Hydrogen Fuel Cells Industry Insights:
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.
COVID-19 Impact on Hydrogen Fuel Cells Market:
Supply Chain Disruptions: The pandemic disrupted global supply chains, affecting the production and distribution of key components for hydrogen fuel cells. Delays in the supply of materials and components hindered the manufacturing process.
Reduced Demand: The economic downturn resulting from the pandemic led to reduced demand for hydrogen fuel cell applications, particularly in sectors such as transportation, where the adoption of fuel cell vehicles slowed down.
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Hydrogen Fuel Cells Market Drivers:
Environmental Concerns: Growing awareness of climate change and the need to reduce greenhouse gas emissions has led to a significant push for cleaner and more sustainable energy sources. Hydrogen fuel cells produce zero emissions at the point of use, making them a desirable option for a greener future.
Energy Security: Hydrogen is considered a versatile and storable energy carrier. It can be produced from a variety of sources, including renewable energy, natural gas, and nuclear power. This diversity in production methods can enhance energy security and reduce reliance on a single energy source.
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.
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.
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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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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
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)
- Pearl Hydrogen (China)
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