Global Hydrogen Fuel Cells Market By Technology (Proton Exchange Membrane Fuel cells (PEMFC), and Other Technologies), By Application (Stationary, Transportation), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Nov 2021
- Report ID: 14878
- Number of Pages: 378
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Report Overview
In 2022, the Global Hydrogen Fuel Cells Market was valued at USD 14.3 billion, this market is estimated to register a CAGR of 21.5% and is expected to reach USD 95.5 billion during the forecasted period of 2023 to 2032.
Growing private and government investments in the establishment and development of hydrogen fuel cell-producing facilities to meet the rise in demand for Fuel Cell Electric Vehicles (FCEVs) are among some of the major factors anticipated to drive the market revenue growth during the forecast period. In addition, governments of multiple countries across the globe have applied a variety of strategies for addressing environmental concerns.
Driving Factors
The Rising Environmental Awareness and Increased Government Policies for the Production of Hydrogen Fuel Cell Infrastructure.
The electrical vehicle of a hydrogen fuel cell automobile is charged with the help of a hydrogen fuel cell. Hydrogen is used to charge hydrogen fuel cells. Hydrogen fuel cell automotives have an excessive potential for decreasing emissions in the transport industry. As well as gasoline and diesel vehicles, this vehicle generates no greenhouse gas emissions at the time of operation. The hydrogen fuel cell needs a constant supply of fuel and oxygen. Fuel cells are devices that utilize compound reactions to assist in the generation of electrical force.
The rising environmental awareness, costly initial infrastructural investment, increased government policies for the production of hydrogen fuel cell infrastructure, and technological advancements are all substantial factors that are propelling the growth of the global hydrogen fuel cell market. During the forecasted period, every variable is anticipated to have a substantial effect on the hydrogen fuel cells market.
Restraining Factors
The volatility of Raw Materials Costs for Hydrogen Fuel Cells
The high production cost of hydrogen fuel cells is a major concern that is expected to restrain the growth of the global hydrogen fuel cell market. Hydrogen fuel cell technology is used in power trains which are unable to produce greenhouse gases or particulate matter from the tailpipe or other harmful pollutants such as nitrogen oxides. This feature boosts vendors for the implementation of the technology. High production and raw material costs of hydrogen fuel cells are expected to restrain the market revenue growth of hydrogen fuel cells.
COVID-19 Impact Analysis
COVID-19 hurt the economic health of most regions and countries, resulting in economic failure. Multiple exploration and production activities have been suspended as a result of lockdowns and curfews, leading to an upsurge in the costs of gasoline.
In addition, growing consumer awareness regarding the requirement to cut emissions of Greenhouse Gas (GHG) and a better focus on sustainable energy is expected to drive demand for hydrogen fuel cells. Workforce shortages, a scarcity of medium voltage gear suppliers, facility shutdowns, lower contractor/subcontractor productivity, and other factors have all affected maintenance and installation operations.
By Technology Analysis
Based on technology, Polymer Exchange Membrane Fuel Cells (PEMFC) use expensive metals like platinum, alongside a polymer for the catalyst. It is known to be preferable other than technology so that it can operate at a cooler temperature that is between 60 to 200 degrees Fahrenheit. It functions between 50% to 60% productivity, which can also handle enormous and impulsive shifts in power output; also, they are used in residential markets, telecommunications, and data centers.
There is a possibility for PEMFCs to be used for stationary power generation, but they run into cooperation with other types of fuel cells, primarily Solid Oxide Fuel Cells (SOFC) and MCFCs. Other fuel cells type can run on methane as well as flexible systems, while PEMFCs normally need high-purity hydrogen for action. The addition of hydrogen sources is technically difficult, especially without a suitable place to store it inside the device but, PEMFCs have the possibility to replace the batteries for portable electronics.
By Application Analysis
Based on application, the global hydrogen fuel cell market has been divided into transportation, portable, and stationary. The stationary segment dominated the market in 2022 and is expected to be the fastest-growing segment during the forecast period, due to factors including high competence and the ability to utilize multiple fuels, the stationary segment is expected to grow.
Transportation is a significantly growing segment due to the growing demand for hydrogen fuel cells powered forklifts and hydrogen fuel cell vehicles. Therefore, increasing applications of Hydrogen Fuel cells in the transportation industry positively impact market growth.
By End-User Analysis
Based on end-user, the global hydrogen fuel cells market is considered for defense, fuel cell vehicles, and utilities. The fuel cell vehicle segment was the largest revenue contributor in the global hydrogen fuel cells market. Hydrogen fuel cells have a widespread scope in heavy commercial vehicles. For instance, Hyzon Motors Inc. is a major global player in zero-emission hydrogen fuel cell-based commercial vehicles. announced the expansion of the hydrogen storage systems technology which can reduce the weight and manufacturing cost of the commercial vehicle.
Key Market Segments:
Based on Technology
- Proton Exchange Membrane Fuel cells
- Phosphoric Acid Fuel Cells
- Solid Oxide Fuel Cells (SOFC)
- Polymer Exchange Membrane Fuel Cells (PEMFC)
- Other Technologies
Based on Application
- Stationary
- Transportation
- Portable
Based on End-User
- Fuel Cell Vehicles
- Utilities
- Defense
Growing Opportunities:
Growing Environmental Concerns
As rising awareness about natural resource depletion and environmental degradation grows, multiple technologies supporting the environment-friendly idea are being introduced into the market. In addition, increased levels of traffic and increased awareness of the effects of air pollution and greenhouse gas emission encourage the adoption of hydrogen fuel cell vehicles and provide productive opportunities, which are further eco-friendly than the other orthodox vehicles.
The growing environmental awareness, increased government policies for the structure of hydrogen fuel cell infrastructures, exclusive primary technology advancement, and infrastructure investment are all major factors impelling the growth of the hydrogen fuel cell market. During the forecast period, each of these variables is anticipated to record a major impact on the hydrogen fuel cells market.
Latest Trends:
Promote Clean Energy Sources by Focusing on Hydrogen Fuel Cells Technology.
Hydrogen fuel cells can store energy and never run out of power or are required to be charged as long as hydrogen is supplied. The hydrogen fuel cell produces heat and electricity which can be used in multiple applications, including power plants, vehicles, buildings, and other systems. Hydrogen fuel cells system offer lower capital expenditures for backup power solutions. Various countries have applied plans to promote clean energy sources by focusing on hydrogen fuel cell technology. These factors are expected to propel the growth of the hydrogen fuel cell market.
Regional Analysis
The North American region conquered the global hydrogen fuel cells market in 2022. The hydrogen fuel cell utilizations in North American countries have been assisted by development and research programs, as well as funding and expenditure by governments, as well as subsidies and incentives offered by the government for fuel cell-based vehicles, which have driven the utilization of fuel cells and hydrogen technologies in the North America region.
The Asia-Pacific region is expected to record the fastest growth rate during the forecast period. The region’s increasing population and rising disposable income are driving up the demand for clean energy. In addition, the region’s rapidly developing economies are also the world’s leading polluters. The fuel cell has been found as the best alternative to other traditional fossil fuel energy sources for decreasing carbon emissions and efficiently providing energy requirements.
Key Regions and Countries:
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
The global hydrogen fuel cell market is highly disrupted, with few players competing with each other. However, due to the market’s attractiveness, the number of new companies that are likely to enter the hydrogen fuel cell market in the forecasted period will rise. The leading players are involved in development and research to remain competitive and innovate new products.
Key Players in Hydrogen Fuel Cells Market:
Listed below are some of the most prominent hydrogen fuel cell industry players.
- BMW Group
- Audi AG
- Volvo Group
- Daimler AG
- General Motors Company
- Toyota Motor Corporation
- Hyundai Motor Group
- Ballard Power Systems
- FuelCell Energy Inc.
- Nedstack Fuel Cell Technology
- Other Key Players
Recent Developments:
- January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) engaged in an agreement for the reinforcement of Hydrogen Fuel Cell maintenance and operation capabilities. The two companies will work collectively to produce hydrogen fuel cells maintenance and operation technical training, as well as green hydrogen fuel cell project for distributed power, in the terms of the agreement.
- In June 2021, Renault Group and Plug Power Inc. participated in a joint venture with the formation of HYVIA to work on hydrogen fuel cells and low-carbon mobility. The HYVIA joint venture participates entire hydrogen mobility ecosystem from the vehicle to infrastructure and turnkey services for consumers. The development of this cutting-edge technology will enable in establishment industrial base and set up new value-generating activities in France.
Report Scope:
Report Features Description Market Value (2022) USD 14.3 Bn Forecast Revenue (2032) USD 95.5 Bn CAGR (2023-2032) 21.5% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Based on Technology – Proton Exchange Membrane Fuel cells (PEMFC), Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells (SOFC), Polymer Exchange Membrane Fuel Cells (PEMFC), and Other Technologies, By Application – Stationary, Transportation, and Portable, End User – Fuel Cell Vehicles, Utilities, and Defense Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape BMW Group, Audi AG, Volvo Group, Daimler AG, General Motors Company, Toyota Motor Corporation, Hyundai Motor Group, Ballard Power Systems, FuelCell Energy Inc., Nedstack Fuel Cell Technology, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What will be the market size for Hydrogen Fuel Cells Market in 2032?In 2032, the Hydrogen Fuel Cells Market will reach USD 95.5 billion.
What CAGR is projected for the Hydrogen Fuel Cells Market?The Hydrogen Fuel Cells Market is expected to grow at 21.5% CAGR (2023-2032).
Name the major industry players in the Hydrogen Fuel Cells Market.BMW Group, Audi AG, Volvo Group, Daimler AG, General Motors Company, Toyota Motor Corporation, Hyundai Motor Group and Other Key Players are the main vendors in this market.
List the segments encompassed in this report on the Hydrogen Fuel Cells Market?Market.US has segmented the Hydrogen Fuel Cells Market Market by geographic (North America, Europe, APAC, South America, and MEA). By Technology, market has been segmented into Proton Exchange Membrane Fuel cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells (SOFC), Polymer Exchange, Membrane Fuel Cells (PEMFC), and Other Technologies. By End-User, the market has been further divided into, Fuel Cell Vehicles, Utilities and Defense.
- BMW Group
- Audi AG
- Volvo Group
- Daimler AG
- General Motors Company
- Toyota Motor Corporation
- Hyundai Motor Group
- Ballard Power Systems
- FuelCell Energy Inc.
- Nedstack Fuel Cell Technology
- Other Key Players
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