Hydrogen Fuel Cells Market Size, Trends, Growth & Forecast 2028

 

Hydrogen Fuel Cells Market

Hydrogen Fuel Cells Market was valued at USD 1.2 billion in 2020, and estimated to reach USD 70.0 billion in 2028, growing at a significant CAGR of 66.0% during 2021-2028.

The factors driving growth of the Hydrogen Fuel Cells Market includes increasing penetration of electric vehicles around the world, Government initiatives to reduce carbon emissions, exploitation of fossil resources, growing focus on reducing dependency on using non-conventional energy sources and improvements in the living standards. Moreover, increasing number of hydrogen-based refueling stations, development of advanced hydrogen-based fuel cells for vehicles, rising petroleum prices around the world, expansion of the automobile industry, growing adoption of advanced technologies by manufacturers and rapid urbanization, are some of the additional factors supplementing the Hydrogen Fuel Cells Market size. In addition, the increasing investments by major corporations on research and development, strategic partnerships between companies and growing population growth rates, are further propelling the Hydrogen Fuel Cells Market Growth.

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However, growth of the Hydrogen Fuel Cells Market is hindered due to high cost of catalyst used in fuel cells.

The prominent players operating in the Hydrogen Fuel Cells Market are W. L. Gore & Associates Inc., PLUG POWER INC, Nuvera Fuel Cells LLC, Bloom Energy, Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology BV, Ceres, Doosan Fuel Cell America Inc., and FuelCell Energy Inc, among others. 

Based on Type, the Proton Exchange Membrane Fuel Cell segment is predicted to grow at a significant CAGR during the forecast period

Enhanced power density and high operating temperature between 50C to 100C (122F to 212F) of proton exchange membrane cells, is pushing Hydrogen Fuel Cells Market share.

Based on End-User, the Fuel cell vehicles segment is projected to expand at a remarkable CAGR over the forecast period

Rising focus on reducing carbon emissions worldwide and Government initiatives to promote hydrogen energy solutions, are some of the factors pushing the demand for fuel cell vehicles.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

As per the Hydrogen Fuel Cells Market Forecast, Government policies promoting the manufacturing of electric vehicles, rise in the number of hydrogen-based refueling stations across United States, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

  • In 2021, Hyundai Mobis announced to open two new fuel cell plants in Korea to accelerate the hydrogen economy and to secure broader global market dominance.
  • In 2021, Bloom Energy collaborated with SK Engineering & Construction Co Ltd, through which it successfully deployed 100 kilowatts of solid-oxide fuel cells powered completely by hydrogen in Ulsan, South Korea, generating zero-carbon onsite

Market Segmentation

Segmentation by Type

  • Proton Exchange Membrane Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Alkaline Fuel Cell
  • Microbial Fuel Cell

Segmentation by End-User

  • Utilities
  • Fuel cell vehicles
  • Defence
  • Others

Segmentation by Application

  • Transport
  • Stationary
  • Portable

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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