The global hydrogen fuel market size was valued at $2.7 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
A fuel cell is an electrochemical device that uses two redox processes to transform the chemical energy of a fuel (typically hydrogen) and an oxidizing agent (commonly oxygen) into electrical energy. In contrast to most batteries, fuel cells require a constant supply of fuel and oxygen to sustain the chemical reaction. Electricity is generated by using hydrogen to operate a hydrogen fuel cell. Hydrogen Fuel Cell Vehicle possess high potential to reduce emissions related to the transportation sector. They do not produce any greenhouse gas (GHG) emissions during vehicle operation.
The increased environmental concerns, increased government initiatives for the construction of hydrogen fuel cells infrastructure, expensive initial infrastructure investment, and technology advancement are all significant factors influencing the growth of the global hydrogen fuel cells market. During the forecast period, each of these variables is expected to have a significant impact on the hydrogen fuel cells market. The market for hydrogen fuel cells is being driven by the growing demand for electric vehicles. The use of electric vehicles has drawn the attention of the government due to an increase in carbon emissions. Another element influencing the industry is the increased environmental awareness. The environmental issues have arisen as a result of the over exploitation of fossil resources, which have resulted in harmful gas emissions. The hydrogen fuel cells market’s demand is being driven by the desire to minimize reliance on diesel and oil.
The automobile sector has experienced remarkable expansion as a result of rising vehicle demand. However, in recent years, there has been a growing awareness and issue about the negative environmental impact of fossil fuel engines, which produce considerable amounts of greenhouse gases. Over the projected period, this is expected to assist the expansion of hydrogen fuel cells market. Other reasons such as technical improvements, higher performance, rising petroleum prices, reduced noise, and stringent government regulations regarding environmental conservation are also predicted to contribute to the hydrogen fuel cells market’s growth during the forecast period.
The fuel cell deployments in North American countries have been aided by 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 North America region. The Asia-Pacific market segment, on the other hand, is expected to develop at the fastest rate during the forecast period. The region’s expanding population and rising disposable income are lifting up the demand for energy. The hydrogen fuel cells have been found as the best alternative to other conventional fossil fuel energy sources for reducing carbon emissions and efficiently providing energy needs. The global market for hydrogen fuel cells is highly fragmented, with only a few firms competing with each other. However, due to the market’s competitiveness, the number of new companies is likely to enter the hydrogen fuel cells market in the near future is expected to increase.
For the purpose of analysis, the hydrogen fuel cell market is segmented on the basis of type, application, end user, and region. On the basis of type, it is segmented into proton exchange membrane fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells and others. On the basis of application, the market is segmented into stationary, transportation and portable. On the basis of end user, the global hydrogen fuel cell market is segmented into fuel cell vehicles, utilities and defense. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investments. In addition, it includes analysis of Porter’s five forces to understand the application competitive scenario and role of each stakeholder.
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights competitive landscape of key players to increase their market share and sustain intense competition in the application. AFC Energy plc, Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd, FuelCell Energy, Inc., Intelligent Energy, Nedstack Fuel Cell Technology, Plug Power Inc, and SFC Energy AG are some of the major players discussed in the report.
The report explains drivers, restraints, and opportunities are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
A fuel cell is an electrochemical device that uses two redox processes to transform the chemical energy of a fuel (typically hydrogen) and an oxidizing agent (commonly oxygen) into electrical energy. In contrast to most batteries, fuel cells require a constant supply of fuel and oxygen to sustain the chemical reaction. Electricity is generated by using hydrogen to operate a hydrogen fuel cell. Hydrogen Fuel Cell Vehicle possess high potential to reduce emissions related to the transportation sector. They do not produce any greenhouse gas (GHG) emissions during vehicle operation.
The increased environmental concerns, increased government initiatives for the construction of hydrogen fuel cells infrastructure, expensive initial infrastructure investment, and technology advancement are all significant factors influencing the growth of the global hydrogen fuel cells market. During the forecast period, each of these variables is expected to have a significant impact on the hydrogen fuel cells market. The market for hydrogen fuel cells is being driven by the growing demand for electric vehicles. The use of electric vehicles has drawn the attention of the government due to an increase in carbon emissions. Another element influencing the industry is the increased environmental awareness. The environmental issues have arisen as a result of the over exploitation of fossil resources, which have resulted in harmful gas emissions. The hydrogen fuel cells market’s demand is being driven by the desire to minimize reliance on diesel and oil.
The automobile sector has experienced remarkable expansion as a result of rising vehicle demand. However, in recent years, there has been a growing awareness and issue about the negative environmental impact of fossil fuel engines, which produce considerable amounts of greenhouse gases. Over the projected period, this is expected to assist the expansion of hydrogen fuel cells market. Other reasons such as technical improvements, higher performance, rising petroleum prices, reduced noise, and stringent government regulations regarding environmental conservation are also predicted to contribute to the hydrogen fuel cells market’s growth during the forecast period.
The fuel cell deployments in North American countries have been aided by 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 North America region. The Asia-Pacific market segment, on the other hand, is expected to develop at the fastest rate during the forecast period. The region’s expanding population and rising disposable income are lifting up the demand for energy. The hydrogen fuel cells have been found as the best alternative to other conventional fossil fuel energy sources for reducing carbon emissions and efficiently providing energy needs. The global market for hydrogen fuel cells is highly fragmented, with only a few firms competing with each other. However, due to the market’s competitiveness, the number of new companies is likely to enter the hydrogen fuel cells market in the near future is expected to increase.
For the purpose of analysis, the hydrogen fuel cell market is segmented on the basis of type, application, end user, and region. On the basis of type, it is segmented into proton exchange membrane fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells and others. On the basis of application, the market is segmented into stationary, transportation and portable. On the basis of end user, the global hydrogen fuel cell market is segmented into fuel cell vehicles, utilities and defense. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investments. In addition, it includes analysis of Porter’s five forces to understand the application competitive scenario and role of each stakeholder.
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights competitive landscape of key players to increase their market share and sustain intense competition in the application. AFC Energy plc, Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd, FuelCell Energy, Inc., Intelligent Energy, Nedstack Fuel Cell Technology, Plug Power Inc, and SFC Energy AG are some of the major players discussed in the report.
The report explains drivers, restraints, and opportunities are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen fuel cell market
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hydrogen fuel cell market- opportunity analysis and industry forecast 2018-2024. market- opportunity analysis and industry forecast 2018-2024. market by type (proton exchange membrane fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, others), by application (stationary, transportation, portable), by end user (fuel cell vehicles, utilities, defense): global opportunity analysis and industry forecast, 2021-2031 trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Stationary
- Transportation
- Portable
By End User
- Fuel Cell Vehicles
- Utilities
- Defense
By Type
- Proton Exchange Membrane Fuel cells
- Phosphoric Acid Fuel Cells
- Solid Oxide Fuel Cells
- Molten Carbonate Fuel Cells
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Europe
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- AFC Energy
- Nedstack Fuel Cell Technology
- Doosan Fuel Cell Co. Ltd.
- Ballard Power Systems
- SFC Energy AG
- FuelCell Energy, Inc.
- Ceres
- Plug Power Inc.
- Bloom Energy
- Intelligent Energy
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HYDROGEN FUEL CELL MARKET, BY TYPE
CHAPTER 5: HYDROGEN FUEL CELL MARKET, BY APPLICATION
CHAPTER 6: HYDROGEN FUEL CELL MARKET, BY END USER
CHAPTER 7: HYDROGEN FUEL CELL MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Hydrogen Fuel Cell Market" the global hydrogen fuel cell market size was valued at $2.7 billion in 2021, and projected to reach $5.7 billion by 2031, with a CAGR of 8.1% from 2022 to 2031.A hydrogen fuel cell is a device that converts hydrogen and oxygen into water while simultaneously generating electricity. In a hydrogen fuel cell device, chemicals are continuously pumped into the cells, preventing the battery from running out. The market for hydrogen fuel cells is being driven by the increase in demand for electric vehicles. An increase in carbon emissions has attracted the government's attention to the usage of electric vehicles. Another factor impacting the market is the growing concern for the environment. The over-exploitation of fossil fuels has created ecological concerns due to harmful gas emissions. The need for reduced dependence on oil and diesel are propelling the demand of in the market.
Furthermore, revenue growth of the market is expected to continue to gain traction in comparison with the rising rise in demand for fuel cell electric vehicles. Rising popularity of electric vehicles has drawn attention of various governments to the possibilities of reducing carbon emissions and carbon footprint. Another aspect supporting revenue growth of the market is that manufacturers are focusing on the hydrogen fuel cell production as environmental concerns continue to rise. Another benefit of hydrogen fuel cells is that they can be scaled up to form fuel cell stacks, which can then be combined to form bigger systems. For instance, these systems include mobile devices for charging smartphones, electric vehicles, and large-scale, multi-megawatt installations that supply electricity directly to the utility grid.
The Accelerating Clean Hydrogen initiative has over 200 members from 60 organizations, including public and private stakeholders dedicated to accelerating the development of the clean hydrogen economy. The initiative leverages its network of global organizations to collaborate on hydrogen. Example partners include IRENA, IEA, Hydrogen Council, Mission Possible Partnership and First Movers Coalition. Globally, industry is the largest end-use sector in terms of energy consumption, accounting for 38% of total energy demand. Approximately 6% of total energy demand is used to produce hydrogen, which is utilized primarily in producing ammonia and other chemicals. The International Energy Agency (IEA) reports that global industrial demand for hydrogen was 51 MMT in 2020 out of 90 MMT used in all sectors.
The Asia-Pacific hydrogen fuel cell market was valued at $1,062.3 million in 2021, and is projected to reach $2,352.1 million by 2031, registering a CAGR of 8.7% from 2022 to 2031. Asia-Pacific, is anticipated to grow at the fastest rate during the forecast period growing economy and rising standard of living are driving greater energy demand. Furthermore, the region’s rapidly growing economies are also the world’s leading contributor to pollution. The hydrogen fuel cells have been found as the best alternative to other conventional fossil fuel energy sources for cutting carbon emissions and efficiently providing energy needs. The recent impetus on the adoption of clean energy sources, and China clamping down on its coal usage for energy generation has opened a huge market for hydrogen fuel cells in the region.
Other countries, especially India, are at a nascent stage of development and are expected to be future growth drivers. For instance, on november 2021, Ceres a global leader in fuel cell and electrochemical technology, announces three-way collaboration with Weichai Power (“Weichai”) and Robert Bosch GmbH (“Bosch”) to access the substantial opportunities that exist for fuel cell technologies in China. Moreover, rising hydrogen fuel cell market industry applications in heating and power generation solutions in residential and commercial sectors increase market sales. Various associations and governments have reformed their energy policies to fulfill the growing demand for power due to surge in population.
The hydrogen fuel cell market is segmented on the basis of type, application, end user, and region. On the basis of type, it is fragmented into proton exchange membrane fuel cells, phosphoric acid fuel cells, solid oxide fuel cells, molten carbonate fuel cells, and others. On the basis of application, the market is divided into stationary, transportation, and portable. On the basis of end user, the global hydrogen fuel cell market is categorized into fuel cell vehicles, utilities, and defense. The major companies profiled in this report include AFC Energy plc, Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd, FuelCell Energy, Inc., Intelligent Energy, Nedstack Fuel Cell Technology, Plug Power Inc, and SFC Energy AG.
Key insights of the study
Asia-Pacific is expected to exhibit CAGR of 8.7% during 2021-2031.
- By type, proton exchange membrane fuel cell is expected to exhibit CAGR of 8.4% during 2021-2031.
- By application, transportation segment accounted for the largest hydrogen fuel cell market share in 2021.
- By end user, fuel cell vehicles had the largest market share in 2021.
Companies Mentioned
- AFC Energy
- Nedstack Fuel Cell Technology
- Doosan Fuel Cell Co.Ltd.
- Ballard Power Systems
- SFC Energy AG
- FuelCell Energy, Inc.
- Ceres
- Plug Power Inc.
- Bloom Energy
- Intelligent Energy
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 437 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 2.7 billion |
| Forecasted Market Value ( USD | $ 5.7 billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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