PUBLISHER: Roots Analysis | PRODUCT CODE: 1752084
PUBLISHER: Roots Analysis | PRODUCT CODE: 1752084
As per Roots Analysis, the global hydrogen fuel cell market size is estimated to grow from USD 5.38 billion in the current year to USD 37.51 billion by 2035, at a CAGR of 21.42% during the forecast period, till 2035.
The opportunity for hydrogen fuel cell market has been distributed across the following segments:
Type of Hydrogen Fuel Cell
Type of Technology
Areas of Application
Type of End-Users
Company Size
Geographical Regions
Hydrogen fuel cells are a cutting-edge technology in the clean energy field, producing electricity through a chemical reaction involving hydrogen and oxygen, with water being the only byproduct. This feature positions hydrogen fuel cells as a sustainable energy source. Further, the utilization of green hydrogen as fuel makes these cells even more eco-friendly. Their attractiveness stems from their high energy efficiency and minimal ecological impact.
The rising awareness of environmental issues and the need for sustainable energy options are propelling growth in the hydrogen fuel cell market. Businesses looking to decrease their carbon emissions, alongside consumers in search of sustainable transportation alternatives, are significantly boosting the adoption of fuel cell technology.
The increase in carbon emissions has sparked government interest in the use of hydrogen fuel cells for electric vehicles, further shaping market trends. The concerns regarding environmental sustainability linked to the heavy reliance on fossil fuels have amplified the urgency for cleaner energy solutions. As a result, there is an increasing necessity to decrease dependence on oil and diesel, which is driving demand for hydrogen fuel cells, which is further propelling the market during the forecast period.
Based on the type of hydrogen fuel cell, the global hydrogen fuel cell market is segmented into air-cooled and water-cooled. According to our estimates, currently, air-cooled captures the majority share of the market. This can be attributed to its simplicity and lower maintenance needs, making it favored in situations where space and weight are critical considerations.
However, water-cooled type segment is anticipated to grow at a relatively higher CAGR, during the forecast period. This increase is due to their superior efficiency and enhanced performance under demanding operating conditions. Since these fuel cells utilize water as a coolant, they support higher power densities and extended operational lifespans. Consequently, this makes them the preferred option for applications that necessitate a continuous and reliable power supply, such as backup power systems and grid-scale energy storage.
Based on the type of technology, the hydrogen fuel cell market is segmented into direct methanol fuel cells, molten carbonate fuel cells, phosphoric acid fuel cells, polymer exchange membrane fuel cells, proton exchange membrane fuel cells, and solid oxide fuel cells. According to our estimates, currently, proton exchange membrane fuel cells segment captures the majority of the market.
Additionally, this sector is anticipated to grow at a relatively higher CAGR during the forecast period. This can be attributed to their excellent efficiency, quick start-up capabilities, and flexibility, which makes them suitable for a range of uses such as automotive, portable electronics, and stationary power generation. Moreover, their capacity to function at low temperatures while providing clean energy with minimal emissions facilitates their widespread acceptance.
Based on areas of application, the hydrogen fuel cell market is segmented into portable, stationary, and transport. According to our estimates, currently, stationary segment captures the majority share of the market. This can be attributed to their widespread deployment across various environments, such as residential, commercial, and industrial, to deliver dependable and clean power for stationary power generation, backup systems, and distributed energy solutions. However, transportation segment is anticipated to grow at a relatively higher CAGR, during the forecast period.
Based on types of end-users, the hydrogen fuel cell market is segmented into defense, fuel cell vehicles and utilities. According to our estimates, currently, fuel cell vehicles segment captures the majority share of the market. Additionally, this sector is anticipated to grow at a relatively higher CAGR during the forecast period.
This can be attributed to the rising need for hydrogen fuel cells in the transportation sector, which offer zero-emission alternatives, along with the enhancing infrastructure for hydrogen refueling stations. Additionally, increasing environmental concerns and government initiatives aimed at promoting hydrogen use, lowering greenhouse gas emissions, and supporting clean energy solutions are driving the growth of this segment in the market.
Based on company size, the hydrogen fuel cell market is segmented into large and small and medium enterprise. According to our estimates, currently, large enterprise segment captures the majority share of the market. However, small and medium enterprise segment is anticipated to grow at a relatively higher CAGR, during the forecast period.
Based on geographical regions, the hydrogen fuel cell market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and rest of the world. According to our estimates, currently, North America captures the majority share of the market. This can be attributed to the expanding research and development initiatives, along with the incentives and subsidies offered by the government for hydrogen fuel vehicles. Additionally, government funding and spending are driving the advancement of the hydrogen fuel cell sector in the area.
The report on the hydrogen fuel cell market features insights on various sections, including: