"Harnessing Hydrogen: Fuel Cells and Electrolyzers Leading the Charge Towards Global Decarbonization. Empowering Industries to Achieve Carbon Neutrality with Green Energy Solutions."
BOSTON, Feb. 12, 2025 /PRNewswire/ -- According to the latest study from BCC Research, "Hydrogen Fuel Cell: Global Markets" is expected to increase from $5.1 billion in 2024 to $11.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.
The global market for hydrogen fuel cells is segmented by product type, technology, application, and region. This report focuses on hydrogen fuel cells used in stationary, portable, and mobile applications, such as combined heat and power (CHP), stationary power supply units, auxiliary power units, and vehicle propulsion systems, but excludes fuel cell electrolyzers. The market size is given in value (millions of dollars) and volume (gigawatts). The report also includes competitive intelligence, showing the market shares of leading companies and details on global market trends, emerging technologies, and important industry developments.
Hydrogen fuel cells generate energy with zero emissions, producing only water and heat as by-products. This makes them a key component in global efforts to reduce greenhouse gas (GHG) emissions and combat climate change. They also boost energy security by promoting energy diversification and enabling domestic production using renewable sources. Hydrogen fuel cells are more efficient than traditional internal combustion engines, and are better at using generated and stored energy and reducing waste. They also save energy through CHP systems and waste heat capture.
The factors driving the global market for hydrogen fuel cells include:
Rising FCEV Sales: The rise in fuel cell electric vehicle (FCEV) sales drives demand for hydrogen fuel cells. These vehicles offer longer ranges and faster refueling times than battery electric vehicles, making them attractive for consumers and businesses.
Hydrogen Investments: Governments and private sectors are investing in hydrogen infrastructure and fuel cell technology. Carbon credits and incentives for reducing emissions further encourage the adoption of hydrogen fuel cells.
Maritime Demand: The maritime industry is increasingly looking to hydrogen fuel cells as a clean energy solution to meet stringent environmental regulations and reduce GHG emissions from ships.
Green Hydrogen: Green hydrogen, produced using renewable energy sources, is becoming a key component in the hydrogen economy. It serves as a clean fuel for hydrogen fuel cells, promoting sustainability and reducing reliance on fossil fuels.
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Report Synopsis
Report Metric | 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 |
Segments covered | Product Type, Technology, Application |
Regions covered | North America, Europe, Asia-Pacific, Rest of the World (Middle East and Africa, and South America) |
Countries covered | U.S., Canada, Mexico, Germany, France, U.K., Japan, South Korea, China |
Market drivers | • Increasing sales of Fuel Cell EVs • Investments in hydrogen and fuel cell carbon credits • Rising Demand from the maritime industry • Green hydrogen as a catalyst for fuel cells |
Interesting facts:
- Hydrogen fuel cells are used in countries such as India and Germany as a better option than diesel generators.
- Cobalt is cheap and plentiful, making it a good substitute for fuel cells' expensive and rare platinum. This is why so much research is taking place worldwide.
- Fuel cell electric vehicles (FCEVs) are more efficient than traditional internal combustion engine cars because they only release water and air. The most common type of fuel cell in cars is the proton exchange membrane (PEM) fuel cell, which is expected to dominate the market in the coming years.
The report addresses the following questions:
- What is the projected size and growth rate of the market?
- The market is expected to grow from $5.1 billion in 2024 to $11.0 billion by the end of 2029, with a compound annual growth rate (CAGR) of 16.5%. By volume, it is projected to reach 55 gigawatts, growing at a CAGR of 24.7%. - What are the factors driving the growth of the market?
- The market is growing due to higher demand for sustainable and low-emission fuels, the need to reduce growing GHG emissions, and increased demand for fuel cell-powered vehicles. - What market segments are covered in the report?
- The market is segmented by product type, application, and technology. The product types include liquid-cooled and air-cooled products. The application segments include stationary power, transport, and portable power. The technology segment includes PEMFC, PAFC, SOFC, and others, including AFC and MCFC. - Which application segment will dominate the market in 2029?
- The stationary power application segment will dominate the market. - Which region will dominate the market in 2029?
- The Asia-Pacific region accounts for 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.
Market leaders include:
- BALLARD POWER SYSTEMS
- BLOOM ENERGY
- CERES
- CONVION LTD.
- CUMMINS INC.
- DOOSAN FUEL CELL CO. LTD.
- FUELCELL ENERGY INC.
- FUJI ELECTRIC CO. LTD.
- HORIZON FUEL CELL TECHNOLOGIES
- INTELLIGENT ENERGY LTD.
- KYOCERA CORP.
- MITSUBISHI HEAVY INDUSTRIES LTD.
- NEDSTACK FUEL CELL TECHNOLOGY
- PLUG POWER INC.
- TOSHIBA CORP.
Related reports include:
Electric Vehicles and Fuel Cell Vehicles: Global Markets: This report covers electric and fuel cell electric vehicles (EVs and FCEVs) by propulsion type, vehicle type, and power source. It includes technological, regulatory, and market ranking analysis, current industry trends, patent analysis, and the impact of the Russia-Ukraine war. The report also provides profiles of leading manufacturers and regional analyses. The base year is 2023, with forecasts through 2029. Industrial and low-speed EVs are excluded. Data is sourced from the IEA EV Outlook 2024 report.
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