Hydrogen Fuel Cells Market Overview

The hydrogen fuel cell industry is anticipated to develop due to an increasing number of legislative initiatives and incentives for manufacturing fuel cell electric vehicles to reduce carbon emissions. More consumers are showing interest in environmentally friendly and priceless products. This is anticipated to raise consumer and automotive industry interest in hydrogen fuel cells, transforming potential chemical energy into electric energy.

A 25.09% compound annual growth rate of a CAGR is predicted for the Hydrogen Fuel Cells Market size from 2022 to 2030, bringing it to USD 11,813.5 million.

The hydrogen fuel cells market refers to the industry involved in the production, distribution, and sale of fuel cells that use hydrogen as a fuel source. Fuel cells are electrochemical devices that convert hydrogen and oxygen into water, producing electricity and heat in the process. Hydrogen fuel cells are seen as a key component in the transition to a low-carbon economy, as they produce zero greenhouse gas emissions and can be used to power a wide range of applications, including vehicles, buildings, and industrial equipment.

The demand for hydrogen fuel cells is being driven by a number of factors, including the need for clean energy, particularly in the transportation sector. Automotive manufacturers are investing in hydrogen fuel cell technology as a way to reduce emissions and meet increasingly stringent regulations. The growth of the hydrogen fuel cell market is also being fueled by increasing investment in hydrogen infrastructure, such as refueling stations, as well as by advancements in fuel cell technology, which are making them more efficient and cost-effective.

To meet the world's carbon reduction targets, fuel cell electric vehicles are a crucial component of the low-carbon age. The future market for hydrogen fuel cells is anticipated to be driven by various auto manufacturers' research into hydrogen fuel cell technology. By 2021, it's anticipated that almost all major automakers will have introduced fuel cell electric vehicles worldwide, demonstrating humanity's practical use. In addition, numerous automakers are looking at hydrogen fuel cells for use in FCEVs since they can generate heat and water vapour, which can be utilized to build locomotives with zero emissions. 

Regional analysis

In 2020, the Hydrogen Fuel Cells Market was dominated by North America. Research and development initiatives, incentives and subsidies offered by the government for fuel cell-based cars, as well as financing and expenditure by governments, have all helped to advance the usage of fuel cell and hydrogen technologies in the North American area.

Asia-Pacific is anticipated to see the highest growth over the projected time. The region's growing population and improving the standard of living are driving greater energy demand. Furthermore, the world's biggest polluters are the economies of the area, which are expanding quickly. It has been determined that hydrogen fuel cells are the most effective replacement for other traditional fossil fuel energy sources.

In May 2020, SGH2, a worldwide energy company headquartered in Washington, DC, announced plans to build a sizable green hydrogen production facility in California. By 2023, the facility is anticipated to be fully operational.

Recent developments

In June 2020, Plug Power Inc., a top supplier of hydrogen cell engines and fuelling systems that allow e-mobility, purchased United Hydrogen Group Inc. and Giner ELX. The business made these two purchases in line with its strategy of vertical integration in the hydrogen industry, which aims to have more than 50% of the hydrogen used to be green by 2024.

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Market segmentation

The Hydrogen Fuel Cells Market is divided into different segments

The market is split into Platinum Type, Nickel Type, and other types based on Type. The market share that belonged to the platinum kind was the largest. The best catalyst for redox reactions is platinum, which also considerably improves the reactive surface area when scattered uniformly and is the best choice for many electrochemical reactions.

The market is divided into three categories based on application: hydrogen-oxygen fuel cells, hydrocarbon fuel cells, and others. While hydrogen-oxygen fuel cells produce energy by mixing hydrogen and oxygen and are more efficient than conventional power plants or batteries like zinc-carbon, hydrogen fuel cells are carbon-free. They are used to generate electricity, heat, and water. Water is the byproduct of combustion in a hydrogen-oxygen fuel cell, making it clean, non-polluting fuel.

Major Players 

Players leading the global hydrogen and fuel cells market include FuelCell Energy, Inc. (U.S.), Panasonic Corporation (Japan), Plug Power Inc. (U.S.), Hyster-Yale Group (U.S.), Intelligent Energy Holdings plc (U.K.), Ballard Power Systems. (Canada), Nedstack fuel cell technology BV. (Netherlands), Doosan Fuel Cell (U.S.), Hydrogenics Corporation (Canada), Horizon Fuel Cell Technologies (Singapore), and Pearl Hydrogen (China), among others.