Hydrogen Fuel Cells Market Size to Worth Around US$ 131.06 by 2030

Published Date : 22, 2022

The global hydrogen fuel cells market is estimated to garner growth at a CAGR of 60.1% from 2022 to 2030 and it is expected to be worth around US$ 131.06 billion by 2030.

The increased demand for electric vehicles is propelling the hydrogen fuel cell sector forward. Due to an increase in carbon emissions, the government has been interested in the usage of electric vehicles. Increased environmental consciousness is another factor that is affecting the sector. The over-misuse of fossil fuels has resulted in destructive gas emissions, resulting in environmental problems. The aim to reduce reliance on diesel and oil fuels demand for hydrogen fuel cells.

Rising environmental concerns, increased government initiatives for the construction of hydrogen fuel cell infrastructure, costly initial infrastructure investment, and technological advancement are all major factors driving the worldwide hydrogen fuel cell market's growth. In addition, as people become more conscious of the dangers of air pollution and the growing greenhouse gas emissions, hydrogen fuel cell vehicles will become more popular, as they are more environmentally friendly as compared to other types of vehicles.

Report Scope

Details

Market Size in 2030

USD 131.06 Billion

Growth Rate from 2022 to 2030

CAGR of 60.1%

Base Year

2021

Forecast Period

2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Segments Covered

Technology, Application, End User, Region

 

Report Highlights

  • On the basis of technology, proton exchange membrane fuel cells segment holds the largest market share in the global hydrogen fuel cells market. The proton exchange membrane fuel cells segment is growing due to its wide application such as transit, stationary, and portable applications. 
  • On the basis of application, stationary segment holds the largest market share in the global hydrogen fuel cells market. The stationary application segment is predicted to develop due to features such as increased efficiency and effectiveness. 

Regional Snapshot

North America is the largest segment for hydrogen fuel cells market in terms of region. The U.S. is dominating the hydrogen fuel cells market in the North America region.Energy demand is being driven by the region’s increase in population and rising disposable income. Furthermore, the North America region’s rapidly growing economies are also among the worst polluters on the planet. The hydrogen fuel cells market’s prospects are expected to be influenced by an increase in energy consumption and increasing investments to improve the development of transportation and stationary applications.

Asia-Pacific region is the fastest growing region in the hydrogen fuel cells market. India, China, and Japanhold the highest market share in the Asia-Pacifichydrogen fuel cells market. China made an order in 2019 for 74 fuel cell electric buses in anticipation for the year 2022 Winter Olympics. In upcoming years, fuel cell electric vehicle adoption is expected to expand in other Chinese cities. The Tokyo Metropolitan Government plans to use hydrogen fuel cell technology to power many functions during the 2020 Paralympic and Olympic games in Tokyo. Thus, the growing adoption of electric vehicles is driving the growth of Asia-Pacific hydrogen fuel cells market.

Market Dynamics

Drivers

Growing government initiatives

The different governments have implemented a variety of strategies to address environmental concerns. The state of the U.S., for example, has allocated funds to the creation of 100 hydrogen filling stations in order to fulfil its goal of 1.5 million zero emission vehicles by 2025, which is propelling the global hydrogen fuel cells market growth. 

Restraints

High initial investments

The manufacturing process of hydrogen fuel cells requires lot of resources such as manufacturing or production unit and labors. The adoption of innovative technologies for the process of manufacturing hydrogen fuel cells is resulting huge amount of money. In addition, raw materials are also quite expensive in nature. As a result, high initial investments are restricting the expansion of global hydrogen fuel cells market.

Opportunities

Surge in demand for electric vehicles

According to International Energy Agency, in 2019, worldwide sales of electric automobiles surpassed 2.1 million, exceeding 2018 to bring stock to 7.2 million. Electric cars increased by 40% year on year in 2019, accounting for 2.6% of worldwide car sales and around 1% of global car stock. Thus, the surge in demand for electric vehicles is supporting the growth of worldwide hydrogen fuel cells market.

Challenges

High cost of hydrogen fuel cells

The cost of hydrogen fuel cells is quite high as compared to other types of fuel cells. The storage and transportation costs are higher for hydrogen fuel cells than for petroleum products. As a result, high cost of hydrogen fuel cells is one of the biggest challenges in the global hydrogen fuel cells market.

Recent Developments

  • Aurorahut and SFC Energy struck an agreement in October 2019. Aurorahut will utilize the EFOY fuel cell in its new all time igloo houseboats for highly modified vacations under the terms of the agreement. In all igloos, the fuel cell provides a completely automated, silent, and ecologically beneficial power source.
  • Giner ELX and United Hydrogen Group Inc. were acquired by Plug Power Inc. in June 2020, making it a significant provider of hydrogen cell engines and fueling results for e-mobility. These collaborations are in keeping with Plug Power’s hydrogen vertical incorporation plan, which was announced in September 2019

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