Electrical And Electronics Manufacturing

Global Hydrogen Fuel Cells Market Overview And Prospects

November 5, 2021 by The Business Research Company

Learn about the global hydrogen fuel cells market through The Business Research Company, which provides information on hydrogen fuel cells market size, hydrogen fuel cells market drivers and restraints, hydrogen fuel cells market players, the COVID-19 impact on the hydrogen fuel cells market, and more.

The global hydrogen fuel cells market is expected to grow from $2.78 billion in 2020 to $3.85 billion in 2021 at a compound annual growth rate (CAGR) of 38.8%. The growth of the hydrogen fuel cell market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The hydrogen fuel cell market is expected to reach $16.50 billion in 2025 at a CAGR of 43.8%.

The growing demand for fuel cell electric vehicles around the world is expected to drive hydrogen fuel cells manufacturing, thus driving the market during the forecast period.

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The hydrogen fuel cell market consists of sales of hydrogen fuel cells that use the chemical energy of hydrogen to produce electricity. A hydrogen fuel cell is a device that converts hydrogen into clean energy and electricity by a chemical reaction and the by-products of this chemical reaction are electricity, water, heat. Hydrogen fuel cells can be used in a wide range of applications such as cars, buildings, electronic devices, trucks, and backup power systems.

Global hydrogen fuel cells market segments include:

By Type: Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), Others

By Application: Stationary, Transport, Portable

By End User: Fuel Cell Vehicles, Utilities, Defense

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the hydrogen fuel cell market in 2020.

The companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs, and component requirements of hydrogen fuel cells. Advances in technologies improve the efficiency of hydrogen fuel cells.

TBRC’s hydrogen fuel cells market report covers:

Major Market Players: Panasonic, Intelligent Energy Holdings, FuelCell Energy, Plug Power, Hyster-Yale, Doosan Fuel Cell, Ballard Power Systems, Nedstack fuel cell technology, Pearl Hydrogen, Hydrogenics, Horizon Fuel Cell Technologies, Toshiba Energy Systems, Mitsubishi Hitachi Power Systems, AFC Energy, and Sunrise Power.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

The Hydrogen Fuel Cells Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides hydrogen fuel cells market overviews, analyzes and forecasts market size, share, hydrogen fuel cells market players, hydrogen fuel cells market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s hydrogen fuel cells market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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