According to the Market Statsville Group (MSG), the global Hydrogen Fuel Cell Market size is expected to grow from USD 14,573 million in 2021 to USD 78,629.5 million by 2030, at a CAGR of 20.6% from 2022 to 2030. A hydrogen fuel cell is an electrochemical device that produces electrical energy through a chemical process that converts fuel (hydrogen) into electricity. Even though fuel cells are electrochemical cells with similar structures, they involve an undisrupted supply of oxygen and fuel to operate, similar to how an internal combustion engine requires a constant flow of gasoline or diesel.
Market players are focusing on the hydrogen economy as environmental concerns grow. Hydrogen fuel cells can also be scaled up. They can be combined to create stacks, which can then be combined to create larger systems. These fuel systems range in size and power from portable systems for charging smartphones to combustion engine replacements for electric vehicles to large-scale, multi-megawatt installations that provide electricity directly to the utility grid.
With the surging adoption of electric vehicles, the market for hydrogen fuel cells has witnessed tremendous growth over the forecast period. Further, the government's focus has been drawn to using electric vehicles due to increased carbon emissions. Another factor influencing the market is growing environmental concern. The overuse of fossil fuels has raised environmental concerns due to harmful gas emissions. The need to reduce reliance on oil and diesel boosts the market’s growth.
COVID-19 Impact on the Global Hydrogen Fuel Cell Market
Because of the existence of big businesses functioning as 'essential enterprises,' COVID-19 had little influence on the hydrogen fuel cell sector. COVID-19 has negatively influenced most nations' and regions' economic health, resulting in economic deterioration. Curfews and lockdowns have caused some production and exploration efforts to be delayed, resulting in a rise in gasoline prices. Furthermore, increased consumer awareness of the need to reduce GHG emissions and a greater emphasis on sustainable energy are projected to stimulate demand for fuel cells. Furthermore, labor shortages, plant closures, a lack of medium voltage gear suppliers, poorer contractor/subcontractor productivity, and other reasons have all hampered installation and maintenance operations.
For instance, research done by the International Energy Agency (IEA) in November 2021 suggests that worldwide energy storage device demand is recovering in many areas, headed by nations such as China, certain major European countries, and the United States in North America. Furthermore, electric vehicle (EV) battery makers have lately began focused on lowering upfront costs and extending vehicle range by creating more efficient power sources.
Global Hydrogen Fuel Cell Market Dynamics
Drivers: Raising investments in developments of Hydrogen Fuel Cell
Rising government and private expenditures in the research and building of hydrogen fuel cell manufacturing facilities to fulfill the increased demand for Fuel Cell Electric Vehicles (FCEVs) are among the primary drivers in the market. Furthermore, governments from throughout the world have devised several ways to solve environmental problems. The United States government pledged financing for the construction of 100 hydrogen filling stations on November 15, 2021, in order to meet its target of 1.5 million zero-emission automobiles by 2025.
Restraints: High Cost of hydrogen fuel cells
The high cost of hydrogen fuel cells is impeding the global growth of the Hydrogen Fuel Cells market. Transportation and storage costs for hydrogen fuel cells are higher than for gasoline products. Because hydrogen is explosive, it raises more safety concerns. Unlike gas, hydrogen has no odor. The widespread use of gas sensors and gas detectors in hydrogen plants impedes the market growth.
Opportunities: Growing Environmental concerns
As public awareness about environmental degradation and natural resource depletion grows, numerous technologies supporting the eco-friendly idea are being introduced into the market. Furthermore, increased awareness of the repercussions of air pollution and increased levels of traffic and greenhouse gas emissions encourage the adoption of hydrogen fuel cell vehicles and provide lucrative opportunities, which are more environmentally friendly than other conventional vehicles.
Scope of the Global Hydrogen Fuel Cell Market
The study categorizes the hydrogen fuel cell market based on product type, technology, and application at the regional and global levels.
By Product Type Outlook (Sales, USD Million, 2017-2030)
· Liquid-Cooled Type
· Air-Cooled Type
By Technology Outlook (Sales, USD Million, 2017-2030)
· 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)
By Application Outlook (Sales, USD Million, 2017-2030)
· Material Handling Equipment
· Portable Power
By Region Outlook (Sales, USD Million, 2017-2030)
· North America
oRest of Europe
· Asia Pacific
oAustralia & New Zealand
oRest of Asia Pacific
· South America
oRest of South America
· The Middle East & Africa
oRest of MEA
Automotive segment is projected to account for the largest market share, by application
Based on application, the global hydrogen fuel cell market is divided into automotive, stationary, material handling equipment, and others. The automotive segment is accounted to have the bulk of revenue share. Given that Toyota and Hyundai-Kia are among the world leaders in fuel cell technology, the demand for hydrogen fuel cells in the automobile industry was noticeably strong in 2021. Furthermore, Japan, China, and South Korea are projected to play significant roles in the fast-growing fuel cell electric car technology market. Furthermore, government subsidies for fuel cell electric vehicles are expected to encourage private sector investment and assist breakthroughs in FCEV technology across Asia-Pacific, especially in China, Japan, and South Korea.
Asia-Pacific is projected to account for the largest market share, by Region
Based on the regions, the global hydrogen fuel cell market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific accounted for the greatest revenue share in the global hydrogen fuel cell market in 2021, due to government initiatives in countries such as China, Japan, and South Korea supporting clean energy usage throughout APAC. In preparation for the 2022 Winter Olympics, Zhangjiakou City in China ordered 74 Fuel Cell Electric Buses (FCEBs) in 2019. Adoption of fuel cell electric vehicles are projected to rise in more Chinese cities in the near future. The Tokyo Metropolitan Government (TMG) intends to deploy fuel cell technology to power many functions during the Tokyo 2020 Olympic and Paralympic Games.
This has created several new commercial opportunities for the top 10 hydrogen fuel cell companies. In addition, Japan has over 100 government-funded filling stations that get continuing operational help from firms like Toyota. The Japanese government intends to build 900 hydrogen filling stations by 2030, giving ample opportunities for hydrogen fuel cells.
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Key Market Players in the Global Hydrogen Fuel Cell Market
The global hydrogen fuel cell market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global hydrogen fuel cell market are:
· ClearEdge Power
· Toshiba Corporation
· Toyota Denso
· Hyundai Mobis
· SFC Energy AG
· Panasonic Corporation
· Iwatani Corporation