The Global Hydrogen Fuel Cell Market was valued at US$ 2.81 billion in 2020 and is predictable to reach US$ 46.92 billion by 2030; growing at a CAGR of 31.9 % during the forecast period 2021 - 2030.
A hydrogen fuel cell is referred as a device that converts chemical reaction to electrical energy via conversion of hydrogen into electricity and requires a continuous source of oxygen and fuel to run. Hydrogen fuel cell is the cleanest form of energy which produces electricity as the only product while heat and water as the by-products.
The rapid adoption of unconventional sources of energy in various industry verticals owing to the growing concerns of fossil fuels depletion, and environmental pollution concerns is the prime reason fuelling the growth of the hydrogen fuel cell market. Fuel cells provide variability of applications such as transportation, power back-up, and in micro or large grids Further, owing to the grid-independent nature it can be also utilized in data centers, hospitals, military applications, or in telecommunication towers.
Increasing adoption of hydrogen fuel cell refilling stations around the globe are making the shift for a hydrogen fuel cell as an alternative choice in the automobile sector. It has numerous advantages such as higher efficiencies, noise free operation and lower or negligible emissions as it only emits water and no carbon dioxide. The rise in research and development activities for the utilization for defense sector, or portable power generation systems have demanded the rise in demand for hydrogen fuel cells, and governments across numerous economies have shifted the focus on clean energy sources have also pushed the investments in the electricity generation using hydrogen fuel cells. However, fuel cells production relies on hydrogen, and hydrogen infrastructure comprises production, storage, transportation, and distribution. Lack of distribution network, availability of hydrogen fuel pumps, and limited infrastructure of hydrogen fueling are expected to hamper the global hydrogen fuel cell market during the forecast period.
The Global Hydrogen Fuel Cell Market is segmented by product, technology, application, end-user, and region. Based on product, it is categorized into air-cooled and liquid-cooled. By technology, it is bifurcated into polymer exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), and direct methanol fuel cells (DMFC). The hydrogen fuel cell application categorizes into stationary, electricity, portable power, automotive, and material handling equipment. By end-user, it bifurcates into fuel cell vehicles, defense, and utilities. Based on regional insights, the global hydrogen fuel cell market is categorized into North America (US, Canada, Mexico, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
By technology, SOFC are used in wide range of applications such as auxillary power units distributing power and heat to homes, and for large buildings and business owing to its high temperature fuel cell operating at nearly 18000 F. In addition, PAFC runs at high temperature which are used in cogeneration mode for electricity production and heat in assisting cooling and heating demands in hospitals, processing centers, schools, and manufacturing.
Liquid cooling type is expected the highest revenue share owing to its ability to provide more cooling compared to air-cooled type.
Prominent players inducing the Global Hydrogen Fuel Cell Market are Intelligent Energy Holdings, Plug Power, Doosan Fuel Cell, Nedstack Fuel Cell Technology, Hydrogenics, Toshiba Energy Systems, AFC Energy, Panasonic, FuelCell Energy, Hyster-Yale, Ballard Power Systems, Pearl Hydrogen, Horizon Fuel Cell Technologies, Mitsubishi Hitachi Power Systems, and Sunrise Power among others.
Segmentation and Scope of the Global Hydrogen Fuel Cell Market
Global Hydrogen Fuel Cell Market is segmented by product, technology, application, end-user, and region.
Middle East & Africa
Prominent Players in the Global Hydrogen Fuel Cell Market among other includes