Global Hydrogen Fuel Cells Market - 2023-2030

Market Overview

Global Hydrogen Fuel Cells market reached US$ 3.1 billion in 2022 and is expected to reach US$ 5.9 billion by 2030 growing with a CAGR of 8.3% during the forecast period 2023-2030.

For the growth of the hydrogen fuel cells market, energy storage plays a vital role in hydrogen development and production. Electrical power is generated from hydrogen fuel cells that complement turbines which results in the growth of hybrid electric systems. Furthermore, the world is moving towards fuel cell-powered Aircraft systems. As innovation in the hydrogen sector, the Aviation industry takes part in which Airbus Zeroe is working on Hydrogen Combustion technology which uses Liquid Hydrogen.

The transportation sector holds a dominating share of 1/3rd of the global market. The global hydrogen fuel cell market where the consumption of hydrogen fuels is in the transportation sector offers zero emission of harmful gases. Furthermore, the fusion of renewable energy and fuel cells provides a feasible solution for power supply. Fuel cells work like batteries that need to be recharged but the advantage of using fuel cells it take an average less time compared to other gasoline fuels, which makes them more efficient to adapt in the power sector.

Market Dynamics

Growing Demand for Renewable Energy

The conversion of chemical energy to electricity is a basic process used by fuel cells. These cells can be used in numerous ways across multiple sectors, including commercial and residential, making them a sustainable fuel, i.e., a long-term energy storage alternative. Hydrogen fuel has a high calorific value, hence making it a good alternative to fossil fuels.

It has the capability of burning fast at a low temperature when compared to gasoline, making it more efficient, advancements in the technology of energy resources and hydrogen, its goal to utilize resources in several different sectors such as domestic households, commercial and plants.

The technology named consortium focused on the advancement of water-splitting technology for the production of hydrogen. Hydrogen uses clean and sustainable energy resources for the development of renewable resources. The growth of the water-splitting technology consortium offers 80 new state-of-the-art.

Growing Investments in the Adoption of Advanced Hydrogen Fuel Cell Technology

The increasing investments in hydrogen fuel cells are crucial in advancing the technology, creating market opportunities, and overcoming challenges associated with commercialization. The growth of hydrogen fuel cell technology in the marine industry plays a vital role in adapting technology. The first Commercial cargo transport named Zulu06 operates on hydrogen and fuel cells. Which creates a strong base for decarbonized transport in both land and sea area.

IPO Green recently launched an initiative that supports intellectual property for developing policies and programs on May 17, 2022, which increase the demand for hydrogen fuel cells. WIPO Green, it's an online platform where technology exchanges environmental solutions. Hydrogen provides clean energy solutions for FCEV which is being viewed by Hyundai Motors. FCEVs have minimum downtime time compared to electric vehicles.

High Flammability

The factor that concerns in global hydrogen fuel cell market is the high flammability of gas which ignite easily in the presence ignition source. While implementing hydrogen fuel stations proper evaluation of risk and potential hazards should be covered. In the hydrogen fuel cell market, the fuels used are a combination of oxygen and hydrogen which then produce electricity. In FCEV, multiple hydrogen fuel tanks are installed which increases its demand for fuels.

However, Hydrogen is highly flammable so it should be handled properly. In hydrogen fuel stations there is a high risk of fire. The major restrain in the growth of hydrogen fuel cell markets. Fuels in FCEV are expensive compared to other resources because the production of hydrogen is expensive.

COVID-19 Impact Analysis

After the impact of COVID, industries give more importance to clean and sustainable energy sources. Due to this governments, businesses, and individuals understand the need to reduce air pollution and climate change. During the Pandemic fuel cell market phases financial crises which led to delays in hydrogen fuel cell projects.

Since Government recognizes the importance of clean energy for sustainable recovery they revive economics and long-term sustainability. The government included provisions for hydrogen fuel cells in their recovery plans. The government also includes the provision of hydrogen fuel cell development in stimulus packages for advancing clean energy agendas.

Russia-Ukraine Impact Analysis

The Russia-Ukraine conflict affects the price of natural gas due to probable disruption in gas supply lines. War impacts the cost of hydrogen production which fluctuates the gas price. This conflict raises concerns about importing natural gas from Russia. Which results in a downfall in the growing hydrogen fuel cell market.

Due to conflict, many investors Standback their investments in the fuel cell sector. The conflicts delay investment in infrastructure projects including fuel stations and hydrogen production. Due to the war market phases geopolitical issues. Which slow downs the growth and development of the hydrogen fuel cell market.

Segment Analysis

The global hydrogen fuel cell market is segmented based on type, application and region.

Growing Demand For Viable And Simple Fuel Cells Offering Less Greenhouse Gas Emissions in Transportation Sector

The transportation sector covers the highest share in the global hydrogen fuel cell market covering nearly more than 49.9% share in 2022. The growth in an electric vehicle is turned out to be a significant factor in the market growth. Hydrogen is used in fuel cells for the production of electricity in vehicles. In the U.S., more than 6,500 FCEVs are sold and other premier companies also plan to use hydrogen fuel cells in a few couple of years. It has a traveling capacity of 300 to 400 miles on one tank. FCEVs come under zero-emission vehicles and there is less emission of greenhouse gas.

Fuel Cell technology draws major attention due to its viability, and simplicity. Honda, Toyota, and Hyundai were major automobile brands that utilized mass hydrogen fuel cells. Decarbonization is an aid to produce the transportation sector for heavy-duty vehicles such as trucks. Fuel cells offer good advantages compared to other combustion engines as they are small in size and there are no environmental effects. Due to fuel cells' advantages in the automobile sector the demand for hydrogen increases.

Geographical Analysis

Growing Asia-Pacific Government Investment in the Adoption Of Hydrogen Fuel Cell

Asia-Pacific holds a significant share of the global hydrogen fuel cell market and rising government investments in the adoption of clean energy is a major market driving factor. For the development of fuel cell technology, China had various policies over a few years that increase the growth of fuel cell vehicles. For saving energy China government publish New Energy Vehicle RoadMap 2.0 in 2020 for commercializing vehicles using fuel cells. The government of China publishes news and policies regarding pilot applications that switch from subsidy policy to support policy.

Furthermore, South Korea launches a hydrogen economy plan which includes 6.2 million fuel cell vehicles by 2040. The overall sales of the fuel cell market were marked at the end of 2021 which was up to 19,000. India has also shown immense interest in the market in past years. A similar initiative is taken in India by our former prime minister 'Mr. Narendra Modi' to ensure the vision of hydrogen fuel is important in making it under the initiative of 'Atma Nirbhar Bharat' by making it affordable and accessible to every reach for clean energy and meeting the climate change goal and providing new jobs and opportunities to people.

Competitive Landscape

The major global players in the market include Ballard Energy Resources, Bloom Energy, FuelCell Energy, Inc., Hydrogenic Corporation, Plug Power Inc, SFC Energy AG, NedStack Fuel Cell Technology B.V., Doosan Fuel Cell America, Inc, Nuver Fuel Cells LLC and Ceres Power Holdings PLC.

Why Purchase the Report?

• To visualize the global hydrogen fuel cell market segmentation based on the type, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of hydrogen fuel cell market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global hydrogen fuel cell market report would provide approximately 50 tables, 49 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies