Hydrogen Fuel Cells Market Size & Growth Analysis (2023 - 2030)

The global hydrogen fuel cells market size was worth USD 12.92 billion in 2022 and is expected to reach USD 60.21 billion by 2030 with a CAGR of 22.4% during the timeframe period.

Hydrogen fuel cells use hydrogen as a chemical element and are prepared into batteries for storing energy. Fuel cells are used in the production of electricity from an extensive range of domestic fuels. It includes hydrogen and renewable. Fuel cells make use of the chemical energy of another fuel and hydrogen to generate power.

Hydrogen fuel cells are used widely in cars, trucks, electronic devices, backup power systems, and buildings. Hydrogen fuel cells are likely to have a bright future in the hydrogen fuel cells market. Fuel cells are likely to power cars switching hydrogen with petroleum fuel mostly to be used in most vehicles in the present generation.

MARKET DRIVERS

The key players are across the countries are focusing on their research and development activities and are investing highly in fuel cells technology to develop public transportation. The automotive sector is highly adopting fuel cells which booms the market growth. The governing principles are increasing to lessen carbon emissions set to create adequate opportunities for hydrogen fuel cells. The quick effect of transferring from gasoline to hydrogen fuels because of the benefits associated with hydrogen fuel cells like high-performance against gasoline and the advantage of decreasing outflows is propelling the market growth throughout the forecast period.

The market for hydrogen fuel cells market is driven by factors like growing demand for efficient and cleaner fuels, and government incentives for fuel cell additives.

MARKET RESTRAINTS

The hydrogen fuel cells are too costly destroys the market growth. The safety issue is one factor as hydrogen is highly inflammable and has no smell against other gases. Also, the need for gas detectors and gas sensors will obstruct the market growth globally.

Segmentation Analysis

Hydrogen Fuel Cells Market - By Application

• Vehicular
• Non-vehicular

Based on the application, the vehicular segment is believed to dominate the hydrogen fuel cells market. The segment growth owes to the mushrooming ecological subjects like low air quality and climate change. Moreover, the vehicular segment grows with incrementing technological innovations and the participation of private players is hiking.

Hydrogen Fuel Cells Market - By Technology

• Polymer Electrolyte Membrane Fuel Cell (PEMFC)
• Solid Oxide Fuel Cell (SOFC)
• Other Fuel Cell Technologies

By technology, the polymer electrolyte membrane fuel cell (PEMFC) segment grows with the highest CAGR rate during the study period.

Regional Analysis

Asia-Pacific is dominating the global hydrogen fuel cells market and has grown with the highest share in 2022. APAC continues to expand its market growth during the study period and is one of the encouraging markets for hydrogen fuel cells over the forthcoming years. Factors like rising uplifting government policies and actions to integrate fuel cell technology over transportation and other applications.

China is leading the hydrogen fuel cells market with dominating position throughout the region. The Chinese government is continuously centering to deploy clean energy technology to shift to a low-carbon economy.

Countries like Japan, South Korea, and China are estimated to act as a hub for developing fuel cell electric vehicle technology.

North America is ranked second regional-wise with a 23.45% share in the hydrogen fuel cells market.

As of January 25, 2018, there are 39 available hydrogen stations for fueling fuel cell electric vehicles in the U.S.

Europe is taking a colossal step for the high adoption of hydrogen fuel cells which is being increased. The world's first hydrogen-powered trains are presently operational in Northern Germany on a 100km stretch of work. Germany holds the largest amount of hydrogen fuel stations.

By 2030, in Latin America, the hydrogen could grow by as much as 2/3rds increasing the support for low-carbon hydrogen. The growth in demand for automotive, telecommunications, and residential Micro-CHP sectors is snowballing the market growth in LATAM.

When compared with the other regions, the Middle East and Africa are anticipated to have slow growth. In UAE and South Africa, it is a decent opportunity for the fuel cell manufacturers and raw material suppliers.

Key Market Players

The companies profiled in the hydrogen fuel cells market include:

• Panasonic Corporation (Japan)
• Intelligent Energy Holdings plc (U.K.)
• FuelCell Energy Inc. (U.S.)
• Plug Power Inc. (U.S.)
• Hyster-Yale Group (U.S.)
• Doosan Fuel Cell (U.S.)
• Ballard Power Systems. (Canada)
• Nedstack fuel cell technology BV. (Netherlands)
• Pearl Hydrogen (China)
• Hydrogenics Corporation (Canada)
• Horizon Fuel Cell Technologies (Singapore)

Notable Happenings in the global Hydrogen Fuel Cells Market

• On October 04, 2022, Panasonic launched a 5 KW fuel cell system for commercial applications. It has already installed the fuel cell in several pilot projects in Japan.
• On June 28, 2022, Cummins acquired the developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment, Hydrogenics Corporation.
• On March 12, 2022, FuelCell Energy, Inc. has joined forces with Hydrogen Europe. With this collaboration, FuelCell Energy joins a group of major companies that work considerably for developing and elevate the hydrogen economy.
• On December 14, 2022, Hyster-Yale and capacity Trucks collaborate to develop electric and hydrogen-powered terminal tractors. The combination supports each company's product expertise in the global material handling solutions market.

HYDROGEN FUEL CELLS MARKET REPORT COVERAGE