Hydrogen Fuel Cells Global Market Opportunities and Strategies to 2032

This report describes and explains the hydrogen fuel cells market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global hydrogen fuel cells market reached a value of nearly $5,698.3 million in 2022, having grown at a compound annual growth rate (CAGR) of 28.8% since 2017. The market is expected to grow from $5,698.3 million in 2022 to $31,841.5 million in 2027 at a rate of 41.1%. The market is then expected to grow at a CAGR of 37.2% from 2027 and reach $154,630.3 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets and rise in demand for fuel cell electric vehicles (FCEVs).

Going forward, government support, rising demand for electric vehicles, and increasing awareness to reduce greenhouse gas emissions will drive the growth. Factors that could hinder the growth of the hydrogen fuel cells market in the future include high capital cost and reductions in free trade.

The hydrogen fuel cells market is segmented by type into proton exchange membrane, direct methanol and direct ammonia, solid oxide, alkaline membrane, phosphoric acid and molten carbonate. The proton exchange membrane market was the largest segment of the hydrogen fuel cells market segmented by type, accounting for 47.4% of the total in 2022. Going forward, the proton exchange membrane segment is expected to be the fastest growing segment in the hydrogen fuel cells market segmented by type, at a CAGR of 42.2% during 2022-2027.

The hydrogen fuel cells market is segmented by end user into fuel cell vehicles, utilities and defense. The fuel cell vehicles market was the largest segment of the hydrogen fuel cells market segmented by end user, accounting for 59.3% of the total in 2022. Going forward, the fuel cell vehicles segment is expected to be the fastest growing segment in the hydrogen fuel cells market segmented by end user, at a CAGR of 41.3% during 2022-2027.

Asia Pacific was the largest region in the hydrogen fuel cells market, accounting for 46.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the hydrogen fuel cells market will be Asia Pacific and North America where growth will be at CAGRs of 42.6% and 41.0% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 40.3% and 39.0% respectively.

The hydrogen fuel cells market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 10.78% of the total market in 2022. Plug Power was the largest competitor with 2.55% share of the market, followed by Toshiba Corporation with 2.17%, Doosan Fuel Cell with 1.51%, Bloom Energy with 1.16%, Ballard Power with 1.10%, SFC Energy AG with 0.69%, Cummins Inc with 0.52%, FuelCell Energy with 0.46%, Panasonic Holdings Corporation with 0.41%, and Horizon Fuel Cell Technologies with 0.20%.

The top opportunities in the hydrogen fuel cells market segmented by type will arise in the proton exchange membrane segment, which will gain $13,086.0 million of global annual sales by 2027. The top opportunities in the hydrogen fuel cells market segmented by end user will arise in the fuel cell vehicles segment, which will gain $15,690.3 million of global annual sales by 2027. The hydrogen fuel cells market size will gain the most in China at $5,634.0 million.

Market-trend-based strategies for the hydrogen fuel cells market include focus on product innovations, facility expansion, collaborations and acquisitions, and increasing investments to improve financial strength and product portfolio.

Player-adopted strategies in the hydrogen fuel cells market include focus on strategic mergers and acquisitions to expand geographical reach, strategic partnerships and collaborations to expand geographical reach and to develop new applications for hydrogen fuel cell systems, and increasing investments for production.

To take advantage of the opportunities, the analyst recommends the hydrogen fuel cells companies to focus on new facility expansions, focus on product innovations, focus on increasing investments, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-users.