Analysts at GMI Research estimates that the Hydrogen Fuel Cells Market was worth USD 1.2 billion in 2020, and forecast to touch USD 70.0 billion in 2028, growing at a significant higher CAGR of 66.0% from 2021-2028.

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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?

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