The market for hydrogen fuel cell is expected to grow at a CAGR of around 65.9% from 2020 to 2027 and expected to reach the market value of around US$ 48,531.1 Mn by 2027.
Hydrogen Fuel Cell is an electrochemical power generator that combines hydrogen and oxygen to produce electricity with water and heat as by-products. Hydrogen fuel cell technology offers a clean and reliable alternative of energy to customers for a number of applications including electric vehicles, primary and backup power for a variety of commercial, industrial and residential buildings, drones, and mobile phone recharging among others.
The increasing demand for fuel cell electric vehicles owing to rising concerns about the environmental degradation and depletion of natural resources is accelerating the market value. The increasing awareness regarding the consequences of air pollution due to rising levels of traffic & greenhouse gas emission is further bolstering the market value. The benefits associated with hydrogen fuel cells and the government norms and initiatives for low carbon emissions are further boosting the demand in the global market. Furthermore, the rising long term plans by emerging and other governments for the installation of hydrogen stations are projected to create potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, the high cost associated with the hydrogen fuel cell is projected to hamper the growth over the forecast timeframe from 2020 to 2027.
By technology, the market is divided into proton membrane exchange, phosphoric acid fuel cell, and others. A proton exchange membrane (PEM) technology cell uses hydrogen gas (H2) and oxygen gas (O2) as fuel and the products of the reaction in the cell are water, electricity, and heat. Phosphoric acid fuel cells (PAFCs) use a concentrated phosphoric acid solution (H3PO4) as an electrolyte in a matrix of silicon carbide and PTFE between two graphite-based electrodes and suitably treated with small amounts of the platinum catalyst. Additionally, phosphoric acid fuel cell (PAFC) anodes accelerate the hydrogen oxidation reaction rate in phosphoric acid.
The market research study on “Hydrogen Fuel Cell Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global hydrogen fuel cell market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global hydrogen fuel cell market, its vehicle type, technology, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Hydrogen Fuel Cell market size and volume, and segment markets by vehicle type, technology, and geography along with the information on companies operating in the market. The hydrogen fuel cell market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific accounted for the major share in the global market
In 2019, Asia Pacific accounted for the major share (%) in the global market. The region is particularly gaining growth on account of its economies including China, Japan, and South Korea. The increasing developments of applications based on hydrogen fuel cell technology in the regional market are accelerating market growth. The Japanese government is planning to install 900 hydrogen fueling stations by 2030 as per their goals for cleaner energy. Additionally, the region is also projected to maintain its dominance throughout the forecast period while exhibiting the fastest growth with major CAGR (%).
The players profiled in the report include Audi, Ballard Power Systems, BMW, Daimler, General Motors, Honda, Hyundai, MAN, Toyota, and Volvo.
Market By Vehicle Type
Market By Technology
Proton Membrane Exchange
Phosphoric Acid Fuel Cell
Market By Geography
Middle East & Africa
The increasing demand for fuel cell electric vehicles owing to rising concerns about the environment degradation, increasing awareness regarding the consequences of air pollution due to rising levels of traffic & greenhouse gas emission, benefits associated with hydrogen fuel cells, and the government norms and initiatives for low carbon emissions are some of the factors driving the market growth.
The market for hydrogen fuel cell is expected to reach a market value of around US$ 48,531.1 Mn by 2027.
The hydrogen fuel cell market is expected to grow at a CAGR of around 65.9% from 2020 to 2027.
Audi, Ballard Power Systems, BMW, Daimler, General Motors, Honda, Hyundai, MAN, Toyota, and Volvo are the prominent players in the hydrogen fuel cell market.
Asia Pacific held the highest market share in the hydrogen fuel cell market.
The report provides insights on global hydrogen fuel cell market segment by vehicle type, technology, and major geographic regions.
Asia pacific is expected to be the fastest growing market over the forecast period.