Hydrogen Fuel Cells Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Cell Type (Alkaline Fuel Cell, Phosphoric Acid Fuel Cell, Direct Methanol Fuel Cell, Molten Carbonate Fuel Cell, Others), By Temperature Type (Low, Medium, High), By Application (Power Generation, Marine Application, Warehouse Logistics, Transportation, Others), And By Geography - Forecasts From 2023 To 2028

The hydrogen fuel cells market is projected to show steady growth during the forecast period.

Hydrogen is the main component of the hydrogen fuel cell along with the requirement of oxygen for the chemical reaction to take place. These cells produce electricity due to the reaction between hydrogen and oxygen. This form of energy generation produces very little pollution as water is the only resultant by-product in this process. Cells that make use of pure hydrogen are completely carbon-free. The increasing demand for generating clean power with less or no emission is one of the key factors in the growth of this market. According to the International Energy Agency, in 2022, the global demand for hydrogen was 94 Mt and is said to reach 179.9 Mt in 2030.

Environmental concerns and growing demand for clean sources of energy are key driving factors in this market

Leaders across the globe are trying to find solutions to reduce carbon footprints in their respective countries. For instance, the Paris agreement which was signed on 12 December 2014 and brought into force on 4 November 2016 demands countries across the globe reduce their pollution levels by switching to clean sources of energy to tackle global warming. The goal of this agreement is to reduce global warming to well below 2 (1.5 preferably) degrees Celsius, compared to pre-industrial levels. The Net Zero Emissions by 2050 Scenario is a pathway given by IEA for achieving net zero CO2 emissions by the global energy sector. These initiatives taken by governments across the globe lead to the demand for clean energy sources to increase tremendously which ultimately leads to the growth of the hydrogen fuel cells market.

Implementation of advanced technologies and cost reductions in hydrogen fuel cells boosts the growth of the global hydrogen fuel cells market

Hydrogen has been used primarily for the production of ammonia, methanol, and petroleum refining. However, it has now also emerged as a source of producing clean energy through hydrogen fuel cells. Countries have started implementing advanced technologies in the production of hydrogen fuel cells as the demand for clean energy increases day by day. In February 2019, Toyota announced using a new technology for producing hydrogen from humid air. They have partnered with the Dutch Institute of Fundamental Energy research and have also announced that with improvements and enhanced scalability, this new form of energy production may be able to power homes or cars. In September 2020, China claimed to achieve carbon neutrality before 2060. This claim could help in changing the source of hydrogen production from fossil fuels to renewable sources of energy.

Maximum market growth can be seen in the Asia Pacific region

According to the Fuel Cell and Hydrogen Energy Association, China proposed its first official hydrogen plan for the country in July 2022. This plan includes a process to improve the usage proportion of clean hydrogen across the country by 2035. The government has set targets such as the production of 200,000 tonnes of clean hydrogen along with deploying 50,000 hydrogen-fuelled vehicles by 2025. This will lead to a huge demand for hydrogen fuel cells in the country.

The National Hydrogen Mission was launched on 15 August 2021 to tackle climate change and make India the hub for green hydrogen production. The New South Wales government announced its NSW Hydrogen Policy in October 2021. This policy aims to provide incentives of up to $ 3 billion for the commercialization of hydrogen supply chains and also reduce the cost of clean hydrogen.

According to the International Energy Agency, there has been an increase of about 67.21% in the total supply of energy by hydrogen sources between 2010 and 2020. This proves that the hydrogen fuel cell market will see an even greater rise in the future.

Market Key Developments

• In August 2022, Pheonix Motor Inc. announced an acquisition with Altergy Systems. Pheonix will use its manufacturing facility for the design and manufacturing of hydrogen fuel cells. Along with this production of hydrogen buses, vans and trucks is also a part of the plan.
• In April 2020, a news release stated that Konan Kogyo Co., Ltd. In association with Japan Hydrogen Station Network Joint Company (JHyM) will set up a hydrogen station in Kariya City. Operations were set to begin in April 2021. In addition to this, the introduction of fuel-cell electrified buses was also planned by the Aisin Seiki and Toyota group companies.
• In October 2022, an acquisition between Honeywell and Ballard Unmanned Systems proved to be the entry point for Honeywell to enter the hydrogen fuel cell market. Unmanned aerial systems and border aviation are the applications of this acquisition.

Hydrogen Fuel Cells Market Scope:

 

Report Metric	Details
Growth Rate	CAGR during the forecast period
Base Year	2021
Forecast Period	2023–2028
Forecast Unit (Value)	USD Billion
Segments Covered	Cell Type, Temperature Type, Application, And Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	SFC Energy AG, TUV NORD Group, Plug Power Inc, Doosan, Ballard Power System, Nikola Corporation, Ceres, AFC Energy, Advent Technologies Holdings Inc, Bloom Energy
Customization Scope	Free report customization with purchase

 

The hydrogen fuel cell market has been analyzed through the following segments:

• BY CELL TYPE
  • Alkaline Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Direct Methanol Fuel Cell
  • Molten Carbonate Fuel Cell
  • Others
• BY TEMPERATURE TYPE
  • Low
  • Medium
  • High
• BY APPLICATION
  • Power Generation
  • Marine Application
  • Warehouse Logistics
  • Transportation
  • Others
• BY GEOGRAPHY
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis

 

5. HYDROGEN FUEL CELLS MARKET ANALYSIS, BY CELL TYPE

5.1. Introduction

5.2. Alkaline Fuel Cell

5.3. Phosphoric Acid Fuel Cell

5.4. Direct Methanol Fuel Cell

5.5. Molten Carbonate Fuel Cell

5.6. Others

 

6. HYDROGEN FUEL CELLS MARKET ANALYSIS, BY TEMPERATURE TYPE

6.1. Introduction

6.2. Low

6.3. Medium

6.4. High

 

7. HYDROGEN FUEL CELLS MARKET ANALYSIS, BY APPLICATION

7.1. Introduction

7.2. Power Generation

7.3. Marine Application

7.4. Warehouse Logistics 

7.5. Transportation

7.6. Others

 

8. HYDROGEN FUEL CELLS MARKET ANALYSIS, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

 

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

 

10. COMPANY PROFILES

10.1. SFC Energy AG  

10.2. TUV NORD Group 

10.3. Plug Power Inc 

10.4. Doosan 

10.5. Ballard Power System  

10.6. Nikola Corporation 

10.7. Ceres  

10.8. AFC Energy 

10.9. Advent Technologies Holdings Inc 

10.10. Bloom Energy 

SFC Energy AG

TUV NORD Group

Plug Power Inc

Doosan

Ballard Power System

Nikola Corporation

Ceres

AFC Energy

Advent Technologies Holdings Inc

Bloom Energy