Hydrogen Fuel Cells Market To Hit USD 11,813.5 Million by 2030, Registering a CAGR of 25.09% - Report by Market Research Future (MRFR)

Rising Ecological Concerns Drive Hydrogen Fuel Cells Demand

New York, US, July 14, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Fuel Cells Market Analysis by Type (Air-Cooled Type and Water-Cooled Type), By Application (Stationary, Transport and Portable) - Global Forecast to 2030” valuation is poised to reach USD 11,813.5 Million by 2030, registering an 25.09% CAGR throughout the forecast period (2022–2030). 

Hydrogen Fuel Cells Market Overview

The global hydrogen fuel cells market is garnering significant traction worldwide. The growing demand for energy from telecommunications, automotive, and residential industries is a key driving force. Besides, the increasing uptake of hydrogen fuel cells in the micro-CHP sector to reduce dependence on conventional energy sources drives the market growth.

Hydrogen Fuel Cells Market Report Scope:

Report MetricDetails
  Market Size in 2030USD 11,813.5 Million
  CAGR (2022-2030)25.09%
  Base Year2021
  Forecast Period2022-2030
  Historical Data2020
  Forecast UnitsValue (USD Million)
  Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments CoveredType, Application and Region
  Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key VendorsIntelligent Energy Holdings plc (UK), Panasonic Corporation (Japan), FuelCell Energy Inc. (US), Hyster-Yale Group (US), Plug Power Inc. (US), Doosan Fuel Cell (US), Nedstack fuel cell technology BV. (Netherlands), Ballard Power Systems. (Canada), Pearl Hydrogen (China), Horizon Fuel Cell Technologies (Singapore), and Hydrogenics Corporation (Canada)
  Key Market OpportunitiesGrowing Demand In The Automotive, Telecommunications And Residential Micro-CHP Sectors
  Key Market DriversReduced Dependency On Non-Conventional Energy Sources

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Industry Trends

Fuel cells promise vast advantages in energy storage and never run out of power or need recharging as long as hydrogen is supplied. This field has long been attracting scientists and environmentalists, offering lower or zero emissions compared to combustion engines. Hydrogen fuel cells produce electricity and heat and can be used in various applications, including vehicles, power plants, buildings, and other systems.

However, fuel cells are not widely commercialized as they require expensive catalysts like platinum-group metals to speed up important fuel cell reactions. These efficient and durable metals are incredibly expensive because they are extremely rare. There are various researches taken up seeking less costly alternatives to make hydrogen fuel cells more affordable for commercial use.

Fuel cell systems offer lower capital expenditures for backup power solutions. Most countries have implemented plans to promote clean energy by focusing on hydrogen fuel cell technology. These factors cumulatively push the growth of the market. 

Additionally, substantial investments in green energy development substantiate the market value. Also, rising hydrogen fuel cell 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 the ever-increasing population. Hydrogen fuel cells have more applicability and reliability than other alternative energy sources like wind and solar power.

Resultantly, this technology garners huge prominence across industries, generating an augmented demand. Besides, growing ecological concerns increase the need for alternative energy sources to produce cleaner energy. Conversely, the shorter durability of the fuel cell is a major factor estimated to impede market growth during the forecast period. Nevertheless, the benefits of hydrogen fuel cells to produce emission-free energy would support the market growth creating a considerable impact shortly. 

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Hydrogen Fuel Cells Market Segments

The hydrogen fuel cells market report is segmented into types, applications, end-users, and regions. The type segment is sub-segmented into PEMFC, PAFC, AFC, and MFC. The application segment is sub-segmented into portable, stationary, and transport. The end-user segment is sub-segmented into fuel cell vehicles, utilities, defense, and others. The region segment is bifurcated into the Americas, APAC, MEA, Europe, and the Rest-of-the-World.

Hydrogen Fuel Cells Market Regional Analysis 

North America leads the global hydrogen fuel cells market due to the strong presence of well-established industry players and development centers in the region, allowing rapid implementation of advanced cell technologies. Besides, increased renewable energy generation activities to meet the growing powering demand drive hydrogen fuel cells market growth in the region.

APAC stands second in the global hydrogen fuel cells market. The growing population and rising disposable incomes foster the market value. Additionally, the increasing pressure to reduce carbon emissions pushes the region's market share, encouraging the usage of renewables to meet electricity needs efficiently.

Government initiatives to control rising carbon footprints due to fossil fuels boost the market revenues. Rapidly growing economies, such as India, Japan, China, and South Korea, account for leading shares in the regional market. The Asia Pacific hydrogen fuel cells market is expected to create a substantial revenue pocket during the forecast period.

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Europe holds a sizable share in the global hydrogen fuel cells market, mainly due to The European Strategic Energy Technology (SET) Plan influencing market growth, denoting fuel cell and hydrogen technologies crucial for meeting the integrated European energy and climate policy goals for 2020 and beyond.

Further, the EU2020 strategy proposed by the European SET to improve the infrastructure and decrease the cost of hydrogen fuel cells, help the market grow. The European hydrogen fuel cells market is anticipated to grow at an impressive CAGR during the forecast period.

Hydrogen Fuel Cells Market Competitive Analysis

Dominant Key Players on Hydrogen Fuel Cells Market Covered are:

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

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The global hydrogen fuel cell market appears highly competitive and fragmented due to the presence of several well-established players. Leading industry players strive to improve their process improvement knowledge at scale to deliver higher-performance green products with a lower total cost of ownership.

They initiate several strategic approaches such as mergers & acquisitions, collaborations, expansions, and technology launches to gain a larger competitive share in the market. Besides, greater commercialization of their products and promotion initiatives through trade exhibitions are other strategies adopted by these market players.

For instance, on June 23, 2022, Toshiba Energy Systems and Solutions Corp. (Toshiba EES) announced its partnership with Echandia to develop pure hydrogen fuel cell systems for ships. These newly developed pure hydrogen fuel cells use Toshiba ESS's pure hydrogen fuel cells and could be used for continuous marine operation applications. By integrating these next-generation pure hydrogen fuel cells, the electric propulsion systems for ships are expected to last approximately 200% longer.

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