Hydrogen Fuel Cells Market Segmental Analysis, Industry Outlook, Forecast By 2030

Hydrogen Fuel Cells Market Analysis:
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 by 2030.

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Hydrogen Fuel Cells Market – Competitive Landscape

Highly competitive, the global hydrogen and fuel cells market appears fragmented due to the presence of several well-established players. To gain a competitive share in the market, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch. Some other strategies adopted by these market players include greater commercialization of their products and promotion initiatives through trade exhibitions. Manufacturers strive to improve the performance and design of their cells. 

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Additionally, substantial investments in developing green energy create vast market demand. Also, rising applications of hydrogen fuel cell systems in cold regions for heating and power generation in residential and commercial sectors push the market sales. Various associations and government have reformed their energy policy to fulfill the growing demand for power due to the ever-increasing population. Hydrogen and fuel cells offer more applicability and reliability than other alternatives such as wind and sun. 

Resultantly, the technology garners huge prominence across industries leading to generate an augmented demand. Besides, growing ecological concerns increase the marker size, prompting the need for alternative energy generation sources that can output cleaner energy. Conversely, shorter durability of the fuel cell is a major factor estimated to impede the market growth during the forecast period. Nevertheless, the benefits of hydrogen and fuel cells to produce emission-free energy would support the market growth creating a considerable impact shortly.

Covid-19 Impact on Hydrogen Fuel Cells Market

Government Stimulus and Green Initiatives: Many governments around the world announced economic stimulus packages and green recovery plans to support clean energy technologies, including hydrogen fuel cells. These initiatives aimed to create jobs, promote sustainable development, and reduce greenhouse gas emissions.

Increased Interest in Clean Energy: The pandemic underscored the importance of sustainable and clean energy sources. This led to a heightened focus on hydrogen fuel cells and other renewable technologies as potential solutions for reducing air pollution and dependence on fossil fuels.

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Supply Chain Disruptions: The hydrogen fuel cell industry, like many others, experienced disruptions in supply chains due to lockdowns, travel restrictions, and other logistical challenges. This impacted the production and distribution of hydrogen fuel cell components and systems.

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.

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.

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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.

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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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