“Harnessing Hydrogen: Fuel Cells and Electrolyzers Leading the Charge Towards Global Decarbonization. Empowering Industries to Achieve Carbon Neutrality with Green Energy Solutions.”
The global hydrogen fuel cell market is projected to grow from $5.1 billion in 2024 to $11.0 billion by 2029, at a CAGR of 16.5%, according to BCC Research. This market is segmented by product type, technology, application, and region, focusing on hydrogen fuel cells used in stationary, portable, and mobile applications, including combined heat and power (CHP), stationary power supply units, auxiliary power units, and vehicle propulsion systems, while excluding fuel cell electrolyzers. The report provides insights into market size in both value (millions of dollars) and volume (gigawatts), along with competitive intelligence detailing market shares of key companies, global trends, emerging technologies, and significant 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.
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:
1. 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%.
2. 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.
3. 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.
4. Which application segment will dominate the market in 2029?
– The stationary power application segment will dominate the market.
5. 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.
