Hydrogen Fuel Cells Market is expected to grow at a USD 70 billion by 2028 and witnessing a 66.6% CAGR during 2021-2028.

Introduction of the Hydrogen fuel cells Market Report

A hydrogen fuel cell is a device that produces electrical power through a chemical reaction by converting hydrogen into electricity. Hydrogen fuel cell vehicles use a hydrogen fuel cell to power their onboard electric motor. Hydrogen is utilized to operate a hydrogen fuel cell to generate electricity. Although fuel cells and batteries are both considered electrochemical cells and have a similar structure, fuel cells need a continuous source of oxygen and fuel to run. Hydrogen fuel cell vehicles possess high potential in reducing emissions related to the transportation sector. Hydrogen vehicle does not generate any greenhouse gas (GHG) emissions during vehicle operation, unlike diesel-powered and gasoline vehicles.

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Market Dynamic
Key Drivers and Emerging Trends
The factors driving the global hydrogen fuel cells market include increasing regulations by the governing bodies in developed countries and an environment-friendly objectives to eliminate emission rates, thereby surging the demand for hydrogen power over the forecasted period. For instance, on 14 July 2021, the European Commission adopted a series of legislative proposals, including the transitional target of at least 55% net reduction in greenhouse gas emissions by 2030 that would increase the applicability of the hydrogen fuel cell and capable of replacing conventional energy and drive the overall market.
Due to the rising environmental concerns, government authorities are leaning toward a hydrogen economy by executing several policies to develop hydrogen refuelling stations and hydrogen-based fuel cells for vehicles. This is likely to increase the demand for PEMFC in the forecasted years across the world. For instance, in 2019, South Korea’s announced to build hydrogen refueling stations in line with its policy related to hydrogen that support the usage of clean energy in the automobile industry.

Restraint in the Hydrogen fuel cells Market

However, despite hydrogen being the most abundant element in the universe, hydrogen needs to be extracted from water or from carbon fossil fuels. Both processes require a significant amount of energy to achieve, which can be sometimes more than the energy gained and expensive, which may hamper the global hydrogen fuel cells market.

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Type – Segment Analysis
Based on the type, proton exchange membrane fuel cells are expected to grow at the high CAGR in the global Hydrogen fuel cells market during the forecast period owing to the high power density and high operating temperature of 50C to 100C (122F to 212F). It warms up easily and starts generating electricity quickly, which makes it very useful in transportation vehicle applications. For instance, W.L. Gore & Associates (one of the leading in fuel cell technologies) has announced that GORE-SELECT Membrane, proton exchange membrane, that has been chosen to be incorporated into the new Toyota MIRAI, which signifies the capability of PEMFC to drive the overall market.

End-User – Segment Analysis
Based on the End-User, fuel cell vehicles are projected to grow at high CAGR over the forecast period in the hydrogen fuel cells market. The growing demand for reducing carbon emissions has provided an excellent opportunity to fuel cell-powered vehicles. Eighteen governments whose economies account for 70% of global GDP, have formed detailed strategies for deploying hydrogen energy solutions which include the coalition of governments forming the Energy Ministerial to target global disposition of 10 million fuel cell electric vehicles (FCEVs) by 2030 which is likely to boost the hydrogen fuel cell technology market.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to dominate the global hydrogen fuel cell market over the forecasted period owing to the structuring support policies to limit carbon footprints in the region. For instance, in 2021, Caterpillar Inc announced a three-year project through a collaboration with Microsoft and Ballard Power System to demonstrate a power system incorporating large-format hydrogen fuel cells to backup power for Microsoft data centers. The project is funded by the US Department of Energy (DOE) and backed by the National Renewable Energy Lab (NREL).

Top Market Players
Various notable players operating in the market, include, Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology BV, PLUG POWER INC, Nuvera Fuel Cells LLC, Bloom Energy, Ceres, Doosan Fuel Cell America Inc., FuelCell Energy Inc, W. L. Gore & Associates Inc, among others.

Key Developments:

• In 2021, Hyundai Mobis announced to build two new fuel cell plants in Korea to boost the hydrogen economy and to secure broader global market dominance.
• In 2021, Bloom Energy announced that in collaboration with its Korean partner SK Engineering & Construction Co Ltd, it has successfully deployed 100 kilowatts of solid-oxide fuel cells powered completely by hydrogen in Ulsan, South Korea, generating zero-carbon onsite

Segments covered in the Report:
The global hydrogen energy storage market has been segmented on the basis of type, application, end-user, and regions. Based on type, the market is segmented into proton exchange membrane fuel cell, phosphoric acid fuel cell, alkaline fuel cell, microbial fuel cell. Based on application, the market is segmented into transport, stationary, portable. Based on End-User, the market is segmented into utilities, fuel cell vehicles, defence, and others.

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Key questions answered in this research report:

• • At what pace is global hydrogen fuel cells market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in hydrogen fuel cells market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Hydrogen fuel cells market?
  • Which Type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the various end-user of global hydrogen fuel cells market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues (2028)	USD 70 Billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By End-User, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology BV, Plug Power Inc, Nuvera Fuel Cells LLC, Bloom Energy, Ceres, Doosan Fuel Cell America Inc., FuelCell Energy Inc, W. L. Gore & Associates Inc, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Hydrogen fuel cells Market by Type

• • Proton Exchange Membrane Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Alkaline Fuel Cell
  • Microbial Fuel Cell

Global Hydrogen fuel cells Market by End-User

• • Utilities
  • Fuel cell vehicles
  • Defence
  • Others

Global Hydrogen fuel cells Market by Application

• • Transport
  • Stationary
  • Portable

Global Hydrogen fuel cells Market by Region

• • North America Hydrogen fuel cells Market (Option 1: As a part of the free 25% customization)
    • North America Hydrogen fuel cells Market by Type
    • North America Hydrogen fuel cells Market by End-User
    • North America Hydrogen fuel cells Market by Application
    • US Hydrogen fuel cells Market All-Up
    • Canada Hydrogen fuel cells Market All-Up
  • Europe Hydrogen fuel cells Market (Option 2: As a part of the free 25% customization)
    • Europe Hydrogen fuel cells Market by Type
    • Europe Hydrogen fuel cells Market by End-User
    • Europe Hydrogen fuel cells Market by Application
    • UK Hydrogen fuel cells Market All-Up
    • Germany Hydrogen fuel cells Market All-Up
    • France Hydrogen fuel cells Market All-Up
    • Spain Hydrogen fuel cells Market All-Up
    • Rest of Europe Hydrogen fuel cells Market All-Up
  • Asia-Pacific Hydrogen fuel cells Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Hydrogen fuel cells Market by Type
    • Asia-Pacific Hydrogen fuel cells Market by End-User
    • Asia-Pacific Hydrogen fuel cells Market by Application
    • China Hydrogen fuel cells Market All-Up
    • India Hydrogen fuel cells Market All-Up
    • Japan Hydrogen fuel cells Market All-Up
    • Rest of APAC Hydrogen fuel cells Market All-Up
  • RoW Hydrogen fuel cells Market (Option 4: As a part of the free 25% customization)
    • RoW Hydrogen fuel cells Market by Type
    • RoW Hydrogen fuel cells Market by End-User
    • RoW Hydrogen fuel cells Market by Application
    • Brazil Hydrogen fuel cells Market All-Up
    • South Africa Hydrogen fuel cells Market All-Up
    • Saudi Arabia Hydrogen fuel cells Market All-Up
    • UAE Hydrogen fuel cells Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Hydrogen fuel cells Market All-Up

Major Players Operating in the Hydrogen fuel cells (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Ballard Power Systems
  • SFC Energy AG
  • Nedstack Fuel Cell Technology BV
  • Plug Power Inc
  • Nuvera Fuel Cells LLC
  • Bloom Energy
  • Ceres
  • Doosan Fuel Cell America Inc.
  • FuelCell Energy Inc
  • L. Gore & Associates Inc