China, India and Indonesia being the prime contributors. Companies have been attracted to invest in this region due to the huge amount of unproven reserves of Coal Bed Methane in these countries.

Fuel Cell Market Size Worth $33.09 Billion By 2027

Fuel cells are devices which convert the fuel’s chemical energy into electricity via a chemical reaction in the presence of an oxidizing agent. They can be of different types, but they all consist of an anode, cathode, as well as an electrolyte. They use hydrogen or other hydrocarbon fuels which are available in abundance, along with an oxidant (usually oxygen), to carry out an electrochemical reaction. This makes them one of the fastest growing alternate backup power options. Additionally, they are eco-friendly as their by-product only comprises nitrous oxide. They generate lower noise levels as compared to other incumbent technologies due to lack of moving parts and an efficient combustion process.

There are various types of such cells, the major ones being PEMFC (Proton Exchange Membrane), SOFC (Solid Oxide), PAFC (Phosphoric Acid) and MCFC (Molten Carbonate). Portable applications include consumer products such as laptops and mobile phones, personal electronics, Accelerated Processing Units, portable products and consumer products such as laptops and mobile phones. Stationary applications include Uninterrupted Power Supply (UPS), residential power and Combined Heat Power (CHP). Transportation applications include auxiliary power units and electric vehicles. Fuel cell vehicles, generally hydrogen fuel cell vehicles, have gained a lot of support and visibility in the past few years. With this in mind, fueling stations have seen a healthy growth in the past few years.

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https://www.grandviewresearch.com/industry-analysis/fuel-cell-market

Further key findings from the report suggest:

Governments of various countries have been pushing for their development and technological advancement due to their eco-friendly nature, which is expected to significantly drive the market.
The increasing need for reduced emissions and better fuel economy has resulted in development of fuel cell enabled commercial vehicles that utilize hydrogen fuel.
Various countries and participants are trying to successfully implement this technology at lower costs, which increases their market attractiveness.
However, their implementation and use also comes with a set of restraints. Most significant among them being cost, as even though technological advancements are being made in the field, they have still not been able to compete economically with traditional energy technologies, which includes gasoline internal combustion engines. Another issue with is that hydrogen storage and distribution is difficult, which provides hindrance to market growth. Vehicles based on this technology have their set of detractors, with the production, storage and cost of the technology being the most common point of argument. This is expected to hinder the future market.
North America dominates the market in terms of installed capacity and unit shipment owing to favorable regulatory scenario and technological advancement in this region. The U.S. Department of Energy has over 300 patents on fuel cell technology and is extensively involved in its research. Asia Pacific is the second largest market due to high demand from Japan and South Korea. The market in other countries such as China and India is also expected to increase due to an increase in the technological capabilities and government support. Europe is expected to witness fast growth in terms of their installed capacity primarily due to growing hydrogen fuel infrastructure in Germany, Norway, Denmark and Sweden.