The future of the hydrogen fuel cell market looks promising with opportunities in the stationary, transportation, and portable applications. The global hydrogen fuel cell market is expected to grow with a CAGR of 21% to 23% from 2023 to 2028. The major drivers for this market are increase in subsidy policy by the central and local governments on electric vehicles, increasing production of hydrogen fuel-cell vehicles, and various initiatives taken by the governments to curb greenhouse gases.
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Hydrogen Fuel Cell Market by Segment
The study includes a forecast for the global hydrogen fuel cell market by product type, technology, application and region, as follows:
Hydrogen Fuel Cell Market by Product Type [Value ($B) Shipment Analysis from 2017 to 2028]:
- Air-Cooled Type
- Liquid-Cooled Type
Hydrogen Fuel Cell Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
- Stationary
- Transportation
- Portable
Hydrogen Fuel Cell Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:
- Polymer Exchange Membrane Fuel Cells (PEMFC)
- Phosphoric Acid Fuel Cells (PAFC)
- Solid Oxide Fuel Cells (SOFC)
- Direct Methanol Fuel Cells (DMFC)
- Molten Carbonate Fuel Cells (MCFC)
Hydrogen Fuel Cell Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
- List of Hydrogen Fuel Cell Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies hydrogen fuel cell companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the hydrogen fuel cell companies profiled in this report include.
- Fuel Cell Energy
- Cummins
- Ballard Power Systems
- Plug Power
- Bloom Energy
- AFC Energy
- Dossan Fuel Cell
- Panasonic Holding Corporation
- Intelligent Energy Limited
- Pearl Hydrogen
- Hydrogen Fuel Cell Market Insights
- The analyst forecasts that liquid-cooled type will remain the fastest growing segment over the forecast period due to it offers more cooling in comparison to air-cooled type, and condenser cooling allows fuel cell stack to function at higher temperatures in comparison to other cooling types.
- Within this market, transportation is expected to remain the highest growing segment due to rising demand for hydrogen fuel cell automobiles and hydrogen fuel cell powered forklifts, and the industry is expected to expand as a result of increased research and development activities in developed and developing countries to produce hydrogen-powered hybrid vehicles.
- North America will remain the largest region due to research and development programs, as well as incentives and subsidies provided by government for fuel cell-based vehicles, as well as funding and expenditure by governments, which have pushed the use of fuel cell and hydrogen technologies in the North American region.
Features of the Hydrogen Fuel Cell Market
- Market Size Estimates: Hydrogen fuel cell market size estimation in terms of value ($B)
- Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
- Segmentation Analysis: Hydrogen fuel cell market size by various segments, such as by product type, technology, application and region.
- Regional Analysis: Hydrogen fuel cell market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different by product type, technology, application and regions for the hydrogen fuel cell market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for the hydrogen fuel cell market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQS
Q1. What is the hydrogen fuel cell market size?
Answer: The global hydrogen fuel cell market is expected to reach an estimated $xx billion by 2028.
Q2. What is the growth forecast for hydrogen fuel cell market?
Answer: The global hydrogen fuel cell market is expected to grow with a CAGR of 21% to 23% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the hydrogen fuel cell market?
Answer: The major drivers for this market are increase in subsidy policy by the central and local governments on electric vehicles, increasing production of hydrogen fuel-cell vehicles, and various initiatives taken by the governments to curb greenhouse gases.
Q4. What are the major segments for hydrogen fuel cell market?
Answer: The future of the hydrogen fuel cell market looks promising with opportunities in the stationary, transportation, and portable applications.
Q5. Who are the key hydrogen fuel cell companies?
Answer: Some of the key hydrogen fuel cell companies are as follows:
- Fuel Cell Energy
- Cummins
- Ballard Power Systems
- Plug Power
- Bloom Energy
- AFC Energy
- Dossan Fuel Cell
- Panasonic Holding Corporation
- Intelligent Energy Limited
- Pearl Hydrogen
Q6. Which hydrogen fuel cell segment will be the largest in future?
Answer:The analyst forecasts that liquid-cooled type will remain the fastest growing segment over the forecast period due to it offers more cooling in comparison to air-cooled type, and condenser cooling allows fuel cell stack to function at higher temperatures in comparison to other cooling types.
Q7. In hydrogen fuel cell market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region due to research and development programs, as well as incentives and subsidies provided by government for fuel cell-based vehicles, as well as funding and expenditure by governments, which have pushed the use of fuel cell and hydrogen technologies in the North American region.
Q8. Do we receive customization in this report?
Answer: Yes, the analyst provides 10% Customization Without any Additional Cost.
This report answers the following 11 key questions
Q.1. What are some of the most promising, high-growth opportunities for the hydrogen fuel cell market by product type (air-cooled type and liquid-cooled type), application (stationary, transportation, and portable), technology (proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), molten carbonate fuel cells (MCFC)) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?
Table of Contents
1. Executive Summary2. Global Hydrogen Fuel Cell Market: Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2017 to 2028
3.1: Macroeconomic Trends (2017-2022) and Forecast (2023-2028)
3.2: Global Hydrogen Fuel Cell Market Trends (2017-2022) and Forecast (2023-2028)
3.3: Global Hydrogen Fuel Cell Market by Product Type
3.3.1: Air-Cooled Type
3.3.2: Liquid-Cooled Type
3.4: Global Hydrogen Fuel Cell Market by Application
3.4.1: Stationary
3.4.2: Transportation
3.4.3: Portable
3.5: Global Hydrogen Fuel Cell Market by Technology
3.5.1: Proton Exchange Membrane Fuel cells (PEMFC)
3.5.2: Phosphoric Acid Fuel Cells (PAFC)
3.5.3: Solid Oxide Fuel Cells (SOFC)
3.5.4: Direct Methanol Fuel Cells (DMFC)
3.5.5: Molten Carbonate Fuel Cells (MCFC)
4. Market Trends and Forecast Analysis by Region from 2017 to 2028
4.1: Global Hydrogen Fuel Cell Market by Region
4.2: North American Hydrogen Fuel Cell Market
4.2.1: North American Hydrogen Fuel Cell Market by Product Type
4.2.2: North American Hydrogen Fuel Cell Market by Application
4.3: European Hydrogen Fuel Cell Market
4.3.1: European Hydrogen Fuel Cell Market by Product Type
4.3.2: European Hydrogen Fuel Cell Market by Application
4.4: APAC Hydrogen Fuel Cell Market
4.4.1: APAC Hydrogen Fuel Cell Market by Product Type
4.4.2: APAC Hydrogen Fuel Cell Market by Application
4.5: ROW Hydrogen Fuel Cell Market
4.5.1: ROW Hydrogen Fuel Cell Market by Product Type
4.5.2: ROW Hydrogen Fuel Cell Market by Application
5. Competitor Analysis
5.1: Product Type Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Hydrogen Fuel Cell Market by Product Type
6.1.2: Growth Opportunities for the Global Hydrogen Fuel Cell Market by Application
6.1.3: Growth Opportunities for the Global Hydrogen Fuel Cell Market by Technology
6.1.4: Growth Opportunities for the Global Hydrogen Fuel Cell Market by Region
6.2: Emerging Trends in the Global Hydrogen Fuel Cell Market
6.3: Strategic Analysis
6.3.1: New Product Type Development
6.3.2: Capacity Expansion of the Global Hydrogen Fuel Cell Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Hydrogen Fuel Cell Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Fuel Cell Energy
7.2: Cummins
7.3: Ballard Power Systems
7.4: Plug Power
7.5: Bloom Energy
7.6: AFC Energy
7.7: Dossan Fuel Cell
7.8: Panasonic Holding Corporation
7.9: Intelligent Energy Limited
7.10: Pearl Hydrogen
Companies Mentioned
- Fuel Cell Energy
- Cummins
- Ballard Power Systems
- Plug Power
- Bloom Energy
- AFC Energy
- Dossan Fuel Cell
- Panasonic Holding Corporation
- Intelligent Energy Limited
- Pearl Hydrogen
Methodology
The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in the market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.
Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.
Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
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