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.
Market size value in 2021
USD 3 billion
Revenue forecast in 2031
USD 294.1 billion
CAGR of 58.2% from 2021 to 2031
Base year for estimation
Revenue in USD million and CAGR from 2021 to 2031
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, Application, End User, and Region
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.
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