Hydrogen Fuel Cell: Global Markets

Report Code: EGY186B

Publish Date: Nov 2024

Publisher: BCC Publishing

Category: Energy

Download Report Overview

Single User License: $4650

Member Price: FREE

EXPLORE OFFERS

Explore Our Services

Already a member? Login to access this report free.

Report Highlights

The global market for hydrogen fuel cells is estimated to increase from $5.1 billion in 2024 to reach $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.

Report Includes

  • 41 data tables and 60 additional tables
  • An update on the global market for hydrogen fuel cell technology
  • Analyses of the global market trends, with data from 2023, estimates for 2024, forecasts for 2025, 2027, and projections of compound annual growth rates (CAGRs) through 2029
  • An evaluation of the market potential for hydrogen fuel cells in the stationery and transport power generation industry
  • Forecast for the global hydrogen fuel cell market, and corresponding market share analysis by product type, technology, application, and region
  • Discussion of the market dynamics (DROs), technology updates and industry value chain
  • Insights into the industry structure, current competitive landscape, R&D activity, and a company value share analysis
  • A discussion of ESG challenges and ESG practices in the industry
  • Company profiles of major players within the industry, including Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd., and FuelCell Energy Inc.

Report Scope

The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems. Other applications include fuel cell electrolyzers, which use electricity as input and produce hydrogen as output. These are not included in the scope of the report.

The market sizing has been provided in value ($ millions) and volume (gigawatts). The report also covers competitive intelligence, which covers the market share of prominent companies based on their product offerings and revenues generated from the fuel cell business. It also provides details of global market dynamics, emerging technologies and developments happening in the industry.

Report Synopsis

Report Metrics 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
Units considered $ Millions
Segments covered Product Type, Technology, Application
Regions covered North America, Europe, Asia-Pacific, Rest of the World
Countries covered U.S., Canada, Mexico, Germany, France, U.K., Japan, South Korea, China, Middle East and Africa, South America
Key Market Drivers
  • Increasing Global Fuel Cell Electric Vehicle Sales
  • Investments in Hydrogen and Fuel Cell Carbon Credits
  • Augmenting Demand from the Maritime Industry
  • Green Hydrogen as a Catalyst for Fuel Cells
Companies studied
BALLARD POWER SYSTEMSBLOOM ENERGY
CERESCONVION LTD.
CUMMINS INC.DOOSAN FUEL CELL CO. LTD.
FUELCELL ENERGY INC.FUJI ELECTRIC CO. LTD.
HORIZON FUEL CELL TECHNOLOGIESINTELLIGENT ENERGY LTD.
KYOCERA CORP.MITSUBISHI HEAVY INDUSTRIES LTD.
NEDSTACK FUEL CELL TECHNOLOGYPLUG POWER INC.
TOSHIBA CORP.
Need a custom data table, graph, region, segment, companies or complete report? CUSTOMIZE NOW

Frequently Asked Questions (FAQs)

The market is projected to grow from $5.1 billion in 2024 to $11.0 billion in 2029 at a compound annual growth rate (CAGR) of 16.5% during the forecast period. By volume, the market is expected to reach 55 gigawatts by growing at a CAGR of 24.7%.
Increasing demand for sustainable and low-emission fuels, increasing need to curb fast-growing GHG emissions globally, and increasing demand for fuel cell-powered vehicles are key factors driving the market.
The segments covered in the market are product type, application, and technology. The product type segment includes liquid-cooled and air-cooled products. The application segmentation includes Stationary Power, Transport, and Portable Power. The technology segment includes PEMFC, PAFC, SOFC, and others, including AFC and MCFC.
The stationary power application segment will dominate the market by the end of 2028.
Asia-Pacific holds the highest market share, i.e., 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.

Analyst Credentials

BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.

Let us assist you! Our analysts are ready to tailor this report to your specific need. Talk to Our Analyst

Table of Contents

All reports provided in PDF format. For shared licensing options (5+ Users), please call a representative at (+1) 781-489-7301 or contact us at info@bccresearch.com
Title/Chapter NamePagesMember Price
Full Report: Hydrogen Fuel Cell: Global Markets139Free
Chapter- 1: Executive Summary4Free
Chapter- 2: Market Overview17Free
Chapter- 3: Market Dynamics7Free
Chapter- 4: Emerging Technologies and Developments4Free
Chapter- 5: Market Segmentation Analysis52Free
Chapter- 6: Competitive Intelligence5Free
Chapter- 7: Appendix50Free
Published - May-2022| Analyst - BCC Publishing| Code - EGY186A

Report Highlights

The global market for hydrogen fuel cells reached $6.6 billion in 2021. The market should grow from $7.5 billion in 2022 to $19.5 billion by 2027, at a compound annual growth rate (CAGR) of 21.0% during 2022-2027.

Report Includes

  • 44 data tables and 38 additional tables
  • An up-to-date overview of the global market for hydrogen fuel cells technology
  • Analyses of the global market trends, with data from 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
  • Highlights of the upcoming market potential for hydrogen fuel cells in stationery and transport power generation industry, future trends and innovations, and areas of focus to forecast this market into various segments and sub-segments
  • Evaluation and forecast the global hydrogen fuel cell market size for, and corresponding market share analysis by fuel cell type, application, and region
  • Discussion of the key market dynamics (DROs), technology updates, industry value chain analysis, and COVID-19 implications on the progress of this market
  • Insight into recent industry structure, current competitive scenario, R&D activities, major growth strategies, and company value share analysis based on their segmental revenues
  • Latest information on recent developments in the hydrogen fuel cell industry
  • Descriptive company profiles of the leading global players, including Bloom Energy, Cummins Inc., Delphi Automotive, General Electric, Mitsubishi Heavy Industries Ltd., Panasonic Group, Rolls-Royce Fuel Cell Systems Ltd., and Shell Hydrogen BV

Related Reports

Electric Vehicles and Fuel Cell Vehicles: Global Markets

Published - Aug 2024 | Publisher - BCC Publishing | Code - FCB040F

The global market for electric vehicles and fuel cell vehicles was valued at $655.9 billion in 2023. The market is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.

Carbon Dioxide Removals (CDR) Market

Published - Feb 2024 | Publisher - BCC Publishing | Code - ENV069A

This report provides an up-to-date analysis of current and future markets for carbon dioxide removal. The study provides a comprehensive accounting of worldwide carbon dioxide removal markets in a multi-client format. It presents a thorough and up-to-date global assessment of the market and business of carbon dioxide removal. This, in turn, will help industry participants, suppliers, government bodies, associations, and customers make the informed decisions needed to compete and succeed in the marketplace.

Global Hydrogen Generation Market

Published - Oct 2023 | Publisher - BCC Publishing | Code - EGY193A

The global market for hydrogen generation is estimated to grow from $166.7 billion in 2023 to reach $271.1 billion by 2028, at a compound annual growth rate (CAGR) of 10.2% from 2023 through 2028.

Hydrogen Fueling Stations: Global Markets

Published - Jul 2023 | Publisher - BCC Publishing | Code - EGY189A

The global market for hydrogen fueling stations was valued at $411.6 million in 2022. The market is estimated to increase from $453.6 million in 2023 to reach $976.4 million by 2028, at a compound annual growth rate (CAGR) of 16.6% from 2023 through 2028.

Recent Reports

Hydrogen Fuel Cell: Global Markets

Published - Nov 2024 | Publisher - BCC Publishing | Code - EGY186B

The global market for hydrogen fuel cells is estimated to increase from $5.1 billion in 2024 to reach $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.

Biorefinery Products and Applications: Global Markets

Published - Jul 2024 | Publisher - BCC Publishing | Code - EGY117E

The global market for biorefinery products and applications was valued at $715.7 billion in 2023. The market is expected to grow from $775.2 billion in 2024 to nearly $1.2 trillion by 2029, at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2029.

Battery Separators: Global Markets

Published - Jul 2024 | Publisher - BCC Publishing | Code - EGY199A

The global market for battery separators is expected to grow from $8.1 billion in 2024 and is projected to reach $19.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 18.6% during the forecast period of 2024 to 2029.

Carbon Credits Market: Global Outlook

Published - Jul 2024 | Publisher - BCC Publishing | Code - EGY200A

This report provides an up-to-date analysis of current and future markets for carbon credits and the carbon offsets industry. It presents a thorough and up-to-date global assessment of the market and business of carbon credits. The report also includes a competitive landscape, ESG analysis, and detailed company profiles of leading market players.

Hydrogen Storage: Materials, Technologies and Global Markets

Published - Jul 2024 | Publisher - BCC Publishing | Code - EGY146C

The global market for hydrogen storage materials and technologies is expected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028.

Top Trending Reports

AI in Clinical and Molecular Diagnostics Market

Published - Oct 2024 | Publisher - BCC Publishing | Code - BIO261A

The global market for AI in clinical and molecular diagnostics is expected to grow from $2.6 billion in 2024 and is projected to reach $8.9 billion by the end of 2029, at a compound annual growth rate (CAGR) of 27.6% during the forecast period of 2024 to 2029.

Point-of-Care Diagnostics: Technologies and Global Markets

Published - Oct 2024 | Publisher - BCC Publishing | Code - HLC043H

The global market for point-of-care diagnostics was valued at $36.9 billion in 2023. It is expected to grow from $40.6 billion in 2024 to $65.9 billion by the end of 2029, at a compound annual growth rate (CAGR) of 10.2% from 2024 through 2029.

Medical Devices: Technologies and Global Markets

Published - Oct 2024 | Publisher - BCC Publishing | Code - HLC170F

The global market for medical devices reached $739.6 billion in 2023. It is expected to grow from $810.4 billion in 2024 to $1.3 trillion by the end of 2029, at a compound annual growth rate (CAGR) of 9.8% from 2024 through 2029.

CRISPR Technology: Global Markets

Published - Oct 2024 | Publisher - BCC Publishing | Code - HLC258C

The global market for CRISPR technology was valued at $3.4 billion in 2023. This market is expected to grow from $3.8 billion in 2024 to $7.5 billion by the end of 2029, at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2029.

Global Artificial Intelligence (AI) Market: Investments vs Potential

Published - Aug 2024 | Publisher - BCC Publishing | Code - IFT189C

The global market for artificial intelligence (AI) is estimated to increase from $148.8 billion in 2023 to reach $1.1 trillion by 2029, at a compound annual growth rate (CAGR) of 39.7% from 2024 through 2029.

Become A Member

BCC Research offers a comprehensive library of reports, granting members unlimited access to data, insights, and market intelligence for informed business decisions, while actively supporting members in their evolving journeys and prioritizing high-quality, relevant topics based on continuous engagement with the research community.

Find Out More

Custom Consulting

BCC Research emphasizes the importance of organizations leveraging highly customized market insights aligned with specific strategic business objectives through direct engagement with primary sources and proprietary forecasting models for profitable decision-making in maximizing growth opportunities and minimizing risks.

Customize Now

Scorecard

The Venture Scorecard provides commercialization offices and decision makers with expert analysis, offering strategic insights crucial for aligning objectives with market realities at various stages of commercializing new products or evaluating investment opportunities, from opportunity assessment to growth planning.

Find Out More

Innovation Spotlight

Our industry experts offer strategic guidance to maximize the market potential of commercialized products, patents, and IP by providing insights into market trends, competitive dynamics, and effective positioning, using the Innovation Spotlight service for enhanced exposure to thought leaders and the wider community.

Find Out More
Hydrogen Fuel Cell: Global Markets
Sample Report