October 11, 2024

Hydrogen Fuel Cells Market Size to Surpass US$ 39.86 Bn by 2032

The global hydrogen fuel cells market size is expected to surpass around US$ 39.86  billion by 2032 from USD 4 billion in 2022 and is expanding growth at a CAGR of 25.90% from 2023 to 2032.

Hydrogen Fuel Cells Market Size 2023 To 2032

To function, hydrogen fuel cells require a constant supply of oxygen and fuel. A fuel cell is a device that uses a chemical process to assist in the generation of electrical power. Hydrogen fuel cells are utilized in the creation of power from hydrogen.

The term fuel cell refers to a device that converts chemical potential energy into electrical energy. Fuel cells are used to generate power from a variety of consumer fuels. It is made up of renewable energy and hydrogen. This is anticipated to provide electricity for a wide range of applications, including buses, cars, and commercial constructions. The overall consumer demand for hydrogen fuel cells will be boosted further by increased investment by automotive companies in the manufacturing of fuel cell automobiles and a growing public interest in ecologically sustainable products.

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Report Highlights

  • In terms of product, the proton exchange membrane fuel cells segment dominated the global hydrogen fuel cells market in 2020, accounting for the majority of the market share. Rising demand for renewable energy generation, as well as reliance on proton exchange membrane fuel cell-based public transportation systems in developed countries, are driving segment expansion.
  • In terms of application, the stationary segment dominated the global hydrogen fuel cells market in 2020, accounting for the largest share of the market. The growing demand for fixed backup power generators for remote sites, as well as the increasing number of power generation plants being built around the world, encourages technology adoption, which propels the segment growth.
  • North America is the largest segment for hydrogen fuel cells market in terms of region.The improved transportation infrastructure, higher purchasing power, access to hydrogen fueling stations, and technology developments are all elements that are contributing towards the growth of the hydrogen fuel cells market in North America region.
  • Asia-Pacific region is the fastest growing region in the hydrogen fuel cells market.The hydrogen fuel cells market in the Asia-Pacific is predicted to grow even faster as the region’s population grows and disposable income rises.

Scope of the Hydrogen Fuel Cells Market

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

Market Dynamics

Drivers

Rising use of fuel-efficient vehicles

As gasoline is a fossil fuel, it is not a renewable source of energy and will eventually run out. To support sustainable growth, it is critical to develop and utilize alternative fuel sources. This entails the use of hydrogen fuel cell automobiles, as well as electric vehicles that do not require gasoline and are more cost effective than traditional vehicles. The hydrogen fuel cell vehicles are more efficient than internal combustion engines and hybrid vehicles, with 60-70% efficiency advantage over the other two. Due to the increase in price of diesel and gasoline, the demand for fuel efficient automobiles has surged. This is also related to the depletion of fossil fuel reserves and an increase in firm’s desire to maximize profits from these reserves. Thus, rising use of fuel-efficient vehicles is propelling the expansion of the hydrogen fuel cells market during the forecast period.

Restraints

High initial investment

The hydrogen fuel cells technology allows propulsion systems that do not produce greenhouse gases or other hazardous pollutants like nitrogen oxides or particulate matter from the output system. This characteristic encourages market players to use the technology. However, the high cost of raw materials such as platinum in the fuel cell anode and carbon fiber to manufacture hydrogen fuel tanks and other components needed to construct hydrogen infrastructure is projected to stymie the growth of the global hydrogen fuel cells market during the forecast period.

Opportunities

Growing government initiatives

The increasing regulatory rules to reduce carbon emissions are expected to expand the market for hydrogen fuel cells. Due to the byproducts of hydrogen fuel cells, there is a high demand for fuel automobiles that do not produce toxic pollutants. The hydrogen fuel cells market expansion is being fueled by the effect of switching from gasoline to hydrogen fuel cells due to the benefits associated with hydrogen fuel cells, such as superior performance compared to gasoline and the benefit of lowering emissions. As a result, the growing government initiatives are creating lucrative opportunities for the growth of the hydrogen fuel cells market.

Challenges

High cost of hydrogen fuel cells

The high cost of hydrogen fuel cells stifles the hydrogen fuel cells market’s expansion. The hydrogen fuel cells market’s growth is hampered by the widespread usage of gas sensors and gas detectors in hydrogen plants. Thus, this factor is a challenge for the market growth for hydrogen fuel cells.

Some of the prominent players in the global hydrogen fuel cells market include:

  • 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

Segments Covered in the Report

By Technology

  • Proton Exchange Membrane Fuel cells
  • Phosphoric Acid Fuel Cells
  • Solid Oxide Fuel Cells
  • Polymer Exchange Membrane Fuel Cells (PEMFC)
  • Direct Methanol Fuel Cells (DMFC)
  • Molten Carbonate Fuel Cells
  • Others

By Application

  • Stationary
  • Transportation
  • Portable

By End User

  • Fuel Cell Vehicles
  • Utilities
  • Defense

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Table of Content:

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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