Hydrogen Fuel Cells Market Business Insights, Revenue, Forecast By 2030

Hydrogen Fuel Cells Industry Insights:

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 11.87 billion.

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. 

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Hydrogen Fuel Cells Market Drivers:

1. Environmental Concerns: The increasing awareness and concern about environmental issues, particularly climate change and air pollution, have led to a growing demand for clean and sustainable energy solutions. Hydrogen fuel cells offer a promising alternative to fossil fuels as they produce only water vapor as a by-product, reducing greenhouse gas emissions and improving air quality.
2. Energy Security: As the world continues to face energy security challenges and the depletion of conventional energy sources, there is a need for diversification and the exploration of new energy options. Hydrogen fuel cells provide an opportunity to reduce dependence on imported oil and gas, as hydrogen can be produced from various domestic sources, including renewable energy.

COVID-19 Impact on Hydrogen Fuel Cells Market:

Supply chain disruptions: The pandemic has disrupted global supply chains, affecting the production and distribution of hydrogen fuel cell components. Many manufacturers faced challenges in sourcing raw materials and parts, leading to delays and production slowdowns.

Reduced demand: The economic downturn caused by the pandemic has resulted in reduced demand for hydrogen fuel cells. Industries such as automotive, aviation, and manufacturing, which are major consumers of fuel cell technology, experienced a decline in production and sales. This decline in demand has directly impacted the growth of the hydrogen fuel cells market.

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Hydrogen and Fuel Cells Market – Geographical Analysis

North America dominates the global hydrogen and fuel cells market. The largest market share attributes to the strong presence of notable industry players and well-established infrastructure in the region, supporting the faster implementation of advanced cell technologies. Besides, increased renewable energy activities to meet the energy demand in the region drive growth in the market. North America’s hydrogen and fuel cells market is projected to retain its dominance, growing at a 24.72% CAGR throughout the estimated period.

The Asia Pacific region stands second in the global hydrogen and fuel cells market. The market growth is fostered by the growing population and rising disposable income of demographics. Additionally, the increasing demand to reduce carbon emissions pushes the regional market growth, encouraging the usages of renewables to efficiently meet electricity needs.

Government initiatives to control the rising carbon footprints due to fossil fuel energy sources boost the growth of the regional market. Rapidly growing economies, such as India, China, Japan, and South Korea, account for leading shares in the regional market. The Asia Pacific hydrogen and fuel cells market is expected to create a substantial revenue pocket, growing at 27.09% CAGR throughout the forecast period.

Europe owns a sizable share in the global hydrogen and fuel cells market. The European Strategic Energy Technology (SET) Plan to influence the market growth, denoting fuel cell, and hydrogen technologies crucial for meeting the integrated European energy and climate policy goals for 2020 and beyond. The EU2020 is a strategy proposed by the European SET to improve the infrastructure and decrease the fuel cells’ cost. The European hydrogen and fuel cells market is anticipated to grow at an impressive CAGR during the forecast period.

Global Hydrogen and Fuel Cells Market   – Segments

The report is segmented into three dynamics;

By Type                : Air-Cooled Type and Water-Cooled Type.

By Application  : Stationary, Transport, and Portable.

By Regions          :  North America, Europe, APAC and Rest-of-the-World

Industry/ Innovation/ Related News:

September 07, 2020 —- TDK Corporation (Japan), a leading global electronics company, announced that its venture capital arm has invested in GenCell Energy (Israel), an ammonia-to-energy hydrogen fuel cell supplier. It’s the first funding by the TDK corporate venture capital (CVC) in the renewable energy field made since its inception a year ago. GenCell manufactures emission-free off-grid power solutions for use at long-duration backup in telecom base stations, utility data centers, medical facilities, and off-grid sites. 

TDK’s knowledge in process improvement, at-scale manufacturing, and power supplies would help GenCell in delivering higher-performance green products with a lower total cost of ownership.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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