Dublin, Nov. 25, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Fuel Cell Market" report has been added to ResearchAndMarkets.com's offering.
The Hydrogen Fuel Cell Market was valued at USD 5.1 billion in 2024, and is projected to reach USD 11 billion by 2029, rising at a CAGR of 16.5%.
The increasing demand for sustainable energy sources across the hard-to-abate industries and technological advances to reduce cost and increase efficiency are among the major driving forces for the global hydrogen fuel cell market. The development of a hydrogen economy is crucial to speed up the commercialization of hydrogen fuel cells. The high cost and low competitiveness with conventional fuels, however, are major bottlenecks in the market's growth.
Substantial global efforts are currently focused on fuel cell research and development (R&D). Governments, private research institutes, universities and private industries all recognize the potential market that could develop over the next 15 to 25 years. Current R&D is mainly focused on the development of reliable, low cost and high-performance fuel cell systems that can be used for a wide array of transportation, diesel generator (DG), utility and industrial applications.
To this end, several types of fuel cells are currently being developed. The report will provide a discussion and an intercomparison of the more common fuel cell technologies currently available or in development. The technology tends to suffer from two distinct drawbacks: it is expensive, and it is difficult to find qualified service providers for maintenance. Cost has been the challenge of the fuel cell industry since the technology's advent. Cost reductions predicted and projected by the industry and by researchers have materialized at a much slower pace than anticipated. The result is that fuel cells still primarily fill only a niche market.
Report Scope
The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems.
The market sizing has been provided in value ($ millions) and volume (gigawatts). The report also covers competitive intelligence, which covers the market share of prominent companies based on their product offerings and revenues generated from the fuel cell business. It also provides details of global market dynamics, emerging technologies and developments happening in the industry.
The report includes:
- 41 data tables and 60 additional tables
- An update on the global market for hydrogen fuel cell technology
- Analyses of the global market trends, with data from 2023, estimates for 2024, forecasts for 2025, 2027, and projections of compound annual growth rates (CAGRs) through 2029
- An evaluation of the market potential for hydrogen fuel cells in the stationery and transport power generation industry
- Forecast for the global hydrogen fuel cell market, and corresponding market share analysis by product type, technology, application, and region
- Discussion of the market dynamics (DROs), technology updates and industry value chain
- Insights into the industry structure, current competitive landscape, R&D activity, and a company value share analysis
- A discussion of ESG challenges and ESG practices in the industry
- Company profiles of major players within the industry, including Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. and FuelCell Energy.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 139 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $5.1 Billion |
| Forecasted Market Value (USD) by 2029 | $11 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Executive Summary
- Market Outlook
- Scope of Report
- Market Summary
Chapter 2 Market Overview
- Porter's Five Forces Analysis
- Value Chain Analysis
- Strengths, Weaknesses, Opportunities and Threats Analysis
- Climate Change Policies and Regulations
- Kyoto Protocol
- Carbon Pricing
- Paris Agreement
- European Green Deal
- Hydrogen Fuel Cell Technologies Office
- Climate Target Policies
Chapter 3 Market Dynamics
- Market Drivers
- Increasing Global Fuel Cell Electric Vehicle Sales
- Investments in Hydrogen and Fuel Cell Carbon Credits
- Augmenting Demand from the Maritime Industry
- Green Hydrogen as a Catalyst for Fuel Cells
- Market Challenges
- High Cost of Fuel Cell Raw Materials
- High Investment in Hydrogen Infrastructure Development
- Market Opportunities
- Increasing Industrial Demand for Low-Emission Fuels
- Market Restraints
- High Maintenance Cost of Fuel Cells
- Crude Oil Price Fluctuations
Chapter 4 Emerging Technologies and Developments
- Increasing Number of Collaborations Among Automotive and Fuel Cell Companies
- Platinum-Based Electrocatalyst
- Low-Platinum Fuel Cell
- Non-Precious Metal Catalyst
- Cobalt Nitrate as an Alternative to Platinum in Fuel Cells
- IE-Drive
- Fuel Cells: Diesel Genset Alternative
Chapter 5 Market Segmentation Analysis
- Market Analysis by Product Type
- Liquid-Cooled Hydrogen Fuel Cells
- Air-Cooled Hydrogen Fuel Cells
- Market Analysis by Technology
- Polymer Electrolyte Membrane Fuel Cell
- Solid Oxide Fuel Cells
- Phosphoric Acid Fuel Cell
- Other Technologies
- Market Analysis by Application
- Stationary Power
- Transport
- Portable Power
- Market Analysis by Region
Chapter 6 Competitive Intelligence
Company Profiles
- Ballard Power Systems
- Bloom Energy
- Ceres
- Convion Ltd.
- Cummins Inc.
- Doosan Fuel Cell Co. Ltd.
- Fuelcell Energy Inc.
- Fuji Electric Co. Ltd.
- Horizon Fuel Cell Technologies
- Intelligent Energy Ltd.
- Kyocera Corp.
- Mitsubishi Heavy Industries Ltd.
- Nedstack Fuel Cell Technology
- Plug Power Inc.
- Toshiba Corp.
For more information about this report visit https://www.researchandmarkets.com/r/36k590
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