Hydrogen Fuel Cells Market Size to Reach Around USD 68.06 Billion by 2030

According to Vision Research Reports, the global hydrogen fuel cells market size is expected to reach around USD 68.06 billion by 2030 and growing at a remarkable CAGR of 69.5% over the forecast period 2022 to 2030.

Rising adoption of electric and hybrid vehicles, increasing demand in the telecommunications, automotive and residential micro-CHP sector, and diminishing dependence on non-renewable energy sources are some of the factors boosting the market growth. However, the high cost of switching to this technology and reduced hydrogen refilling stations are restraining the market growth. Moreover, expanding the take-up of novel techniques for the decrease in fuel costs among the fuel makers is providing ample growth opportunities for the market.


A hydrogen fuel cell is a device that changes over hydrogen and oxygen into water, and all the while produces electricity. In a hydrogen fuel cells device, the flow of chemicals into cells is continuous, thereby ensuring that the battery does not go dead. Hydrogen fuel cells are being used as an alternative fuel in automobiles, in portable power systems, and also for power generation.

According to Vision Research Reports, the global hydrogen fuel cells market size is expected to reach around USD 68.06 billion by 2030 and growing at a remarkable CAGR of 69.5% over the forecast period 2022 to 2030.

Manufacturers are zeroing-in on the hydrogen economy as the concern for the environment is growing. Hydrogen fuel cells are also scalable. They can be combined to form stacks, which in turn can be combined to form larger systems. These fuel systems vary in sizes and power, from portable systems for smartphone battery recharging, to combustion engine replacements for electric vehicles, to large-scale, multi-megawatt installations providing electricity directly to the utility grid.

Growth in demand for electric vehicles is driving the market for hydrogen fuel cells. An increase in carbon emissions has attracted the government's attention to the usage of electric vehicles. Another factor impacting the market is the growing concern for the environment. The over-exploitation of fossil fuels has created ecological concerns due to harmful gas emissions. The need for reduced dependence on oil and diesel are propelling the demand of the market.

The global hydrogen fuel cells market is garnering significant traction worldwide. The growing demand for energy from telecommunications, automotive, and residential industries is a key driving force. Besides, the increasing uptake of hydrogen fuel cells in the micro-CHP sector to reduce dependence on conventional energy sources drives the market growth.

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Industry Trends

Fuel cells promise vast advantages in energy storage and never run out of power or need recharging as long as hydrogen is supplied. This field has long been attracting scientists and environmentalists, offering lower or zero emissions compared to combustion engines. Hydrogen fuel cells produce electricity and heat and can be used in various applications, including vehicles, power plants, buildings, and other systems.

However, fuel cells are not widely commercialized as they require expensive catalysts like platinum-group metals to speed up important fuel cell reactions. These efficient and durable metals are incredibly expensive because they are extremely rare. There are various researches taken up seeking less costly alternatives to make hydrogen fuel cells more affordable for commercial use.

Fuel cell systems offer lower capital expenditures for backup power solutions. Most countries have implemented plans to promote clean energy by focusing on hydrogen fuel cell technology. These factors cumulatively push the growth of the market.

Additionally, substantial investments in green energy development substantiate the market value. Also, rising hydrogen fuel cell applications in heating and power generation solutions in residential and commercial sectors increase market sales. Various associations and governments have reformed their energy policies to fulfill the growing demand for power due to the ever-increasing population. Hydrogen fuel cells have more applicability and reliability than other alternative energy sources like wind and solar power.

Resultantly, this technology garners huge prominence across industries, generating an augmented demand. Besides, growing ecological concerns increase the need for alternative energy sources to produce cleaner energy. Conversely, the shorter durability of the fuel cell is a major factor estimated to impede market growth during the forecast period. Nevertheless, the benefits of hydrogen fuel cells to produce emission-free energy would support the market growth creating a considerable impact shortly.

Further key findings from the report suggest

- Polymer Exchange Membrane Fuel Cells uses precious metals like platinum, along with a polymer for the catalyst. It is known to be preferable over other technologies so that it can be operated at cooler temperatures that are between 80 to 200 degrees Fahrenheit. It operates between 40%-60% efficiency, which can also handle large and sudden shifts in power output; also, they are used in telecommunications, residential markets, and data centers.

- The air-cooled type has dominated the segment of hydrogen fuel cell product type attaining a CAGR of 26.5%. Passing of ambient air either through the additional cooling plates or cathode is the simplest method of removing waste heat from fuel cells. Examples like the Suzuki Burgmann fuel cell scooter which utilizes a 1.6 kW air-cooled stack, and the Microcap H2EV which utilizes a 3.0 kW Horizon open cathode fuel cell in a battery hybrid arrangement.

- Hydrogen fuel cell vehicles also combine the refueling and range of conventional cars and the recreational benefits of driving on electricity. Refueling a fuel cell vehicle is compared to refuel a car or a truck. Pressurized hydrogen is available at hydrogen refueling stations, and takes less than 10 minutes to fill current models.

- The Asia-Pacific region is emerging as a hub for the adoption of hydrogen power cell technology with the highest CAGR of 24.6%. The region counts many countries as pioneers, like Japan, South Korea, and more recently, China.

- The recent impetus on the adoption of clean energy sources, and China clamping down on its coal usage for energy generation has opened a huge market for hydrogen fuel cells in the region.

- Other countries, especially India, are at a nascent stage of development and are expected to be future growth drivers. The North American region also shows significant promise, as Canada and the U.S move towards investment in green energy. California has the largest infrastructure base on the continent and is responsible for significant innovation in technology.

- North America leads the global hydrogen fuel cells market due to the strong presence of well-established industry players and development centers in the region, allowing rapid implementation of advanced cell technologies. Besides, increased renewable energy generation activities to meet the growing powering demand drive hydrogen fuel cells market growth in the region.

- APAC stands second in the global hydrogen fuel cells market. The growing population and rising disposable incomes foster the market value. Additionally, the increasing pressure to reduce carbon emissions pushes the region's market share, encouraging the usage of renewables to meet electricity needs efficiently.

- Government initiatives to control rising carbon footprints due to fossil fuels boost the market revenues. Rapidly growing economies, such as India, Japan, China, and South Korea, account for leading shares in the regional market. The Asia Pacific hydrogen fuel cells market is expected to create a substantial revenue pocket during the forecast period.

- Europe holds a sizable share in the global hydrogen fuel cells market, mainly due to The European Strategic Energy Technology (SET) Plan influencing market growth, denoting fuel cell and hydrogen technologies crucial for meeting the integrated European energy and climate policy goals for 2020 and beyond.

- Further, the EU2020 strategy proposed by the European SET to improve the infrastructure and decrease the cost of hydrogen fuel cells, help the market grow. The European hydrogen fuel cells market is anticipated to grow at an impressive CAGR during the forecast period.

Competitive Landscape

The global hydrogen fuel cell market appears highly competitive and fragmented due to the presence of several well-established players. Leading industry players strive to improve their process improvement knowledge at scale to deliver higher-performance green products with a lower total cost of ownership.

They initiate several strategic approaches such as mergers & acquisitions, collaborations, expansions, and technology launches to gain a larger competitive share in the market. Besides, greater commercialization of their products and promotion initiatives through trade exhibitions are other strategies adopted by these market players.

For instance, on June 23, 2022, Toshiba Energy Systems and Solutions Corp. (Toshiba EES) announced its partnership with Echandia to develop pure hydrogen fuel cell systems for ships. These newly developed pure hydrogen fuel cells use Toshiba ESS's pure hydrogen fuel cells and could be used for continuous marine operation applications. By integrating these next-generation pure hydrogen fuel cells, the electric propulsion systems for ships are expected to last approximately 200% longer.

What our report offers:

- Market share assessments for the regional and country-level segments

- Strategic recommendations for the new entrants

- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments and the regional markets

- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)

- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter's five forces analysis, SWOT analysis etc.

- Strategic recommendations in key business segments based on the market estimations

- Competitive landscaping mapping the key common trends

- Company profiling with detailed strategies, financials, and recent developments

- Supply chain trends mapping the latest technological advancements

Key players

Toshiba Corporation

Panasonic Corporation

Hyster-Yale Materials Handling, Inc.

Fuel cell Energy

Intelligent Energy

SFC Energy AG

Ballard Power

Plug Power Inc.

Bloom Energy

Hydrogenic Corporation

Others

Market Segmentation

By Product Type


Liquid-Cooled Type

Air-Cooled Type

By Vehicle Type

Passenger Cars

Buses & Coaches

Other Commercial Vehicles

By Technology Type

Polymer Exchange Membrane Fuel Cells (PEMFC)

Phosphoric Acid Fuel Cells (PAFC)

Solid Oxide Fuel Cells (SOFC)

Direct Methanol Fuel Cells (DMFC)

Molten Carbonate Fuel Cells (MCFC)

Others

By Application Outlook

Automotive

Stationery

Material Handling Equipment

Others

By End-Use

Public

Private

By Region

North America

Asia Pacific

Europe

Latin America

MEA

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