Hydrogen Fuel Cell: Global Markets

Report Code: EGY186B

Publish Date: Nov 2024

Publisher: BCC Publishing

Category: Energy

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Report Highlights

The global market for hydrogen fuel cells is estimated to increase from $5.1 billion in 2024 to reach $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.

Report Includes

  • 41 data tables and 60 additional tables
  • An update on the global market for hydrogen fuel cell technology
  • Analyses of the global market trends, with data from 2023, estimates for 2024, forecasts for 2025, 2027, and projections of compound annual growth rates (CAGRs) through 2029
  • An evaluation of the market potential for hydrogen fuel cells in the stationery and transport power generation industry
  • Forecast for the global hydrogen fuel cell market, and corresponding market share analysis by product type, technology, application, and region
  • Discussion of the market dynamics (DROs), technology updates and industry value chain
  • Insights into the industry structure, current competitive landscape, R&D activity, and a company value share analysis
  • A discussion of ESG challenges and ESG practices in the industry
  • Company profiles of major players within the industry, including Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd., and FuelCell Energy Inc.

Report Scope

The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems. Other applications include fuel cell electrolyzers, which use electricity as input and produce hydrogen as output. These are not included in the scope of the report.

The market sizing has been provided in value ($ millions) and volume (gigawatts). The report also covers competitive intelligence, which covers the market share of prominent companies based on their product offerings and revenues generated from the fuel cell business. It also provides details of global market dynamics, emerging technologies and developments happening in the industry.

Report Synopsis

Report Metrics Details
Base year considered 2023
Forecast period considered 2024-2029
Base year market size $4.5 billion
Market size forecast $11.0 billion
Growth rate CAGR of 16.5% for the forecast period of 2024-2029
Units considered $ Millions
Segments covered Product Type, Technology, Application
Regions covered North America, Europe, Asia-Pacific, Rest of the World
Countries covered U.S., Canada, Mexico, Germany, France, U.K., Japan, South Korea, China, Middle East and Africa, South America
Key Market Drivers
  • Increasing Global Fuel Cell Electric Vehicle Sales
  • Investments in Hydrogen and Fuel Cell Carbon Credits
  • Augmenting Demand from the Maritime Industry
  • Green Hydrogen as a Catalyst for Fuel Cells
Companies studied
BALLARD POWER SYSTEMSBLOOM ENERGY
CERESCONVION LTD.
CUMMINS INC.DOOSAN FUEL CELL CO. LTD.
FUELCELL ENERGY INC.FUJI ELECTRIC CO. LTD.
HORIZON FUEL CELL TECHNOLOGIESINTELLIGENT ENERGY LTD.
KYOCERA CORP.MITSUBISHI HEAVY INDUSTRIES LTD.
NEDSTACK FUEL CELL TECHNOLOGYPLUG POWER INC.
TOSHIBA CORP.
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Frequently Asked Questions (FAQs)

The market is projected to grow from $5.1 billion in 2024 to $11.0 billion in 2029 at a compound annual growth rate (CAGR) of 16.5% during the forecast period. By volume, the market is expected to reach 55 gigawatts by growing at a CAGR of 24.7%.
Increasing demand for sustainable and low-emission fuels, increasing need to curb fast-growing GHG emissions globally, and increasing demand for fuel cell-powered vehicles are key factors driving the market.
The segments covered in the market are product type, application, and technology. The product type segment includes liquid-cooled and air-cooled products. The application segmentation includes Stationary Power, Transport, and Portable Power. The technology segment includes PEMFC, PAFC, SOFC, and others, including AFC and MCFC.
The stationary power application segment will dominate the market by the end of 2028.
Asia-Pacific holds the highest market share, i.e., 53.2% of the market, followed by North America. The growth is mainly attributed to the major developments and fuel cell capacity expansion in Japan and South Korea. Both countries contribute a significant share, especially in stationary fuel cell applications.

Analyst Credentials

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.

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Table of Contents

All reports provided in PDF format. For shared licensing options (5+ Users), please call a representative at (+1) 781-489-7301 or contact us at info@bccresearch.com
Title/Chapter NamePagesMember Price
Full Report: Hydrogen Fuel Cell: Global Markets139Free
Chapter- 1: Executive Summary4Free
Chapter- 2: Market Overview17Free
Chapter- 3: Market Dynamics7Free
Chapter- 4: Emerging Technologies and Developments4Free
Chapter- 5: Market Segmentation Analysis52Free
Chapter- 6: Competitive Intelligence5Free
Chapter- 7: Appendix50Free
Published - May-2022| Analyst - BCC Publishing| Code - EGY186A

Report Highlights

The global market for hydrogen fuel cells reached $6.6 billion in 2021. The market should grow from $7.5 billion in 2022 to $19.5 billion by 2027, at a compound annual growth rate (CAGR) of 21.0% during 2022-2027.

Report Includes

  • 44 data tables and 38 additional tables
  • An up-to-date overview of the global market for hydrogen fuel cells technology
  • Analyses of the global market trends, with data from 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
  • Highlights of the upcoming market potential for hydrogen fuel cells in stationery and transport power generation industry, future trends and innovations, and areas of focus to forecast this market into various segments and sub-segments
  • Evaluation and forecast the global hydrogen fuel cell market size for, and corresponding market share analysis by fuel cell type, application, and region
  • Discussion of the key market dynamics (DROs), technology updates, industry value chain analysis, and COVID-19 implications on the progress of this market
  • Insight into recent industry structure, current competitive scenario, R&D activities, major growth strategies, and company value share analysis based on their segmental revenues
  • Latest information on recent developments in the hydrogen fuel cell industry
  • Descriptive company profiles of the leading global players, including Bloom Energy, Cummins Inc., Delphi Automotive, General Electric, Mitsubishi Heavy Industries Ltd., Panasonic Group, Rolls-Royce Fuel Cell Systems Ltd., and Shell Hydrogen BV

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Hydrogen Fuel Cell: Global Markets
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