Hydrogen Fuel Cells Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report - Industry Forecast (2021 to 2026)

  • Category : Energy & Power |
  • Report Code : VMR-41098 |
  • Pages: 200 |
  • Published : 2021-09 |
  • Region: Global |
  • Avilable Format : format excel,ppt, Pdf |
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Hydrogen Fuel Cells Market Size & Growth Analysis (2021-2026)


The global hydrogen fuel cells market size was worth USD 12.92 billion in 2020 and is expected to reach USD 60.21 billion by 2027 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.




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.




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 2020. 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, 2021, 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, 2019, Cummins acquired the developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment, Hydrogenics Corporation.
  • On March 12, 2021, 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, 2020, 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.





Market Size Available

2020 – 2026

Base Year


Forecast Period

2021 – 2026

Regions Covered

North America, Europe, APAC, Middle East & Africa (MEA), Latin America 




Chapter 1. Hydrogen Fuel Cells Market  – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. Hydrogen Fuel Cells Market   – Executive Summary

2.1. Market Size & Forecast – (2021 – 2026) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

                2.3.1. Impact during 2021 - 2026

                2.3.2. Impact on Supply – Demand

                2.3.3. Impact on Production Cost

                2.3.4. Impact on Supply Chain

Chapter 3. Hydrogen Fuel Cells Market   – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. Hydrogen Fuel Cells Market   Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3  Customer Analysis

4.4. Porters Five Force Model

                4.4.1. Bargaining Power of Suppliers

                4.4.2. Bargaining Powers of Customers

                4.4.3. Threat of New Entrants

                4.4.4. Rivalry among Existing Players

                4.4.5. Threat of Substitutes

Chapter 5. Hydrogen Fuel Cells Market –  Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. Hydrogen Fuel Cells Market – By Application

6.1. Vehicular

6.2. Non-Vehicular

Chapter 7. Hydrogen Fuel Cells Market – By Technology

7.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)

7.2. Solid Oxide Fuel Cell (SOFC)

7.3. Other Fuel Cell Technologies

Chapter 8. Hydrogen Fuel Cells Market  , By Geography – Market Size, Forecast, Trends & Insights

8.1. North America

                8.1.1. U.S.A

                8.1.2. Canada

                8.1.3. Mexico

8.2. Europe

                8.2.1. Italy

                8.2.2. Spain

                8.2.3. Russia

                8.2.4. Germany

                8.2.5. UK             

                8.2.6. France

                8.2.7. Rest of Europe

8.3. Asia Pacific

                8.3.1. Japan

                8.3.2. South Korea

                8.3.3. China

                8.3.4. India

                8.3.5. Australia & New Zealand

                8.3.6. Rest of Asia-Pacific

8.4. Rest of the World

                8.4.1. Middle East

                8.4.2. Africa

                8.4.3. South America


Chapter 9. Hydrogen Fuel Cells Market   – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

9.1. Company 1

9.2. Company 2

9.3. Company 3

9.4. Company 4

9.5. Company 5

9.6. Company 6

9.7. Company 7

9.8. Company 8

9.9. Company 9

9.10. Company 10

  • Primary & Secondary Sources to Collect & Validate Data

  • Utilization of Both Top Down & Bottom Up Approach

  • Holistic Research Methodology

Scope & Introductory Research

In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.​

Data Collection 

Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders. ​

Data Fusion

At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.

Data Analysis

At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.

Verification ​

Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report. ​

Quality Assurance & Report Preparation​

Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.​

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