Hydrogen Fuel Cells Market (By Technology: Proton Exchange Membrane Fuel Cells, Phosphoric AcidFuel cells, Solid Oxide Fuel cells, Molten Carbonate Fuel Cells, and Others; and By Application: Stationary, Transportation, and Portable; By End User: Fuel Cell Vehicles, Utilities, Defense) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global hydrogen fuel cells market size is expected to be worth around USD 39.86 billion by 2032 from at USD 4 billion in 2022, growing at a CAGR of 25.90% during the forecast period 2023 to 2032.
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The U.S. hydrogen fuel cells market size is expected to reach around USD 7.89 billion by 2032 from at USD 0.79 billion in 2022, at a CAGR of 60.1% between 2023 to 2032.
North America dominated the hydrogen fuel cells market in 2022. The fuel cell deployments in North American countries have been aided by research and development programs, as well as incentives and subsidies provided by government for fuel cell-based vehicles, as well as funding and expenditure by governments, which have pushed the use of fuel cell and hydrogen technologies in the North America region.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. The region’s expanding population and rising disposable income are lifting up the demand for energy. Furthermore, the region’s rapidly growing economies are also the world’s leading polluters. The hydrogen fuel cells have been found as the best alternative to other conventional fossil fuel energy sources for reducing carbon emissions and efficiently providing energy needs.
Report Coverage | Details |
Market Size | USD 39.86 Billion by 2032 |
Growth Rate | CAGR of 25.90% from 2023 to 2032 |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Technology, Application, End User, Region |
Companies Mentioned | Audi AG, BMW Group, Daimler AG, General Motors Company, Honda Motor Co. Ltd, MAN SE, Hyundai Motor Group, Ballard Power Systems Inc., Volvo Group, Toyota Motor Corporation |
In 2023, the proton exchange membrane fuel cells segment dominated the market for hydrogen fuel cells. The widespread use of proton exchange membrane fuel cells in fixed, transit, and portable applications has resulted in a sizable market share.
In 2023, the solid oxide fuel cell segment will be the fastest growing segment of the hydrogen fuel cell market. Because solid oxide fuel cells can operate at high temperatures, expensive catalysts such as ruthenium are no longer required. The most common application for solid oxide fuel cells is in stationary applications.
In 2023, the stationary segment dominated the hydrogen fuel cells market. The stationary segment is expected to become the most popular application during the forecast period. Because of factors such as high efficiency and the ability to use a variety of fuels, the stationary application segment is expected to grow.
The transportation sector, on the other hand, is expected to grow at the fastest rate in the coming years. The transportation application segment is expected to grow at arapid pace during the forecast period due to rising demand for hydrogen fuel cell automobiles and hydrogen fuel cell powered forklifts. Furthermore, the industry is expected to expand as a result of increased research and development activities in developed and developing countries to produce hydrogen-powered hybrid vehicles.
Key Developments
The global market for hydrogen fuel cells is highly fragmented, with only a few firms competing with each other. However, due to the market’s competitiveness, the number of new companies is likely to enter the hydrogen fuel cells market in the near future is expected to increase. The leading organizations engage in research and development in order to stay competitive and produce new products.
Segments Covered in the Report
By Technology
By Application
By End User
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Hydrogen Fuel Cells Market
5.1. COVID-19 Landscape: Hydrogen Fuel Cells Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Hydrogen Fuel Cells Market, By Technology
8.1. Hydrogen Fuel Cells Market, by Technology Type, 2023-2032
8.1.1. Proton Exchange Membrane Fuel cells
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Phosphoric Acid Fuel Cells
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Solid Oxide Fuel Cells
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Polymer Exchange Membrane Fuel Cells (PEMFC)
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Direct Methanol Fuel Cells (DMFC)
8.1.5.1. Market Revenue and Forecast (2020-2032)
8.1.6. Molten Carbonate Fuel Cells
8.1.6.1. Market Revenue and Forecast (2020-2032)
8.1.7. Others
8.1.7.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Hydrogen Fuel Cells Market, By Application
9.1. Hydrogen Fuel Cells Market, by Application, 2023-2032
9.1.1. Stationary
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Transportation
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Portable
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Hydrogen Fuel Cells Market, By End User
10.1. Hydrogen Fuel Cells Market, by End User, 2023-2032
10.1.1. Fuel Cell Vehicles
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Utilities
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Defense
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Hydrogen Fuel Cells Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2020-2032)
11.1.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.3. Market Revenue and Forecast, by End User (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.6.3. Market Revenue and Forecast, by End User (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.7.3. Market Revenue and Forecast, by End User (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.6.3. Market Revenue and Forecast, by End User (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.7.3. Market Revenue and Forecast, by End User (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.6.3. Market Revenue and Forecast, by End User (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.7.3. Market Revenue and Forecast, by End User (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.3. Market Revenue and Forecast, by End User (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.4.3. Market Revenue and Forecast, by End User (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.5.3. Market Revenue and Forecast, by End User (2020-2032)
Chapter 12. Company Profiles
12.1. Audi AG
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. BMW Group
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Daimler AG
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. General Motors Company
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Honda Motor Co. Ltd
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. MAN SE
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Hyundai Motor Group
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Ballard Power Systems Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Volvo Group
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Toyota Motor Corporation
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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