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Hydrogen Fuel Cell Market- Opportunity & Forecast, 2027

Global Hydrogen Fuel Cell Market- Focused on the information of Market Segments by Product Type, by Cooling Type, by Application and by Regional Markets Trends Analysis, Potential Analysis, Competitive Analysis and Forecast, 2027

Market Overview

Global Hydrogen fuel cell  market is expected to reach around USD 50 billion by 2027, growing at a CAGR of over 70% over the forecast period, 2020-2027.

The number of studies on energy in early 1970s predicted that hydrogen economy might emerge as early as 2000. The hydrogen fuel cell market is mainly driven by the environmental concerns. Global warming and climate change issues have made the Governments and energy users around the world to rethink about our fuel usages. The need for clean energy is emerging as the major cities have already been declared unfit for living due to the toxic pollution and poor air quality caused by conventional energy. 

Hydrogen fuel cell refers to a device which generated power through chemical reaction by converting hydrogen into electricity. The fuel cells require continuous oxygen to run. This technology is considered a promising solution for clean energy as its by products are water vapor and heat which makes it a emission free energy.  Increasing demand for electric and hybrid vehicles, various Government initiatives towards clean energy and improvements in proton exchange membrane fuel cell in the past decade are some of the key factors driving the growth of this market.There is an upward trend of global fuel cell vehicle industry as the hydrogen fuel cell technology offers efficiency to passenger vehicles, heavy duty vehicles and power airport tugs. This technology has marked its place in the market with its rapid advancement. Moreover, the major automobile manufacturers are investing heavily and moving towards this hydrogen fuel cell technology.

Transitioning to alternate energy is costly and requires huge investments not only in supply and distribution but also in enhancing end use technology. Also lack of infrastructure for fuel cells is also a restraint for Global market of hydrogen cells.

The global hydrogen fuel cell market is a highly competitive market. The key players in the market are offering services at a reduced price to expand their presence in the market. Technological innovation is the main strategy the leading companies follow in order to stay ahead in the market. 

Market Segmentation

Global Hydrogen fuel cells market can be segmented on the basis of types, Cooling type, Application and Region.

By Type, the global Hydrogen fuel cells market can be divided into Solid Oxide Fuel Cells, Polymer Exchange Membrane Fuel Cells, Direct Methanol Fuel Cells and Others.

By Cooling type, the global hydrogen fuel cells market can be split into Water-cooled Type and Air-cooled Type. The air cooled type segment dominates the market.

By Application, the global Hydrogen fuel cells market can be categorized into Transport, Stationary, Portable. Transport segment is set to dominate the market.  As many Asian countries like China, South Korea  has committed to develop hydrogen fuel cell vehicles on large scale. The emergence of electric and hybrid vehicles is the factor contributing growth in this segment.

By Region, the global Hydrogen fuel cells market can be divided into North America, South America, Asia-Pacific, Latin America, Middle East and Africa.

Regional analysis

Regionally North America dominates the global hydrogen fuel cells market. Increasing environmental awareness is the cause of growth in this region.  In US, there are about 60 hydrogen fuel stations operating. After North America, Europe is the next dominant market for hydrogen fuel cells. The market is expected to grow substantially in our forecasted period 2020-27 due to the European commission’s decision to invest over US$ 100 million in the coming years. European countries like Germany, UK and Nordic countries have already committed major resources for hydrogen fuel cell market.               

Asia-Pacific is expected to grow significantly in our forecasted period of 2020-2027. The use of hydrogen fuel cell is likely to grow in South Korean and Japan due to its strict environmental norms. China is already a dominant power in this region with its aggressive policy of providing subsidies to hydrogen fuel cells along with EV and in plug in hybrids. It plans to sell one million Hydrogen fuel cell vehicles in service by 2030.

Competitive analysis

The major players in the global hydrogen cell market are Panasonic Corporation, Toshiba Corporation, Sunrise Power, SFC Energy AG, Plug Power Inc, Pearl Hydrogen, Nedstack Fuel Cells Technology B.V., Intelligent Energy, Hyster-Yale Group, Hydrogenics, Fuelcell Energy, Doosan Fuel Cell, AFC Energy PLC, ClearEdge Power, Ballard Power

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