Share
Hydrogen Fuel Cell Market: By Type (PEMFC, SOFC, PAFC, MFC, AFC, DMFC), By Application (Portable, Stationary, Fuel Cell Vehicles), By End User (Commercial & Industrial, Data Centers, Transportation, Military & Defense, Residential, Utilities & Government/Municipal Institutes), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Global Hydrogen Fuel Cell Market to surpass USD 294.1 billion by 2031 from USD 3 billion in 2021 at a CAGR of 58.2% in the coming years, i.e., 2021-2031
Fuel cell is an electrochemical cell that uses a pair of redox processes to transform the chemical energy of a fuel (typically hydrogen) and an oxidizing agent (commonly oxygen) into electricity. Fuel cells are different from most batteries since they constantly need oxygen and fuel supply to continue the chemical reaction going on, while chemical energy in a battery is generally resultant from metals and their ions or oxides that are already present in the battery, with the exception of flow batteries. As long as fuel and oxygen are available, fuel cells can create power indefinitely.
Global Hydrogen Fuel Cell Market to surpass USD 294.1 billion by 2031 from USD 3 billion in 2021 at a CAGR of 58.2% in the coming years, i.e., 2021-2031. Environmental concerns are increasing, government initiatives for the construction of hydrogen fuel cell infrastructure are increasing, initial infrastructure investment is expensive, and technology improvement and future potential are all influencing market growth. During the forecast period, each of these variables is expected to have a significant impact on the hydrogen fuel cell car market.
On the basis of Type, the global Hydrogen Fuel Cell Market is fragmented into PEMFC, SOFC, PAFC, MFC, AFC, and DMFC. In 2020, proton exchange membrane fuel cells led the global hydrogen fuel cell market, accounting for the vast majority of market share. The category is expanding due to the rising demand for renewable energy generation and reliance on proton exchange membrane fuel cell-based public transportation systems in industrialized countries.
Global Hydrogen Fuel Cell Market is classified on the basis of application into Portable, Stationary, and Fuel Cell Vehicles. The stationary sector dominated the global hydrogen fuel cell market, accounting for the biggest share. The increasing demand for fixed backup power generators for remote sites, as well as the expanding number of power generation plants being developed around the world, supports technology adoption, propelling the segment forward.
Higher Efficiency of Hydrogen Fuel Cells for Vehicles
Internal combustion engines and hybrid vehicles are less efficient than hydrogen fuel cell vehicles, which have a 60-70 percent efficiency advantage over the other two. The demand for fuel-efficient vehicles has increased as the price of diesel and gasoline has risen. This is also linked to the depletion of fossil fuel reserves and a rise in the ambition of companies to maximize revenues from these reserves. As a result, the market for hydrogen fuel cells is expected to grow over the projected period due to an increase in the use of fuel-efficient automobiles.
Growing Environmental Concern and Rising Awareness for Ill Effects of Air Pollution
As public awareness of environmental deterioration and natural resource depletion grows, numerous technologies supporting the eco-friendly notion of environmental sustainability are being introduced to the market. Furthermore, as people become more conscious of the dangers of air pollution and the rise in traffic and greenhouse gas emissions, hydrogen fuel cell vehicles are becoming more popular because they are more environmentally friendly than conventional automobiles.
Significantly Priced Catalyst used in the Fuel Cells
Common fuel cells rely on rare-earth metals, which are expensive, and their use raises the fuel cell's overall cost. When 1,000 fuel cells are produced each year, the cost of catalysts accounts for over 26% of the entire cost. The high cost of catalysts is expected to stifle the market for fuel cell technology advancements in the future years.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Hydrogen Fuel Cell Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In recent years, America has witnessed a greater usage of fuel cells in vehicles. While government Innovation and showcase initiatives in the United States and Canada have aided fuel cell adoption in some areas, state legislatures across the North American continent have also aided adoption through funding and expenditures for fuel cell and hydrogen infrastructure. Asia Pacific is also predicted to expand the most, owing to the region's growing population and rising standard of living, both of which are driving up energy consumption. Furthermore, the region's fast-growing economy is the world's leading polluter.
COVID-19 had a minimal impact on the fuel cell market because the bulk of players operated under the guise of 'vital businesses.' Installation and maintenance operations, on the other hand, have been more severely impacted due to labor shortages, facility shutdowns, a shortage of medium voltage gear suppliers, decreased contractor/subcontractor productivity, and other factors.
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 3 billion |
|
Revenue forecast in 2031 |
USD 294.1 billion |
|
Growth Rate |
CAGR of 58.2% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Type, Application, End User, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
Panasonic, Intelligent Energy Holdings, FuelCell Energy, Plug Power, Hyster-Yale, Doosan Fuel Cell, Ballard Power Systems, Nedstack fuel cell technology, Pearl Hydrogen, Hydrogenics, Horizon Fuel Cell Technologies, Toshiba Energy Systems, Mitsubishi Hitachi Power Systems, AFC Energy, and Other Prominent Players. |
The Hydrogen Fuel Cell Market size was estimated at USD 3 billion in 2021 and is expected to reach USD 294.1 billion in 2031.
The on-board electric motor of hydrogen fuel cell vehicles is powered by a hydrogen fuel cell. To generate electricity, hydrogen is used to power a hydrogen fuel cell. Hydrogen fuel cell vehicles have a lot of potential for lowering transportation-related pollution.
The PEMFC segment accounted for the largest Hydrogen Fuel Cell Market share.
Key players in the Hydrogen Fuel Cell Market include Panasonic, Intelligent Energy Holdings, FuelCell Energy, Plug Power, Hyster-Yale, Doosan Fuel Cell, Ballard Power Systems, Nedstack fuel cell technology, Pearl Hydrogen, Hydrogenics, Horizon Fuel Cell Technologies, Toshiba Energy Systems, Mitsubishi Hitachi Power Systems, AFC Energy, and Other Prominent Players.
The market is driven by the increase in government regulations to reduce carbon emissions, which will generate enough demand for hydrogen and fuel cells to fulfill existing supply needs.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
