A 25.09% compound annual growth rate of a CAGR is predicted for the Hydrogen Fuel Cells Market size from 2022 to 2030, bringing it to USD 11,813.5 million.
According to the latest research report, a 25.09 per cent compound annual growth rate of a CAGR is predicted for the Hydrogen Fuel Cells Market size from 2022 to 2030, bringing it to USD 11,813.5 million. A growing number of federal efforts and incentives for the production of fuel cell electric cars to decrease carbon emissions are predicted to increase the hydrogen fuel cell industry. More people are interested in ecologically green and valuable goods. This is expected to increase interest for hydrogen fuel cells, which convert prospective chemical energy to electric energy, by car firms and the general public.
Fuel cell electric cars are an essential aspect of the low-carbon era to achieve global carbon reduction objectives. Research in hydrogen fuel cell technologies by numerous car companies is projected to drive the future market for hydrogen fuel cells. Almost all of the world's prominent automakers are expected to have deployed fuel cell electric cars throughout the globe by 2021, showing humankind's real-world use. In addition, several car firms are researching FCEVs using a hydrogen fuel cell since this fuel cell produces water vapour and heat that may be used to create fully zero-emission locomotives. Hydrogen fuel cells market have emerged as a viable option because of this.
This report contains all the information on the global Hydrogen Fuel Cells Market analysis and the market strengths. In addition, the report also includes the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Hydrogen Fuel Cells Market forecast for 2030 is also included in the report.
It has been determined that the COVID-19 epidemic has had a significant impact on the hydrogen and fuel cell sector. Participants on the market have to make short-term judgments while also considering the long-term ramifications of such actions. It became more difficult for Plug Power's field personnel and their expanding client base to be trained and assisted when COVID-19 emerged. Virtual innovative glasses-based education and induction programmes were developed in only a few weeks by Plug Power.
Increasing government rules for reducing carbon emissions will produce enough demand for hydrogen and fuel cells to meet current supply needs. Hydrogen fuel cells produce byproducts like water vapour and heat. Hence there's also a strong desire for fuel cars which does not produce toxic pollutants. Since hydrogen fuel cells provide superior time and reduced emissions compared to fossil fuels, the industry is seeing rapid expansion because of this transition to hydrogen fuel cells.
Carbon dioxide and other dangerous pollutants may be reduced using power-based energy production. As a result, hydrogen fuel cell technologies play a critical role in addressing environmental challenges and promoting the usage of renewable resources to power vehicles. In addition, new possibilities for rising companies are projected to rise due to ongoing product improvements and innovation.
As a result of their high price, hydrogen fuel cells have been unable to expand their Hydrogen fuel cells market share. Hydrogen fuel cells have more outstanding transportation and storage costs than gasoline. In addition, hydrogen poses a greater risk of injury since it is combustible. When compared to odourless gas, hydrogen is a welcome change of pace. However, it is difficult for the business to expand since hydrogen plants utilize a lot of gas monitors and gas detection.
Hydrogen fuel cells are prohibitively expensive, which has slowed the market's growth for hydrogen fuel cells. In addition, the proliferation of gas sensors and monitors in hydrogen plants is impeding the expansion of the business for hydrogen fuel cells. As a result, the development of the hydrogen fuel cell market growth is hampered by this constraint.
Hybrid and IC engines don't have the same efficiency as hydrogen fuel cell cars, with a 60percentage to 70percent advantage. The recent spike in the price of gasoline and diesel has prompted an upsurge in interest in fuel-efficient automobiles. Companies' desire to maximize profits from oil reserves also has contributed to the decline of fossil fuels. Fuel-efficient technology such as hydrogen fuel cell automobiles is in demand because of these considerations.
The global hydrogen fuel cell industry has been divided into type, application, and geography. First, the worldwide market has been split into two air-cooled and water-cooled systems: high-performance and low-performance. The worldwide market has been split into three categories based on application: stationery, transportation, and portable. Finally, the advancements in the market are divided into transit, portable, and fixed uses. In areas like the Asia Pacific, where fuel cell technology is widely used in heavy-duty activities like public transportation, the transport sector is expected to see considerable demands for developments in the fuel cell technology market throughout the projection period.
The end-user's developments in fuel cell technology have been divided into fuel cell cars, utility, and defence. Fuel cell cars now have a fantastic possibility to reduce emissions, which is anticipated to promote the fuel cell technology industry's advancements in the future.
The market is segmented based on type, application, and geography. As a result, the global hydrogen fuel cell market trends are expected to witness decent growth during the forecast period.
The market is segmented into stationary, transportation, and portable.
The market is segmented into air-cooled and water-cooled systems based on the propulsion types.
Several significant areas, including the Americas, Europe, Asia Pacific, and the Middle East & Africa, have been identified as potential market segments for hydrogen fuel cell technology. USD 753.1 million in 2016 put the Americas at the top of the list. While federal Innovation and showcase initiatives in the United States and Canada have encouraged the use of fuel cells in certain regions, state legislatures on the North American continent have also played a role in spurring adoption via their financing and expenditures for fuel cell and hydrogen infrastructure investment. As a result, it's predicted to grow at a CAGR of 24.72 per cent in the US hydrogen fuel cell market outlook.
Hydrogen fuel cells market are prevalent in the Asia Pacific area. For 2016, the company had a customer base of 28.47percent and a market capitalization of 461.7 million dollars. The region's rising population and rising standard of living are pushing up energy consumption. In addition, the region's fast-growing economy is the global highest polluter. When it comes to cutting carbon emissions while still satisfying energy demands, hydrogen fuel cells are the better option than other traditional fossils fuels. Thus, Asia Pacific is expected to grow by 27.09 per cent during the predicted period.
Only a handful of businesses are currently active in the hydrogen fuel cell sector around the globe. However, new firms are likely to join the industry in the coming years because of the sector's competitiveness. This investment is necessary for the success of leading firms and the creation of new products.
The following report comprises of –
When Plug Power Inc. acquired United Hydrogen Group Inc. with Giner ELX in June of 2020, it became the world's largest supplier of hydrogen-powered electric vehicles and fuelling systems. Plug Power's plan of vertical integration in the hydrogen industry was laid out in September 2019.
Based on Type, the market has been segmented as follows:
Based on Application, the market has been segmented as follows:
Based on End User, the market has been segmented as follows:
Based on Region, the market has been segmented as follows:
|CAGR||25.09% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
The global hydrogen fuel cells industry is expected to register a 25.09% CAGR across the review period.
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), and others are the top key players in the market.
The rising demand for unconventional energy sources and growing concern for the environment to drive market growth .
Hydrogen can be used in fuel cells to generate power using a chemical reaction rather than combustion, producing only water and heat as byproducts.