Global Hydrogen Fuel Cell Market Size Study & Forecast, by Application, By End User, By Type, and Regional Analysis, 2023-2030

Description

List of Tables

Global Hydrogen Fuel Cell Market is valued at approximately USD 2.92 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 8.10% over the forecast period 2023-2030. Hydrogen fuel cell is a device that converts the chemical energy of hydrogen fuel directly into electricity and heat through electrochemical reactions. The basic principle involves combining hydrogen and oxygen in the presence of an electrolyte to produce electricity, water, and heat. Moreover, the growing expansion of fuel cell infrastructure, increasing demand for clean transportation, and cohesive government policies, incentives, and funding programs to promote the development and deployment of hydrogen fuel cell technologies are anticipated to create the lucrative demand for the market during forecast period 2023-2030.

Additionally, the expansion of hydrogen infrastructure plays a crucial role in supporting the growth of the hydrogen fuel cell market. The availability of hydrogen refueling stations is essential for the widespread adoption of fuel cell vehicles (FCVs). As the hydrogen infrastructure expands, it becomes more convenient for consumers to refuel their FCVs, alleviating concerns about range anxiety and enhancing the appeal of hydrogen-powered transportation. According to Clean Energy Wire, in November 2022, The German government is launching two funds totaling 550 million euros to boost the global hydrogen economy, focusing on collaboration with emerging and developing nations. The PtX Development Fund, with 250 million euros, will encourage hydrogen investments in these countries, while the PtX Growth Fund, backed by 300 million euros, will support German companies and accelerate global green hydrogen infrastructure development. Also, in May 2023, The U.S. Department of Energy (DOE) is allocating $42 million across 22 projects in 14 states to accelerate the development of clean hydrogen technologies. These initiatives, overseen by the DOE's Hydrogen and Fuel Cell Technologies Office (HFTO), aim to harness solar energy for creating hydrogen fuel. As a result, the growing development of hydrogen infrastructure is anticipated to support the market growth. Moreover, the growing advancements in hydrogen fuel cell technology, and growing awareness of climate change and the need to reduce greenhouse gas emissions is anticipated to create lucrative opportunities for the market. However, the increasing price of hydrogen fuel cells, and competition from alternative technologies stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Hydrogen Fuel Cell Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the stringent environmental regulations aimed at reducing greenhouse gas emissions, rising investment in hydrogen infrastructure, including hydrogen production, storage, and distribution facilities, and increasing awareness among consumers about the environmental and economic benefits of hydrogen fuel cell technology is driving demand for fuel cell vehicles and other hydrogen-powered products. Whereas the Asia Pacific is expected to grow with the fastest growth rate during the forecast period, owing to factors such as the growing focus on clean energy, expansion of hydrogen infrastructure, and rising demand for fuel cell vehicle in the region.

Major market players included in this report are:

Nedstack Fuel Cell Technology
Hydrogenics Corporation
Ballard Power Systems
FuelCell Energy, Inc.
Plug Power Inc.
Doosan Fuel Cell Co.Ltd.
SFC Energy AG
AFC Energy
Bloom Energy
Intelligent Energy

Recent Developments in the Market:

In July 2021, Hyzon Motors Inc., a manufacturer headquartered in the United States, specializing in commercial vehicles propelled by emissions-free hydrogen fuel cells, has unveiled a groundbreaking commercial vehicle. This innovative vehicle promises to significantly decrease both the weight and production expenses associated with Hyzon's hydrogen fuel-powered commercial fleet.

Global Hydrogen Fuel Cell Market Report Scope:

Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Application, End User, Type, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:

Stationary
Transportation
Portable

By End User:

Fuel Cell Vehicles
Utilities
Defense

By Type:

Proton Exchange Membrane Fuel cells
Phosphoric Acid Fuel Cells
Solid Oxide Fuel Cells
Molten Carbonate Fuel Cells
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1.Executive Summary

1.1.Market Snapshot
1.2.Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1.Hydrogen Fuel Cell Market, by Region, 2020-2030 (USD Billion)
- 1.2.2.Hydrogen Fuel Cell Market, by Application, 2020-2030 (USD Billion)
- 1.2.3.Hydrogen Fuel Cell Market, by End User, 2020-2030 (USD Billion)
- 1.2.4.Hydrogen Fuel Cell Market, by Type, 2020-2030 (USD Billion)
1.3.Key Trends
1.4.Estimation Methodology
1.5.Research Assumption

Chapter 2.Global Hydrogen Fuel Cell Market Definition and Scope

2.1.Objective of the Study
2.2.Market Definition & Scope
- 2.2.1.Industry Evolution
- 2.2.2.Scope of the Study
2.3.Years Considered for the Study
2.4.Currency Conversion Rates

Chapter 3.Global Hydrogen Fuel Cell Market Dynamics

3.1.Hydrogen Fuel Cell Market Impact Analysis (2020-2030)
- 3.1.1.Market Drivers
  - 3.1.1.1.Growing expansion of fuel cell infrastructure
  - 3.1.1.2.Increasing demand for clean transportation
  - 3.1.1.3.Cohesive government policies, incentives, and funding
- 3.1.2.Market Challenges
  - 3.1.2.1.Increasing price of hydrogen fuel cells
  - 3.1.2.2.Competition from alternative technologies
- 3.1.3.Market Opportunities
  - 3.1.3.1.Growing advancements in hydrogen fuel cell technology
  - 3.1.3.2.Rising awareness of climate change

Chapter 4.Global Hydrogen Fuel Cell Market Industry Analysis

4.1.Porter's 5 Force Model
- 4.1.1.Bargaining Power of Suppliers
- 4.1.2.Bargaining Power of Buyers
- 4.1.3.Threat of New Entrants
- 4.1.4.Threat of Substitutes
- 4.1.5.Competitive Rivalry
4.2.Porter's 5 Force Impact Analysis
4.3.PEST Analysis
- 4.3.1.Political
- 4.3.2.Economical
- 4.3.3.Social
- 4.3.4.Technological
- 4.3.5.Environmental
- 4.3.6.Legal
4.4.Top investment opportunity
4.5.Top winning strategies
4.6.COVID-19 Impact Analysis
4.7.Disruptive Trends
4.8.Industry Expert Perspective
4.9.Analyst Recommendation & Conclusion

Chapter 5.Global Hydrogen Fuel Cell Market, by Application

5.1.Market Snapshot
5.2.Global Hydrogen Fuel Cell Market by Application, Performance - Potential Analysis
5.3.Global Hydrogen Fuel Cell Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
5.4.Hydrogen Fuel Cell Market, Sub Segment Analysis
- 5.4.1.Stationary
- 5.4.2.Transportation
- 5.4.3.Portable

Chapter 6.Global Hydrogen Fuel Cell Market, by End User

6.1.Market Snapshot
6.2.Global Hydrogen Fuel Cell Market by End User, Performance - Potential Analysis
6.3.Global Hydrogen Fuel Cell Market Estimates & Forecasts by End User 2020-2030 (USD Billion)
6.4.Hydrogen Fuel Cell Market, Sub Segment Analysis
- 6.4.1.Fuel Cell Vehicles
- 6.4.2.Utilities
- 6.4.3.Defense

Chapter 7.Hydrogen Fuel Cell Market, by Type

7.1.Market Snapshot
7.2.Global Hydrogen Fuel Cell Market by Type, Performance - Potential Analysis
7.3.Global Hydrogen Fuel Cell Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
7.4.Hydrogen Fuel Cell Market, Sub Segment Analysis
- 7.4.1.Proton Exchange Membrane Fuel cells
- 7.4.2.Phosphoric Acid Fuel Cells
- 7.4.3.Solid Oxide Fuel Cells
- 7.4.4.Molten Carbonate Fuel Cells
- 7.4.5.Others

Chapter 8.Global Hydrogen Fuel Cell Market, Regional Analysis

8.1.Top Leading Countries
8.2.Top Emerging Countries
8.3.Hydrogen Fuel Cell Market, Regional Market Snapshot
8.4.North America Hydrogen Fuel Cell Market
- 8.4.1.U.S. Hydrogen Fuel Cell Market
  - 8.4.1.1.Application breakdown estimates & forecasts, 2020-2030
  - 8.4.1.2.End User breakdown estimates & forecasts, 2020-2030
  - 8.4.1.3.Type breakdown estimates & forecasts, 2020-2030
- 8.4.2.Canada Hydrogen Fuel Cell Market
8.5.Europe Hydrogen Fuel Cell Market Snapshot
- 8.5.1.U.K. Hydrogen Fuel Cell Market
- 8.5.2.Germany Hydrogen Fuel Cell Market
- 8.5.3.France Hydrogen Fuel Cell Market
- 8.5.4.Spain Hydrogen Fuel Cell Market
- 8.5.5.Italy Hydrogen Fuel Cell Market
- 8.5.6.Rest of Europe Hydrogen Fuel Cell Market
8.6.Asia-Pacific Hydrogen Fuel Cell Market Snapshot
- 8.6.1.China Hydrogen Fuel Cell Market
- 8.6.2.India Hydrogen Fuel Cell Market
- 8.6.3.Japan Hydrogen Fuel Cell Market
- 8.6.4.Australia Hydrogen Fuel Cell Market
- 8.6.5.South Korea Hydrogen Fuel Cell Market
- 8.6.6.Rest of Asia Pacific Hydrogen Fuel Cell Market
8.7.Latin America Hydrogen Fuel Cell Market Snapshot
- 8.7.1.Brazil Hydrogen Fuel Cell Market
- 8.7.2.Mexico Hydrogen Fuel Cell Market
8.8.Middle East & Africa Hydrogen Fuel Cell Market
- 8.8.1.Saudi Arabia Hydrogen Fuel Cell Market
- 8.8.2.South Africa Hydrogen Fuel Cell Market
- 8.8.3.Rest of Middle East & Africa Hydrogen Fuel Cell Market

Chapter 9.Competitive Intelligence

9.1.Key Company SWOT Analysis
9.2.Top Market Strategies
9.3.Company Profiles
- 9.3.1.Nedstack Fuel Cell Technology
  - 9.3.1.1.Key Information
  - 9.3.1.2.Overview
  - 9.3.1.3.Financial (Subject to Data Availability)
  - 9.3.1.4.Product Summary
  - 9.3.1.5.Recent Developments
- 9.3.2.Hydrogenics Corporation
- 9.3.3.Ballard Power Systems
- 9.3.4.FuelCell Energy, Inc.
- 9.3.5.Plug Power Inc.
- 9.3.6.Doosan Fuel Cell Co.Ltd.
- 9.3.7.SFC Energy AG
- 9.3.8.AFC Energy
- 9.3.9.Bloom Energy
- 9.3.10.Intelligent Energy

Chapter 10.Research Process

10.1.Research Process
- 10.1.1.Data Mining
- 10.1.2.Analysis
- 10.1.3.Market Estimation
- 10.1.4.Validation
- 10.1.5.Publishing
10.2.Research Attributes
10.3.Research Assumption

LIST OF TABLES

TABLE 1.Global Hydrogen Fuel Cell Market, report scope
TABLE 2.Global Hydrogen Fuel Cell Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3.Global Hydrogen Fuel Cell Market estimates & forecasts by Application 2020-2030 (USD Billion)
TABLE 4.Global Hydrogen Fuel Cell Market estimates & forecasts by End User 2020-2030 (USD Billion)
TABLE 5.Global Hydrogen Fuel Cell Market estimates & forecasts by Type 2020-2030 (USD Billion)
TABLE 6.Global Hydrogen Fuel Cell Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7.Global Hydrogen Fuel Cell Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8.Global Hydrogen Fuel Cell Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9.Global Hydrogen Fuel Cell Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10.Global Hydrogen Fuel Cell Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11.Global Hydrogen Fuel Cell Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12.Global Hydrogen Fuel Cell Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13.Global Hydrogen Fuel Cell Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14.Global Hydrogen Fuel Cell Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15.Global Hydrogen Fuel Cell Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16.U.S. Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17.U.S. Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18.U.S. Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19.Canada Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20.Canada Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21.Canada Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22.UK Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23.UK Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24.UK Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25.Germany Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26.Germany Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27.Germany Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28.France Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29.France Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30.France Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31.Italy Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32.Italy Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33.Italy Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34.Spain Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35.Spain Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36.Spain Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37.RoE Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38.RoE Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39.RoE Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40.China Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41.China Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42.China Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43.India Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44.India Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45.India Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46.Japan Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47.Japan Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48.Japan Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49.South Korea Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50.South Korea Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51.South Korea Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52.Australia Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53.Australia Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54.Australia Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55.RoAPAC Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56.RoAPAC Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57.RoAPAC Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58.Brazil Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59.Brazil Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60.Brazil Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61.Mexico Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62.Mexico Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63.Mexico Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64.RoLA Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65.RoLA Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66.RoLA Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67.Saudi Arabia Hydrogen Fuel Cell Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68.South Africa Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69.RoMEA Hydrogen Fuel Cell Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70.List of secondary sources, used in the study of global Hydrogen Fuel Cell Market
TABLE 71.List of primary sources, used in the study of global Hydrogen Fuel Cell Market
TABLE 72.Years considered for the study
TABLE 73.Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1.Global Hydrogen Fuel Cell Market, research methodology
FIG 2.Global Hydrogen Fuel Cell Market, Market estimation techniques
FIG 3.Global Market size estimates & forecast methods
FIG 4.Global Hydrogen Fuel Cell Market, key trends 2022
FIG 5.Global Hydrogen Fuel Cell Market, growth prospects 2023-2030
FIG 6.Global Hydrogen Fuel Cell Market, porters 5 force model
FIG 7.Global Hydrogen Fuel Cell Market, pest analysis
FIG 8.Global Hydrogen Fuel Cell Market, value chain analysis
FIG 9.Global Hydrogen Fuel Cell Market by segment, 2020 & 2030 (USD Billion)
FIG 10.Global Hydrogen Fuel Cell Market by segment, 2020 & 2030 (USD Billion)
FIG 11.Global Hydrogen Fuel Cell Market by segment, 2020 & 2030 (USD Billion)
FIG 12.Global Hydrogen Fuel Cell Market by segment, 2020 & 2030 (USD Billion)
FIG 13.Global Hydrogen Fuel Cell Market by segment, 2020 & 2030 (USD Billion)
FIG 14.Global Hydrogen Fuel Cell Market, regional snapshot 2020 & 2030
FIG 15.North America Hydrogen Fuel Cell Market 2020 & 2030 (USD Billion)
FIG 16.Europe Hydrogen Fuel Cell Market 2020 & 2030 (USD Billion)
FIG 17.Asia pacific Hydrogen Fuel Cell Market 2020 & 2030 (USD Billion)
FIG 18.Latin America Hydrogen Fuel Cell Market 2020 & 2030 (USD Billion)
FIG 19.Middle East & Africa Hydrogen Fuel Cell Market 2020 & 2030 (USD Billion)