New York, April 10, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Hydrogen Fuel Cells Market had a worth of USD 14.3 billion in 2022. It is predicted to exhibit a CAGR of 21.5% and attain a value of USD 95.5 billion in the projected period from 2023 to 2032. Growing private and government investments in establishing and developing hydrogen fuel cell-producing facilities to meet the demand for Fuel Cell Electric Vehicles (FCEVs) are among the major factors anticipated to drive the market revenue growth during the forecast period. In addition, the government of multiple countries across the globe has applied a variety of strategies for addressing environmental concerns.
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Key Takeaway:
- By technology, Polymer Exchange Membrane Fuel Cells (PEMFC) held a dominating revenue share of more than 33.9% in 2022
- By application, the stationary category had the highest revenue share in 2022
- By End-user, the fuel cells vehicle segment was the largest revenue contributor in the global hydrogen fuel cells market in 2022
- North America held a revenue share of approximately 37% in 2022
- Asia Pacific market is anticipated to record the fastest-growing CAGR during the forecast period.
The rising environmental awareness, increased government policies for producing hydrogen fuel cell infrastructure, and technological advancements are all substantial factors propelling the growth of the global hydrogen fuel cell market. Therefore, during the forecasted period, every variable is anticipated to affect the hydrogen fuel cells market substantially.
Factors Affecting the Growth of the Hydrogen Fuel Cells Market
Several factors can affect the growth of the hydrogen fuel cells market. Some of these factors include:
- Rising Awareness: The rising environmental awareness and increased government policies for the production of hydrogen fuel cell infrastructure are creating a market space for hydrogen fuel cells. This is anticipated to help the market grow exponentially.
- Advancements in Technology: Hydrogen fuel cell produces heat and electricity, which can be used in multiple application, including power plants, vehicles, buildings, and other systems. Hydrogen fuel cells system offer lower capital expenditures for backup power solutions.
- Government Initiative: The growing environmental awareness, increased government policies for the structure of hydrogen fuel cell infrastructures, exclusive primary technology advancement, and infrastructure investment are all major factors.
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Top Trends in Global Hydrogen Fuel Cells Market
The hydrogen fuel cell produces heat and electricity, which can be used in multiple applications, including power plants, vehicles, buildings, and other systems. Hydrogen fuel cells system offer lower capital expenditures for backup power solutions. Various countries have applied plans to promote clean energy sources by focusing on hydrogen fuel cell technology. These factors are expected to propel the growth of the hydrogen fuel cell market.
Market Growth
The global usage of hydrogen fuel cell recharging stations is increasing the hydrogen fuel cell’s sustainability as an alternative to vehicle impulsion systems. The prominent growth business invests a small number of funds in designing, manufacturing, operating, managing, executing fuel cell projects, and installing huge amounts of fuel cell servicing, systems, and power controlled manually to build a strong strategic business model that will increase the applications of the hydrogen fuel cells, making it proficient of replacing conventional sources of energy.
Regional Analysis
North America dominated the global hydrogen fuel cells market in 2022. The hydrogen fuel cell utilizations in North American countries have been assisted by development and research programs, as well as funding and expenditure by governments, as well as subsidies and incentives offered by the government for fuel cell-based vehicles, which have driven the utilization of fuel cells and hydrogen technologies in the North America region.
The Asia-Pacific region is expected to record the fastest growth rate during the forecast period. The region’s increasing population and rising disposable income are driving up the demand for clean energy. In addition, the region’s rapidly developing economies are also the world’s leading polluters. The fuel cell has been found as the best alternative to other traditional fossil fuel energy sources for decreasing carbon emissions and efficiently providing energy requirements.
Competitive Landscape
The leading players are involved in development and research in order to remain competitive and innovate new products. The global hydrogen fuel cell market is highly disrupted, with few players competing with each other. However, due to the market’s attractiveness, the number of new companies that are likely to enter the hydrogen fuel cell market in the forecasted period will rise.
Recent Development of the Hydrogen Fuel Cells Market
- January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) agreed to reinforce Hydrogen Fuel Cell maintenance and operation capabilities. Regarding the agreement, the two companies will work collectively to produce maintenance and operation technical training and a green hydrogen fuel cell project for distributed power.
- In June 2021, Renault Group and Plug Power Inc. participated in a joint venture with the formation of HYVIA to work on hydrogen fuel cells and low-carbon mobility. The HYVIA joint venture participates entire hydrogen mobility ecosystem, from the vehicle to infrastructure and turnkey services for consumers. Furthermore, developing this cutting-edge technology will enable the establishment of an industrial base and set up new value-generating activities in France.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 14.3 Billion |
| Market Size (2032) | USD 95.5 Billion |
| CAGR (from 2023 to 2032) | 21.5% |
| North America Revenue Share | 37% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Fuel cells are devices that utilize compound reactions to assist in the generation of electrical force. The electric vehicle is charged with the help of a hydrogen fuel cell. Hydrogen fuel cell automobiles have an extreme possibility for reducing emissions in the transportation industry as well as gasoline and diesel vehicles, which generate no greenhouse gas emission at the time of operations. The hydrogen fuel cell needs a constant supply of fuel and oxygen.
Market Restraints
Hydrogen fuel cell technology is used in power trains, which are unable to produce greenhouse gases or particulate matter from the tailpipe or other harmful pollutants such as nitrogen oxides. This feature boosts vendors for the implementation of the technology. High production and raw material costs of hydrogen fuel cells are expected to restrain the market revenue growth of hydrogen fuel cells.
Market Opportunities
Increased traffic levels and awareness of the effects of air pollution and greenhouse gas emissions encourage the adoption of hydrogen fuel cell vehicles and provide productive opportunities, which are more eco-friendly than the other orthodox vehicles. In addition, the growing environmental awareness, increased government policies for the structure of hydrogen fuel cell infrastructures, exclusive primary technology advancement, and infrastructure investment are all major factors propelling the growth of the hydrogen fuel cell market.
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Report Segmentation of the Hydrogen Fuel Cells Market
Technology Insight
Polymer Exchange Membrane Fuel Cells (PEMFC) use expensive metals like platinum alongside a polymer for the catalyst. It is known to be preferable other than technology so that it can operate at cooler temperatures that are between 60 to 200 degrees Fahrenheit. It functions between 50% to 60% productivity, which can also handle enormous and impulsive shifts in power output; also, they are used in residential markets, telecommunications, and data centers. Fuel cells can run on methane and flexible systems, while PEMFCs normally need high-purity hydrogen for action. Adding hydrogen sources is technically difficult, especially without a suitable place to store it inside the device, but PEMFCs can replace the batteries for portable electronics.
Application Insight
Based on application, the global hydrogen fuel cell market has been divided into transportation, portable, and stationary. The stationary segment dominated the market in 2022 and is expected to be the fastest-growing segment during the forecast period. Due to factors including high competence and the ability to utilize multiple fuels, the stationary segment is expected to grow. Transportation is a significantly growing segment due to the growing demand for hydrogen fuel cells powered forklifts and hydrogen fuel cell vehicles.
End-User Insight
On the basis of end-user, the global hydrogen fuel cells market is classified into defense, fuel cell vehicles, and utilities. The fuel cell vehicle segment was the largest revenue contributor in the global hydrogen fuel cells market. Hydrogen fuel cells also have a wide scope in heavy commercial vehicles.
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Market Segmentation
Based on Technology
- Proton Exchange Membrane Fuel cells
- Phosphoric Acid Fuel Cells
- Solid Oxide Fuel Cells (SOFC)
- Polymer Exchange Membrane Fuel Cells (PEMFC)
- Other Technologies
Based on Application
- Stationary
- Transportation
- Portable
Based on End-User
- Fuel Cell Vehicles
- Utilities
- Defense
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- BMW Group
- Audi AG
- Volvo Group
- Daimler AG
- General Motors Company
- Toyota Motor Corporation
- Hyundai Motor Group
- Ballard Power Systems
- FuelCell Energy Inc.
- Nedstack Fuel Cell Technology
- Other Key Players
Related Reports:
- Solid oxide fuel cells market was worth USD 1,100 Million in 2021. It is estimated to grow at a compound annual rate (CAGR of 33.2%) between 2023 and 2032.
- Fuel Cell Electric Vehicles Market size is expected to be worth around USD 199.4 Billion by 2032 from USD 3.7 Billion in 2022, growing at a CAGR of 50.50% during the forecast period from 2023 to 2032.
- PEMFC and Fuel Cell Electric Vehicle Market size were valued at USD 5.02 Billion in 2022 & expected to hit around USD 473.99 Billion by 2032 with a CAGR of 51.2%.
- Fuel Cell Stacks Market is expected to grow at a CAGR of 10 % over the next ten years and will reach USD 9.42 Billion in 2032, from USD 3.63 Billion in 2022.
- Lead Acid Battery market size was valued at USD 30.6 billion in 2022. This market is estimated to register the highest CAGR of 6.9% Between 2023 and 2032 and is expected to reach USD 59.6 billion by 2032.
- Electric Vehicle Battery Market Size was valued at USD 50.5 Billion in 2022. It is expected to grow at a CAGR of 26.5% between 2023-2032.
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