The global hydrogen fuel cells market size is expected to grow from $3.85 billion in 2021 to $5.58 billion in 2022 at a compound annual growth rate (CAGR) of 44.7%. The change in the hydrogen fuel cell market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $22.34 billion in 2026 at a CAGR of 41.5%.
What is the Global Hydrogen Fuel Cells Market?
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.
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What drives the Global Hydrogen Fuel Cells Market?
The growing demand for fuel cell electric vehicles around the world is contributing to the growth of the hydrogen fuel cell market. Fuel cell electric vehicles (FCEVs) powered by hydrogen are called hydrogen fuel cell vehicles. The surge in demand for fuel cell electric vehicles leads to increased demand for hydrogen fuel cells. For example, according to the Passenger Hydrogen Fuel Cell Vehicles report, the sales of hydrogen fuel cell vehicles reached 27,500 in 2020. Moreover, the sales of passenger fuel cell vehicles reached 8,500 in 2020, the highest annual sales compared to any of previous years. Rising sales in fuel cell electric vehicles demonstrate the growing demand for fuel cell electric vehicles, thereby contributing to the growth of the hydrogen fuel cell market.
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Global Hydrogen Fuel Cells Market Segments
The global hydrogen fuel cells market is segmented:
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 regions covered in the hydrogen fuel cells market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Hydrogen Fuel Cells Global Market Report 2022 provides market size and growth forecasts for the global hydrogen fuel cells market, global hydrogen fuel cells market share, hydrogen fuel cells market segments and geographies, hydrogen fuel cells market competitive landscape including leading competitors’ revenues, profiles and market shares. The hydrogen fuel cells market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Hydrogen Fuel Cells Industry Players include Panasonic, Intelligent Energy Holdings, FuelCell Energy, Plug Power, Hyster-Yale, Doosan Fuel Cell, Ballard Power Systems, Nedstack fuel cell technology, Pearl Hydrogen, and Hydrogenics. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
