Hydrogen Fuel Cell Global Market to Reach $80.48 Billion by 2030 with a 21.2% CAGR

DUBLIN, Sept. 22, 2022 /PRNewswire/ -- The "Hydrogen Fuel Cell Market, By Product Type, By Vehicle Type, By Technology Type, By Application, By End-Use, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The global Hydrogen Fuel Cell market was valued at USD 14.72 Billion in 2021 and is projected to grow at a CAGR of 21.2% from 2021 to reach USD 80.48 Billion by the year 2030.

The main advantage of fuel cells over other power generation technologies is that they are very efficient, with most of the energy in the hydrogen being converted to electricity. Fuel cells also have a much lower environmental impact than other power generation technologies, as they do not produce any emissions of greenhouse gases or air pollutants.

The rising concerns over climate change and air pollution are the major factors driving the growth of the hydrogen fuel cell market. The growing demand for clean and renewable energy sources is also expected to boost the market growth.

In addition, the increasing investment by government and private organizations in fuel cell technology is expected to provide a further boost to the market growth. However, the high cost of fuel cells and the lack of infrastructure are the major factors restraining the growth of the hydrogen fuel cell market.

Further key findings from the report suggest

• On the basis of type, the hydrogen fuel cell market has been classified into PEMFC, DMFC, AFC, PAFC, SOFC, and MCFC. PEMFC is expected to be the largest segment of the hydrogen fuel cell market due to its high efficiency and low emissions. DMFC is also expected to grow at a significant rate over the forecast period due to its ability to function at high temperatures and its low cost.
• The automotive application segment is expected to grow at the highest CAGR during the forecast period. The rising concerns over climate change and air pollution are the major factors driving the growth of this application segment. The increasing investment by government and private organizations in fuel cell technology is also expected to boost the market growth.
• The stationary power application segment is expected to grow at the second-highest CAGR during the forecast period. The growing demand for clean and renewable energy sources is the major factor driving the growth of this application segment.
• North America is expected to grow at the highest CAGR during the forecast period due to the presence of a large number of fuel cell manufacturers in the region. The growing investment by government and private organizations in fuel cell technology is also expected to boost the market growth in North America.

For the purpose of this particular report, the author segments the Hydrogen Fuel Cell market on the basis of: product type, technology, application, and regions:Product Type Outlook (Revenue, USD Billion; 2019-2030)

• Liquid-Cooled Type
• Air-Cooled Type

Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)

• Passenger Cars
• Buses & Coaches
• Other Commercial Vehicles

Technology Type Outlook (Revenue, USD Billion; 2019-2030)

• Polymer Exchange Membrane Fuel Cells (PEMFC)
• Phosphoric Acid Fuel Cells (PAFC)
• Solid Oxide Fuel Cells (SOFC)
• Direct Methanol Fuel Cells (DMFC)
• Molten Carbonate Fuel Cells (MCFC)
• Others

Application Outlook (Revenue, USD Billion; 2019-2030)

• Automotive
• Stationery
• Material Handling Equipment
• Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)

• Public
• Private

Regional Outlook (Revenue, USD Billion; 2019-2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• BENELUX
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Rest of LATAM
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Rest of MEA

Market Dynamics

Market Drivers

• Rising Investments by Private and Governmental Organizations in the Establishment of Hydrogen Fuel Cell Infrastructure
• Rapid R&D in the Adoption of Hydrogen as Convenient Fuel Over Others
• Adoption of Key Strategies Followed by Novel Product Launches

Market Restraints

• Volatility in the Price of Raw Materials of Hydrogen Fuel Cell
• Product Rollout Hampered by High Fuel Cell Prices
• Insufficient Infrastructure for Storage and Hydration Issues by Manufacturers

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Hydrogen Fuel Cell Market Segmentation & Impact Analysis

Chapter 5. Hydrogen Fuel Cell Market By Product Type Insights & Trends

Chapter 6. Hydrogen Fuel Cell Market By Vehicle Type Insights & Trends

Chapter 7. Hydrogen Fuel Cell Market By Technology Type Insights & Trends

Chapter 8. Hydrogen Fuel Cell Market By Application Insights & Trends

Chapter 9. Hydrogen Fuel Cell Market By End-Use Insights & Trends

Chapter 10. Hydrogen Fuel Cell Market Regional Outlook

Chapter 11. Competitive Landscape

Chapter 12. Company Profiles

Companies Mentioned

• Fuel Cell Energy Inc.
• Cummins Inc.
• Ballard Power Systems
• Plug Power Inc.
• Bloom Energy
• AFC Energy Plc.
• Dossan Fuel Cell Co. Ltd.
• Toshiba International Corporation Limited
• Hyster-Yale Materials Handling Inc.
• Panasonic Holding Corporation.
• Intelligent Energy Limited
• Pearl Hydrogen.

For more information about this report visit https://www.researchandmarkets.com/r/67ktrj

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SOURCE Research and Markets