Hydrogen Fuel Cell Market Size Will Exceed US$131.06 Billion By
Tokyo, 24 Feb. 2022 (GLOBE NEWSWIRE) — The world Hydrogen fuel cell market size was valued at US$1.91 billion in 2021. To operate, hydrogen fuel cells require a constant supply of oxygen and fuel. A fuel cell is a device that uses a chemical process to help generate electrical energy. Hydrogen fuel cells are used in the creation of energy from hydrogen.
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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 composed of renewable energies and hydrogen. This should provide electricity for a wide range of applications including buses, cars and commercial buildings. Overall consumer demand for hydrogen fuel cells will be further boosted by increased investment by automakers in manufacturing fuel cell automobiles and growing public interest in environmentally sustainable products.
|Market size by 2030||US$131.06 billion|
|Growth rate from 2021 to 2030||60.1% CAGR|
|Fastest growing market||Asia Pacific|
|The biggest market||North America|
|Forecast period||2022 to 2030|
|Segments Covered||Technology, Application, End User, Region|
- In terms of product, the proton exchange membrane fuel cell segment dominated the global hydrogen fuel cell market in 2020, accounting for the majority of the market share. Growing demand for renewable energy generation, along with the use of proton exchange membrane fuel cell-based public transportation systems in developed countries, is driving the expansion of the segment.
- In terms of application, the stationary segment dominated the global hydrogen fuel cell market in 2020, accounting for the largest market share. Growing demand for stationary standby generator sets for remote sites, along with the increasing number of power plants being constructed globally, is driving the adoption of the technology, propelling the growth of the segment.
- North America is the largest hydrogen fuel cell market segment in terms of region. Improved transportation infrastructure, increased purchasing power, access to hydrogen fueling stations, and technological developments are all contributing factors to the growth of the hydrogen fuel cell market in North America. Region.
- Asia Pacific The region is the fastest growing region in the hydrogen fuel cell market. The hydrogen fuel cell market in the Asia-Pacific region is expected to grow even faster as the region’s population grows and disposable income increases.
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Growing use of fuel-efficient vehicles
As gasoline is a fossil fuel, it is not a renewable energy source and will eventually run out. To support sustainable growth, it is essential to develop and use alternative fuel sources. This involves the use of hydrogen fuel cell automobiles, as well as electric vehicles which do not require gasoline and are more cost effective than traditional vehicles. Hydrogen fuel cell vehicles are more efficient than internal combustion engines and hybrid vehicles, with a 60-70% efficiency advantage over the other two. Due to the increase in the price of diesel and gasoline, the demand for fuel efficient automobiles has increased. This is also linked to the depletion of fossil fuel reserves and an increase in corporate desire to maximize profits from these reserves. Thus, the increasing use of fuel-efficient vehicles propels the expansion of the hydrogen fuel cell market over the forecast period.
High initial investment
Hydrogen fuel cell technology enables propulsion systems that do not produce greenhouse gases or other hazardous pollutants like nitrogen oxides or exhaust system particulates. This feature incentivizes 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 the hydrogen tanks and other components needed to build hydrogen infrastructure are expected to hamper the growth of the global hydrogen fuel cell market over the forecast period.
Growth government initiatives
Growing regulatory rules to reduce carbon emissions are expected to expand the hydrogen fuel cell market. Due to hydrogen fuel cell by-products, there is a high demand for fuel-powered automobiles that do not produce toxic pollutants. The expansion of the hydrogen fuel cell market is fueled by the effect of the shift from gasoline to hydrogen fuel cells due to the advantages associated with hydrogen fuel cells such as superior performance compared to the gasoline and the benefit of reducing emissions. Accordingly, the growing government initiatives are creating lucrative opportunities for the growth of the hydrogen fuel cell market.
High cost of hydrogen fuel cells
The high cost of hydrogen fuel cells is holding back the expansion of the hydrogen fuel cell market. The growth of the hydrogen fuel cell market is hampered by the widespread use of gas sensors and gas detectors in hydrogen plants. Thus, this factor is a challenge for the growth of the hydrogen fuel cell market.
Segments covered in the report
- 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
Per end user
- Fuel cell vehicles
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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