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Hydrogen Fuel Cell Market Trends 2022 : CAGR Status, Growth Potential Products, Industry Size, Top Manufacturers, End User, Value, Volume, Opportunities till 2031

The global hydrogen fuel cell market is estimated grow at a significant CAGR over the forecast period, i.e., 2022-2030. The growth of the market can be attributed to growing initiatives and investments by various governments for the development of hydrogen fuel cell infrastructure over rising environmental concerns. Hydrogen fuel cells are electrochemical power generators that uses hydrogen to cleanly and efficiently produce electricity. Hydrogen is a well-known low-carbon transport fuel, and the rising demand for hydrogen fuel cells in vehicles for sporty advances and ecological power generation are further expected to propel the market growth. According to the International Energy Agency, as of June 2021, early 40,000 fuel cell electric vehicles (FCEVs) were on road globally.

However, challenges, such as reducing cost and improving durability, associated with commercialization of fuel cells are one of the key restraints for the growth of the market. Fuel cell systems must be cost-competitive and be more efficient in power supply when compared with traditional power systems. Moreover, high cost of carbon fiber that is required for hydrogen fuel tanks is further expected to hinder the growth of the market.

The market is segmented by application into vehicular and non-vehicular, out of which, the vehicular segment is anticipated to hold the largest share of the market over the forecast period on the back of several countries investing in fuel cell technology to improve transportation infrastructure to reduce emissions.

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Based on technology, the market is segmented into proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), alkaline fuel cell (AFC), microbial fuel cell (MFC), and others, out of which, proton exchange membrane fuel cell segment is projected to hold the largest market share over the forecast period owing to its advantages, such as high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability, over others. They are mostly used as back-up power and portable power in small distributed generation and transportation.

Global Hydrogen Fuel Cell Market Regional Synopsis

Regionally, the global hydrogen fuel cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia-Pacific region is projected to witness the highest growth during the forecast period owing to increasing introduction of fuel cell vehicles on road, especially in countries such as South Korea, Japan, and China. Furthermore, the fuel cell industry in the region is growing on the back of increasing government policies to implement cleaner and more efficient energy consumption, to curb carbon emission.

Market Segmentation

Our in-depth analysis of the global hydrogen fuel cell market includes the following segments:

By Application

  • Vehicular
  • Non-vehicular

By Technology

  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Alkaline Fuel Cell (AFC)
  • Microbial Fuel Cell (MFC)
  • Others

Growth Drivers and Challenges Impacting the Growth of the Global Hydrogen Fuel Cell Market

Growth Drivers

  • Growing initiatives and investments by various governments for the development of hydrogen fuel cell infrastructure
  • Rising demand for hydrogen fuel cells in vehicles

Challenges

  • Challenges, such as reducing cost and improving durability, associated with commercialization of fuel cells
  • High cost of carbon fiber required for hydrogen fuel tanks

Key Companies Dominating the Global Hydrogen Fuel Cell Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global hydrogen fuel cell market that are included in our report are Ballard Power Systems, FuelCell Energy, Inc., PLUG POWER INC., Mitsubishi Power (Mitsubishi Heavy Industries Ltd.), Cummins Inc., SFC Energy AG, TW Horizon Fuel Cell Technologies, Toshiba Energy Systems & Solutions Corporation, and others.

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