Hydrogen Fuel Cell: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Hydrogen energy is immediately transformed into electricity in a fuel cell with high efficiency and little power losses. As a result, hydrogen serves as an energy carrier that transports, stores, and distributes energy generated from other sources.

Market Insights

The market for hydrogen fuel cells was valued at $7.89 billion globally in 2022 and is projected to increase at a CAGR of 18.56% from 2023 to 2030.  The stationary market, particularly combined heat and power (CHP) products, a technology that developed from the cogeneration method, is the main driver of growth. This industry made up 70.6% of the overall market. Stationary systems are immovable and give off power and occasionally heat. They typically have output capacities between 0.5 kW and 2 MW.

As they employ the heat produced during the power generation process, CHP systems are more effective at converting fuel to energy. These systems are popular for both residential and commercial applications since they are offered in a wide range of power capacities and sizes.

Due to the significant demand in Japan and South Korea, the Asia-Pacific (APAC) area is thought to have the greatest market among the regional markets. These nations’ fuel cell application trends significantly diverge from one another. Strategic subsidiaries of local governments and widespread consumer adoption of the technology are two factors that contribute to the high use of fuel cells in APAC.

Globally, North America is the leader in the manufacture and supply of fuel cells and is home to the top fuel cell manufacturing firms. In contrast, Europe lags behind in both fuel cell manufacturing and usage. However, taking into account the rising assistance from regional governments, Europe is predicted to experience the fastest growth rate during the decade.

Market Dynamics: Drivers

Government Initiatives to Promote Fuel Cells

Governments all around the world are now aware of how fuel cells can cut greenhouse gas emissions while still providing for electricity demands. At first, only a few nations pushed the use of hydrogen in power-generation applications, which increased financing for fuel cell manufacturing and regional marketing. In an effort to boost the role of fuel cell and hydrogen technologies in the power industry, certain nations have established roadmaps for these technologies in the future.

Since the launch of the ENE.FARM project in Japan, the market for micro-CHP in residential applications has grown significantly in that nation. According to the project, the FC CHP products have received government subsidies to encourage customer adoption. As a result, the country produced/bought more units, which helped to drive down the price of CHP systems to an affordable level.

Market Segmentation

• Based on Type, the Global Hydrogen Fuel Cell market is segmented into
  • PEMFC
  • SOFC
  • Others
• Based on Application, the Global Hydrogen Fuel Cell market is segmented into
  • Stationary
  • Portable
  • Transport
• Based on Geography, the Global Hydrogen Fuel Cell market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030 

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Hydrogen Fuel Cell Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Hydrogen Fuel Cell Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Hydrogen Fuel Cell Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Hydrogen Fuel Cell Market study?