Hydrogen Fuel Cells Market Overview
The global Hydrogen Fuel Cells market has been expanding at a stellar pace in recent times due to the infrastructural developments in the field of hydrogen production. The growing adoption of electric and hybrid vehicles has also increased the demand for hydrogen fuel cells, worldwide, reflecting positively on the growth of the global Hydrogen Fuel Cells market.
Furthermore, an increase in the number of funding from the government and other organizations for the development and commercialization of the refueling infrastructure, globally, is anticipated to intensifies the growth of the global hydrogen fuel cells market over the forthcoming years. In addition to this, governments particularly in developed countries have encouraged the use of clean and green energy, this key fact further supports market development. Again, the rising concern about environmental pollution across the globe is another factor enhancing the demand for hydrogen fuel cells. Thus, the awareness level concerning hydrogen cells has increased, which helping to boost the growth of the global Hydrogen Fuel Cells market steadily.
On the contrary, a lack of infrastructure for fuel cells, the high cost of switching the technology, and reduced hydrogen refilling stations, and the high initial cost related to the adoption of this technology, are some factors that restrict the growth of the global Hydrogen Fuel Cells market.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Type, Application, and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | SFC Energy AG, Plug Power Inc., Panasonic Corporation, AFC Energy PLC, Hydrogenics, Nedstack Fuel Cells Technology B.V., ClearEdge Power, and Toshiba Corporation. |
Covid-19 Impact on Hydrogen Fuel Cells Market
As around one-third of the global population is staying indoors owing to nationwide lockdown, stay-at-home orders, and restrictions on movement, the energy demand has sharply dipped. By the end of 2020, approximately, a decline in 5% of the energy demand was been recorded. Also, waning in corresponding gas and oil demands of 4% and 9%, respectively were registered in 2020. Currently, the energy market is at a historic low with surplus supplies. However, the situation is expected to ease up with a lift in lockdown restrictions and end-use industries start operating with great efficiencies.
Hydrogen Fuel Cells Market Segment Overview
Based on the Type, the Polymer Electrolyte Membrane Fuel Cell (PEMFC) is the most prominent segment in the global Hydrogen Fuel Cells market. Polymer electrolyte membrane fuel cells (PEMFC) are regarded as a viable fuel cell technology alternative with extensive applications, such as stationary power plants and portable power sources. Additionally, PEMFC technology is one of a portfolio of alternative methods for delivering energy that currently is under aggressive development by academic, governmental, and industrial organizations. Furthermore, the Direct Methanol Fuel Cells (DMFC) is another key segment in the market. Direct methanol fuel cell (DMFC) is considered as a promising power source for the next-generation portable electronics, owing to its characteristics such as a high energy density, green emission, convenient refueling of liquid fuel, and ambient operation conditions
Hydrogen Fuel Cells Market, By Type
· Polymer Electrolyte Membrane Fuel Cell (PEMFC)
· Direct Methanol Fuel Cells (DMFC)
· Solid Oxide Fuel Cells (SOFC)
· Others (Alkaline Fuel Cells, Phosphoric Acid Fuel Cells)
Hydrogen Fuel Cells Market, By Application
· Portable
· Stationary
· Transport
Hydrogen Fuel Cells Market Regional Overview
In terms of region, North America is anticipated to lead the global Hydrogen Fuel Cells market over the forecast period. The growing awareness about the several benefits that it offers is boosting its demand in North America. Europe is another major region for the global Hydrogen Fuel Cells market. Similarly, the market in the Asia Pacific is expected to expand at a significant CAGR in the coming years. The increasing use of hydrogen fuel cells in South Korea and Japan in hybrid cars and strict environmental rules are behind the growth of this market. In addition, subsidies on the purchase of hybrid vehicles are one of the crucial factors that propel the growth of the market in these regions.
Hydrogen Fuel Cells Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Hydrogen Fuel Cells Market Competitor overview
Some key developments and strategies adopted by manufacturers in Hydrogen Fuel Cells are highlighted below.
· In September 2021, Bloom Energy announced the commercial availability of its Hydrogen Energy Servers — 100 percent hydrogen-powered fuel cells that deliver on-site, 24/7, zero-carbon electricity — all in a simple, modular, and flexible design.
· In September 2021, TECO 2030 has been granted up to 5.4m Norwegian kroner ($628,000) in indirect government support to develop its first semi-automated production line for hydrogen fuel cells at its new fuel cell factory and innovation center in northern Norway.
Hydrogen Fuel Cells Market, Key Players
· SFC Energy AG
· Plug Power Inc.
· Panasonic Corporation
· AFC Energy PLC
· Hydrogenics
· Nedstack Fuel Cells Technology B.V.
· ClearEdge Power
· Toshiba Corporation
Frequently Asked Questions (FAQ) :
Q1. What are the driving factors for the Hydrogen Fuel Cells market?
The infrastructural developments in the field of hydrogen production, the growing adoption of electric and hybrid vehicles, and encouragement of the use of clean and green energy are significant factors that boost the growth of the Hydrogen Fuel Cells market.
Q2. What are the restraining factors for the Hydrogen Fuel Cells market?
- A lack of infrastructure for fuel cells, high cost of switching the technology, and reduced hydrogen refilling stations, and the high initial cost related to the adoption of this technology, these are the major factor that restrains the growth of the global Hydrogen Fuel Cells market.
Q3. Which segment is projected to hold the largest share in the Hydrogen Fuel Cells Market?
The Polymer Electrolyte Membrane Fuel Cell (PEMFC) segment is projected to hold the largest share in the Hydrogen Fuel Cells Market.
Q4. Which Segments are covered in the Hydrogen Fuel Cells market report?
Type, Application, and Region, these segments are covered in the Hydrogen Fuel Cells market report.
Q5. Which are the prominent players offering Hydrogen Fuel Cells?
SFC Energy AG, Plug Power Inc., Panasonic Corporation, AFC Energy PLC, Hydrogenics, Nedstack Fuel Cells Technology B.V., ClearEdge Power, and Toshiba Corporation. are some of the key players offering Hydrogen Fuel Cells.
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Hydrogen Fuel Cells Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- 5.2.2. Direct Methanol Fuel Cells (DMFC)
- 5.2.3. Solid Oxide Fuel Cells (SOFC)
- 5.2.4. Others (Alkaline Fuel Cells, Phosphoric Acid Fuel Cells)
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Portable
- 5.3.2. Stationary
- 5.3.3. Transport
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America, Middle East and Africa
6. North America Hydrogen Fuel Cells Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- 6.2.2. Direct Methanol Fuel Cells (DMFC)
- 6.2.3. Solid Oxide Fuel Cells (SOFC)
- 6.2.4. Others (Alkaline Fuel Cells, Phosphoric Acid Fuel Cells)
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Portable
- 6.3.2. Stationary
- 6.3.3. Transport
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Europe Hydrogen Fuel Cells Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- 7.2.2. Direct Methanol Fuel Cells (DMFC)
- 7.2.3. Solid Oxide Fuel Cells (SOFC)
- 7.2.4. Others (Alkaline Fuel Cells, Phosphoric Acid Fuel Cells)
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Portable
- 7.3.2. Stationary
- 7.3.3. Transport
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Spain
- 7.4.6. Russia
- 7.4.7. Rest of Europe
8. Asia Pacific Hydrogen Fuel Cells Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- 8.2.2. Direct Methanol Fuel Cells (DMFC)
- 8.2.3. Solid Oxide Fuel Cells (SOFC)
- 8.2.4. Others (Alkaline Fuel Cells, Phosphoric Acid Fuel Cells)
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Portable
- 8.3.2. Stationary
- 8.3.3. Transport
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Japan
- 8.4.4. Australia
- 8.4.5. South East Asia
- 8.4.6. Rest of Asia Pacific
9. Latin America, Middle East and Africa Hydrogen Fuel Cells Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- 9.2.2. Direct Methanol Fuel Cells (DMFC)
- 9.2.3. Solid Oxide Fuel Cells (SOFC)
- 9.2.4. Others (Alkaline Fuel Cells, Phosphoric Acid Fuel Cells)
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Portable
- 9.3.2. Stationary
- 9.3.3. Transport
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Saudi Arabia
- 9.4.3. UAE
- 9.4.4. Rest of LAMEA
10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2018
- 10.2. Key Industry Developments
- 10.3. Company Profile
- 10.4. SFC Energy AG
- 10.4.1. Business Overview
- 10.4.2. Segment 1 & Service Offering
- 10.4.3. Overall Revenue
- 10.4.4. Geographic Presence
- 10.4.5. Recent Development
- 10.5. Plug Power Inc.
- 10.6. Panasonic Corporation
- 10.7. AFC Energy PLC
- 10.8. Hydrogenics
- 10.9. Nedstack Fuel Cells Technology B.V.
- 10.10. ClearEdge Power
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
