Hydrogen Fuel Cells Market – Growth, Trends, COVID-19 Impact and Forecast (2022 to 2029)

Hydrogen Fuel Cells Market was valued at US$ 27.8 Bn. in 2021. The Global Hydrogen Fuel Cells Market size is estimated to grow at a CAGR of 34.5 % over the forecast period.

Hydrogen Fuel Cells Market Overview:

The report explores the Hydrogen Fuel Cells market's segments (Type, Interferometer Type, Application, End-User, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Hydrogen Fuel Cells market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Hydrogen Fuel Cells market's contemporary competitive scenario. Hydrogen Fuel Cells MarketTo know about the Research Methodology:- Request Free Sample Report

Hydrogen Fuel Cells Market Dynamics:

Increasing Demand for Fuel Cell Vehicle: Investment in hydrogen fuel vehicles is far from 130th of electric vehicles in 2021. Because of the gap between the two technologies. There is high technology investment from many regions in automotive manufacturers for the development of fuel vehicle cells because it is expected higher growth in the hydrogen fuel cell market in the forecasted year. Many countries are already using hydrogen-fueled vehicles Japan, South Korea, and China are in use of it. Japan has also promoted it into Tokyo Olympic 2021 to run fuel cell cars and buses. Hyundai, Toyota, and Honda are companies that are already working on them. Rising Demand for the Benefits of Hydrogen Fuel Cells and Initiatives for Low Carbon Emission: The government has standardized to minimize the carbon emission to create opportunities for hydrogen fuel cells. Hydrogen fuel cells release water vapor and heat from their product because of that there is a high demand for hydrogen fuel cells, which do not generate harmful gases. There are advantages to switching from gasoline to hydrogen fuel cells, and also the performance level is also higher than gasoline, which powers market growth. High Cost of Hydrogen Fuel Cells: The high cost of hydrogen fuel cells are hampering the Hydrogen Fuel Cells market's growth across the globe. Transportation and storage costs for hydrogen fuel cells are higher than those for gasoline products. As hydrogen is combustible, there are more safety concerns with it. Hydrogen, unlike gas, has no odour. The market's growth is hampered by the widespread usage of gas sensors and gas detectors in hydrogen plants.

Hydrogen Fuel Cells Market Segment Analysis:

Based on Type, the Hydrogen Fuel Cells Market is segmented into Air-Cooled, Water-Cooled Type. Air-Cooled segment held the largest market share accounting for 68.4% in 2021. Air-Cooled is dominating the market of hydrogen fuel gas because it is very efficient and cost-effective and also promotes hydrogen fuel cells growth. In many parameters, air-cooled is better than water-cooled like high power density, high efficiency, and flexibility in packaging, simple and low cost, customers and manufacturers are more attracted by air-cooled hydrogen fuel cells and that is leading to market growth. Hydrogen Fuel Cells MarketBased on Application, the Hydrogen Fuel Cells Market is segmented into Stationary, Transport, and Portable. The transportation sector is dominating the market because the use of hydrogen fuel cells is more in cars, trucks, buses, etc. Japan, China, and South Korea are the primary users of hydrogen fuel cells vehicle technology, like Toshiba, Toyota is the main leader of fuel cell technology. Government subsidies for fuel cell electrical vehicles in Asian countries is created opportunities for the private sector.

Hydrogen Fuel Cells Market Regional Insights:

The North American region is expected to witness significant growth at a CAGR of 27.5% through the forecast period. Because demonstration programs promote fuel cell deployment by federal R&D and reduction in federal taxes on fuel cell vehicles, also fund for FCVs and government have separate expenditure for that, they start using fuel cells vehicles in many parts of the countries. Asia Pacific region is expected to witness a significant growth at a CAGR of 26.1% through the forecast period. Energy demand in region is being driven by the region's growing population and disposable income. In addition, the growing economies are also known as the world's worst polluters. The Hydrogen fuel cells are the best solution for other traditional fossil fuel energy sources for reducing carbon emissions and efficiently meeting energy needs. The objective of the report is to present a comprehensive analysis of the global Hydrogen Fuel Cells to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Hydrogen Fuel Cells’ dynamic, and structure by analyzing the market segments and projecting the Hydrogen Fuel Cells size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Hydrogen Fuel Cells make the report investor’s guide.

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Global Hydrogen Fuel Cells Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 27.8 Bn.
Forecast Period 2022 to 2029 CAGR: 34.5% Market Size in 2029: US $ 297.73 Bn.
Segments Covered: by Type • Air-cooled • Water-cooled
by Application • Transportation • Portable • Stationary

Hydrogen Fuel Cells Market, by Region

• North America • Europe • The Asia Pacific • The Middle East and Africa • South America

Hydrogen Fuel Cells Market, Key Players

Audi AG • Ballard Power System Inc. • BMW Group • Daimler AG • General Motors Company • Plug Power • Nikola • Honda Motors Co. Ltd. • Hyundai Motor Group • MAN SE • Toyota Motor • Volvo Group • Hyzon Motors • AFC Energy • Advent Technology

Frequently Asked Questions:

1) What is the CAGR for the forecasted year? Ans. The CAGR for the forecasted period is 34.5%. 2) Which region has the highest Market share in 2021? Ans. North America has the highest market share in 2021. 3) What is the forecasted period for the Hydrogen Fuel Cells Market? Ans. The forecasted period for the Hydrogen Fuel Cells Market is 2022-2029 4) What are the segments covered in the Hydrogen Fuel Cells Market Report? Ans. The segment covered in the Hydrogen Fuel Cells Market report is based on Type and based on Application. 5) What was the market size of the Hydrogen Fuel Cells Market in 2021? Ans. The market size of the Hydrogen Fuel Cells market in 2021 was valued at USD 27.8 Bn.
1. Global Hydrogen Fuel Cells Market Size: Research Methodology 2. Global Hydrogen Fuel Cells Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Hydrogen Fuel Cells Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Hydrogen Fuel Cells Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Hydrogen Fuel Cells Market Size Segmentation 4.1. Global Hydrogen Fuel Cells Market Size, by Type (2021-2029) • Air-Cooled • Water-Cooled 4.2. Global Hydrogen Fuel Cells Market Size, by Application (2021-2029) • Transportation • Portable • Stationary 5. North America Hydrogen Fuel Cells Market (2021-2029) 5.1. North America Hydrogen Fuel Cells Market Size, by Type (2021-2029) • Air-Cooled • Water-Cooled 5.2. North America Hydrogen Fuel Cells Market Size by Application (2021-2029) • Transportation • Portable • Stationary 5.3. North America Hydrogen Fuel Cells Market, by Country (2021-2029) • United States • Canada • Mexico 6. European Hydrogen Fuel Cells Market (2021-2029) 6.1. European Hydrogen Fuel Cells Market, by Type (2021-2029) 6.2. European Hydrogen Fuel Cells Market, by Application (2021-2029) 6.3. European Hydrogen Fuel Cells Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Hydrogen Fuel Cells Market (2021-2029) 7.1. Asia Pacific Hydrogen Fuel Cells Market, by Type (2021-2029) 7.2. Asia Pacific Hydrogen Fuel Cells Market, by Application (2021-2029) 7.3. Asia Pacific Hydrogen Fuel Cells Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Hydrogen Fuel Cells Market (2021-2029) 8.1. Middle East and Africa Hydrogen Fuel Cells Market, by Type (2021-2029) 8.2. Middle East and Africa Hydrogen Fuel Cells Market, by Application (2021-2029) 8.3. Middle East and Africa Hydrogen Fuel Cells Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Hydrogen Fuel Cells Market (2021-2029) 9.1. South America Hydrogen Fuel Cells Market, by Type (2021-2029) 9.2. South America Hydrogen Fuel Cells Market, by Application (2021-2029) 9.3. South America Hydrogen Fuel Cells Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Audi AG 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Ballard Power System Inc. 10.3. BMW Group 10.4. Daimler AG 10.5. General Motors Company 10.6. Plug Power 10.7. Nikola 10.8. Honda Motors Co. Ltd. 10.9. Hyundai Motor Group 10.10. MAN SE 10.11. Toyota Motor 10.12. Volvo Group 10.13. Hyzon Motors 10.14. AFC Energy 10.15. Advent Technology

About This Report

Report ID 71651
Category Energy & Power
Published Date Sep 2022
Updated Date
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