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Hydrogen Fuel Cells Market Size, Share & Trends Analysis Report By Type, By Application, and Segment Forecasts, 2022-2028
Published Date: May 2019
|
Report Code: QYRE-Auto-26E44
Home | Market Reports | Business & Industrial | Energy & Utilities | Renewable & Alternative Energy
Global Hydrogen Fuel Cells Market Insights Forecast to 2025

Hydrogen Fuel Cells Market Size, Share & Trends Analysis Report By Type, By Application, and Segment Forecasts, 2022-2028

Code: QYRE-Auto-26E44
Report
May 2019
114 Pages
QYResearch
Region: Global, Japan, North America,
Description
Table of Content
Tables & Figures

Hydrogen Fuel Cells Market Statistics 2028

Due to the COVID-19 pandemic, the global Hydrogen Fuel Cells market size is estimated to be worth US$ 4526 million in 2022 and is forecast to a readjusted size of US$ 25510 million by 2028 with a CAGR of 33.4% during the review period.

Hydrogen Fuel Cells Market

Key drivers of the hydrogen fuel cells market include the rising environmental concerns and the need for curbing greenhouse gas emissions.

The favorable government support and R&D initiatives for developing hydrogen fuel cell infrastructure will boost the market during the forecast period.  

The application in the automotive industry and the use of fuel-efficient technologies will propel the growth of the hydrogen fuel cells market in the coming years.

Trends Influencing The Growth Of The Hydrogen Fuel Cells Market

Rising environmental consciousness

Fuel cells use the chemical energy of hydrogen to produce electricity. They have the capacity to provide power to large utility stations, and electrical appliances in industrial, commercial, and residential buildings. The cells emit water thereby reducing CO2 emissions. There are no air pollutants that release smog and have no health risks during the point of operation. The need for sustainable development is pushing industry players to transition to cleaner fuel resources which in turn will drive the growth of the hydrogen fuel cells market during the forecast period.

Ongoing R&D to build a robust infrastructure

The urgent need for tackling the challenges of climate change and the fast depletion of fossil fuels has forced government authorities around the world to accelerate their research on hydrogen fuel cells. The potential to develop a renewable transportation fuel is huge. Initiatives have been adopted to improve its durability, storage capability and to reduce the cost. There is a need to upgrade the polymer electrolyte membrane for stationary and portable applications. These rapid developments will boost the growth prospects of the hydrogen fuel cells market in the upcoming years. 

Beneficial features for the automotive industry

Fuel-efficient vehicles are the future as the automobile industry shifts to green hydrogen. Due to stringent regulations for curbing greenhouse gas emissions and rising petrol, diesel prices hydrogen fuel cells provide a lucrative opportunity. Hydrogen is an abundant renewable resource. It is much more fuel-efficient and reduces the consumption of fossil fuels to a large extent. The energy generation is higher with the faster-charging ability and longer range. Moreover, it has versatile applications in both mobile and stationary use cases. Remote storage is easy making it accessible to people living in distant regions. These factors will bolster the growth of the hydrogen fuel cells market in the subsequent years. 

High initial investment

The technology is still new and will require dedicated time, money, and energy for developing into a mature sector. Raw materials which are used as catalysts in fuel cells are metals such as platinum and iridium which are costly. Moreover, regulatory issues and a lack of proper fueling infrastructure will stifle the hydrogen fuel cells market during the forecast period. 

Hydrogen Fuel Cell Market Share

Based on type, the segmentations are air-cooled and water-cooled. The heat in Air-cooled fuel cells is passed through cooling plates and eliminated through airflow channels. Water-cooled systems have liquid water added straight to fuel cell flow channels. 

Based on application, the segmentations are stationary, transport, and portable. Stationery applications are used for backup power to be deployed in remote locations or single power plant stations in cities and towns. The transport applications involve using it as a fuel in internal combustion engine vehicles. The hydrogen generates electricity that powers up the electric motor for driving wheels and other vehicular functions. The portable applications include usage in electronic devices like mobile phones, laptops, etc. 

Based on region, Asia-Pacific is expected to dominate in the hydrogen fuel cell market share with 47% due to rapid technological developments in emerging economies like China. On the other hand, North America and Europe together constitute 45% in the global market. 

Top Companies in the Hydrogen Fuel Cell Market Share

The hydrogen fuel cell market is moderately fragmented with major players dominating the market. It was recorded that the top 3 companies occupied about 36% market share.

The top companies analyzed in the hydrogen fuel cell market report are Panasonic, Plug Power, Toshiba ESS, Ballard, SinoHytec, Hydrogenics, Honda, Hyundai Mobis, Toyota Denso, Elring Klinger, Bosch/Powercell, Symbio, etc.

  • Panasonic
  • Plug Power
  • Toshiba ESS
  • Ballard
  • SinoHytec
  • Hydrogenics
  • Honda
  • Hyundai Mobis
  • Toyota Denso
  • Elring Klinger
  • Bosch/Powercell
  • Symbio

Hydrogen Fuel Cell Market Segments

Hydrogen Fuel Cell Market by Type

  • Air-cooled Type
  • Water-cooled Type

Hydrogen Fuel Cell Market by Application

  • Stationary
  • Transport
  • Portable

Hydrogen Fuel Cell Market by Region

  • United States
  • Europe
  • China
  • Japan
  • Other Regions

Hydrogen Fuel Cell Market Consumption by Region

  • North America
  • United States
  • Canada
  • Mexico
  • Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Malaysia
  • Philippines
  • Thailand
  • Vietnam
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Rest of Europe
  • Central & South America
  • Brazil
  • Rest of South America
  • Middle East & Africa
  • GCC Countries
  • Turkey
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

Scope of the Hydrogen Fuel Cells Market Report

Report Metric

Details

Report Name

Hydrogen Fuel Cells Market

The market size in 2020

$2476.3 Million

The revenue forecast in 2027

$18720 Million

Growth Rate

CAGR of 33.4% during 2021-2027

Forecast period

2021-2027

Forecast units

Value (USD)

Segments covered

Type, End-User, Offerings, and Region

Market by Type

Air-cooled Type, Transport-cooled Type, Others

Market by Applications/Enduser

Transport, Stationary, Others

Report coverage

Revenue & volume forecast, company share, competitive landscape, growth factors, and trends

Geographic regions covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Frequently Asked Questions About This Report

1. How big is the hydrogen fuel cells market?

Ans. In 2020, the global Hydrogen Fuel Cells market size was US$ 2476.3 million and it is expected to reach US$ 18720 million by the end of 2027, with a CAGR of 33.4% during 2021-2027.

2. Who are the top companies hold the market share in the hydrogen fuel cell market?

Ans. The top three companies make up more than 46% market share of the Hydrogen Fuel Cells market in 2015. The top three manufacturers are Ballard Power Systems Inc. (BLDP) (market share of 17.36%), Toshiba (market share of 16.68%) and PLUG Power( market share of 11.93%) in 2015.

3. Which region accounted for the largest hydrogen fuel cell market share?

Ans. Asia-Pacific is the largest market with about 47% market share. North America and Europe are followers, accounting for about 45% market share.

4. What would be the forecast period in the hydrogen fuel cell market report?

Ans. The forecast period for the hydrogen fuel cell market is 2021 to 2027

5. What are the market drivers in the global hydrogen fuel cell market?

Ans. A surge in environmental concerns, an increase in government initiatives for the development of hydrogen fuel cell infrastructure, the high initial investment in infrastructure, and technological advancement, and future potential are all major factors driving the growth of the hydrogen fuel cell vehicle market size.

Tables of Content

 

1 Hydrogen Fuel Cell Market Overview

    1.1 Product Overview and Scope of Hydrogen Fuel Cell

    1.2 Hydrogen Fuel Cell Segment by Type

        1.2.1 Global Hydrogen Fuel Cells Market Size Growth Rate Analysis by Type 2021 VS 2027

        1.2.2 Air-cooled Type

        1.2.3 Transport-cooled Type

    1.3 Hydrogen Fuel Cell Segment by Application

        1.3.1 Global Hydrogen Fuel Cells Consumption Comparison by Application: 2016 VS 2021 VS 2027

        1.3.2 Transport

        1.3.3 Stationary

    1.4 Global Market Growth Prospects

        1.4.1 Global Hydrogen Fuel Cell Revenue Estimates and Forecasts (2016-2027)

        1.4.2 Global Hydrogen Fuel Cell Production Estimates and Forecasts (2016-2027)

    1.5 Global Hydrogen Fuel Cells Market by Region

        1.5.1 Global Hydrogen Fuel Cells Market Size Estimates and Forecasts by Region: 2016 VS 2021 VS 2027

        1.5.2 North America Hydrogen Fuel Cells Estimates and Forecasts (2016-2027)

        1.5.3 Europe Hydrogen Fuel Cells Estimates and Forecasts (2016-2027)

        1.5.5 China Hydrogen Fuel Cells Estimates and Forecasts (2016-2027)

        1.5.5 Japan Hydrogen Fuel Cells Estimates and Forecasts (2016-2027)

        1.5.6 South Korea Hydrogen Fuel Cells Estimates and Forecasts (2016-2027)

 

2 Market Competition by Manufacturers

    2.1 Global Hydrogen Fuel Cells Production Market Share by Manufacturers (2016-2021)

    2.2 Global Hydrogen Fuel Cells Revenue Market Share by Manufacturers (2016-2021)

    2.3 Hydrogen Fuel Cells Market Share by Company Type (Tier 1, Tier 2 and Tier 3)

    2.4 Global Hydrogen Fuel Cells Average Price by Manufacturers (2016-2021)

    2.5 Manufacturers Hydrogen Fuel Cells Production Sites, Area Served, Product Types

    2.6 Hydrogen Fuel Cells Market Competitive Situation and Trends

        2.6.1 Hydrogen Fuel Cells Market Concentration Rate

        2.6.2 Global 5 and 10 Largest Hydrogen Fuel Cells Players Market Share by Revenue

        2.6.3 Mergers & Acquisitions, Expansion

 

3 Production and Capacity by Region

    3.1 Global Production of Hydrogen Fuel Cells Market Share by Region (2016-2021)

    3.2 Global Hydrogen Fuel Cells Revenue Market Share by Region (2016-2021)

    3.3 Global Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

    3.4 North America Hydrogen Fuel Cells Production

        3.4.1 North America Hydrogen Fuel Cells Production Growth Rate (2016-2021)

        3.4.2 North America Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

    3.5 Europe Hydrogen Fuel Cells Production

        3.5.1 Europe Hydrogen Fuel Cells Production Growth Rate (2016-2021)

        3.5.2 Europe Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

    3.6 China Hydrogen Fuel Cells Production

        3.6.1 China Hydrogen Fuel Cells Production Growth Rate (2016-2021)

        3.6.2 China Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

    3.7 Japan Hydrogen Fuel Cells Production

        3.7.1 Japan Hydrogen Fuel Cells Production Growth Rate (2016-2021)

        3.7.2 Japan Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

    3.8 South Korea Hydrogen Fuel Cells Production

        3.8.1 South Korea Hydrogen Fuel Cells Production Growth Rate (2016-2021)

        3.8.2 South Korea Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

 

4 Global Hydrogen Fuel Cells Consumption by Region

    4.1 Global Hydrogen Fuel Cells Consumption by Region

        4.1.1 Global Hydrogen Fuel Cells Consumption by Region

        4.1.2 Global Hydrogen Fuel Cells Consumption Market Share by Region

    4.2 North America

        4.2.1 North America Hydrogen Fuel Cells Consumption by Country

        4.2.2 U.S.

        4.2.3 Canada

    4.3 Europe

        4.3.1 Europe Hydrogen Fuel Cells Consumption by Country

        4.3.2 Germany

        4.3.3 France

        4.3.4 U.K.

        4.3.5 Italy

        4.3.6 Russia

    4.4 Asia Pacific

        4.4.1 Asia Pacific Hydrogen Fuel Cells Consumption by Region

        4.4.2 China

        4.4.3 Japan

        4.4.4 South Korea

        4.4.5 Taiwan

        4.4.6 Southeast Asia

        4.4.7 India

        4.4.8 Australia

    4.5 Latin America

        4.5.1 Latin America Hydrogen Fuel Cells Consumption by Country

        4.5.2 Mexico

        4.5.3 Brazil

 

5 Production, Revenue, Price Trend by Type

    5.1 Global Hydrogen Fuel Cells Production Market Share by Type (2016-2021)

    5.2 Global Hydrogen Fuel Cells Revenue Market Share by Type (2016-2021)

    5.3 Global Hydrogen Fuel Cells Price by Type (2016-2021)

 

6 Consumption Analysis by Application

    6.1 Global Hydrogen Fuel Cells Consumption Market Share by Application (2016-2021)

    6.2 Global Hydrogen Fuel Cells Consumption Growth Rate by Application (2016-2021)

 

7 Key Companies Profiled

    7.1 Panasonic

        7.1.1 Panasonic Hydrogen Fuel Cells Corporation Information

        7.1.2 Panasonic Hydrogen Fuel Cells Product Portfolio

        7.1.3 Panasonic Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.1.4 Panasonic Main Business and Markets Served

        7.1.5 Panasonic Recent Developments/Updates

    7.2 Plug Power

        7.2.1 Plug Power Hydrogen Fuel Cells Corporation Information

        7.2.2 Plug Power Hydrogen Fuel Cells Product Portfolio

        7.2.3 Plug Power Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.2.4 Plug Power Main Business and Markets Served

        7.2.5 Plug Power Recent Developments/Updates

    7.3 Toshiba ESS

        7.3.1 Toshiba ESS Hydrogen Fuel Cells Corporation Information

        7.3.2 Toshiba ESS Hydrogen Fuel Cells Product Portfolio

        7.3.3 Toshiba ESS Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.3.4 Toshiba ESS Main Business and Markets Served

        7.3.5 Toshiba ESS Recent Developments/Updates

    7.4 Ballard

        7.4.1 Ballard Hydrogen Fuel Cells Corporation Information

        7.4.2 Ballard Hydrogen Fuel Cells Product Portfolio

        7.4.3 Ballard Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.4.4 Ballard Main Business and Markets Served

        7.4.5 Ballard Recent Developments/Updates

    7.5 SinoHytec

        7.5.1 SinoHytec Hydrogen Fuel Cells Corporation Information

        7.5.2 SinoHytec Hydrogen Fuel Cells Product Portfolio

        7.5.3 SinoHytec Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.5.4 SinoHytec Main Business and Markets Served

        7.5.5 SinoHytec Recent Developments/Updates

    7.6 Hydrogenics

        7.6.1 Hydrogenics Hydrogen Fuel Cells Corporation Information

        7.6.2 Hydrogenics Hydrogen Fuel Cells Product Portfolio

        7.6.3 Hydrogenics Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.6.4 Hydrogenics Main Business and Markets Served

        7.6.5 Hydrogenics Recent Developments/Updates

    7.7 Honda

        7.7.1 Honda Hydrogen Fuel Cells Corporation Information

        7.7.2 Honda Hydrogen Fuel Cells Product Portfolio

        7.7.3 Honda Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.7.4 Honda Main Business and Markets Served

        7.7.5 Honda Recent Developments/Updates

    7.8 Hyundai Mobis

        7.8.1 Hyundai Mobis Hydrogen Fuel Cells Corporation Information

        7.8.2 Hyundai Mobis Hydrogen Fuel Cells Product Portfolio

        7.8.3 Hyundai Mobis Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.8.4 Hyundai Mobis Main Business and Markets Served

        7.7.5 Hyundai Mobis Recent Developments/Updates

    7.9 Toyota Denso

        7.9.1 Toyota Denso Hydrogen Fuel Cells Corporation Information

        7.9.2 Toyota Denso Hydrogen Fuel Cells Product Portfolio

        7.9.3 Toyota Denso Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.9.4 Toyota Denso Main Business and Markets Served

        7.9.5 Toyota Denso Recent Developments/Updates

    7.10 Elring Klinger

        7.10.1 Elring Klinger Hydrogen Fuel Cells Corporation Information

        7.10.2 Elring Klinger Hydrogen Fuel Cells Product Portfolio

        7.10.3 Elring Klinger Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.10.4 Elring Klinger Main Business and Markets Served

        7.10.5 Elring Klinger Recent Developments/Updates

    7.11 Bosch/Powercell

        7.11.1 Bosch/Powercell Hydrogen Fuel Cells Corporation Information

        7.11.2 Bosch/Powercell Hydrogen Fuel Cells Product Portfolio

        7.11.3 Bosch/Powercell Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.11.4 Bosch/Powercell Main Business and Markets Served

        7.11.5 Bosch/Powercell Recent Developments/Updates

    7.12 Symbio

        7.12.1 Symbio Hydrogen Fuel Cells Corporation Information

        7.12.2 Symbio Hydrogen Fuel Cells Product Portfolio

        7.12.3 Symbio Hydrogen Fuel Cells Production, Revenue, Price and Gross Margin (2016-2021)

        7.12.4 Symbio Main Business and Markets Served

        7.12.5 Symbio Recent Developments/Updates

 

8 Hydrogen Fuel Cells Manufacturing Cost Analysis

    8.1 Hydrogen Fuel Cells Key Raw Materials Analysis

        8.1.1 Key Raw Materials

        8.1.2 Key Raw Materials Price Trend

        8.1.3 Key Suppliers of Raw Materials

    8.2 Proportion of Manufacturing Cost Structure

    8.3 Manufacturing Process Analysis of Hydrogen Fuel Cells

    8.4 Hydrogen Fuel Cells Industrial Chain Analysis

 

9 Marketing Channel, Distributors and Customers

    9.1 Marketing Channel

    9.2 Hydrogen Fuel Cells Distributors List

    9.3 Hydrogen Fuel Cells Customers

 

10 Market Dynamics

    10.1 Hydrogen Fuel Cells Industry Trends

    10.2 Hydrogen Fuel Cells Growth Drivers

    10.3 Hydrogen Fuel Cells Market Challenges

    10.4 Hydrogen Fuel Cells Market Restraints

 

11 Production and Supply Forecast

    11.1 Global Forecasted Production of Hydrogen Fuel Cells by Region (2022-2027)

    11.2 North America Hydrogen Fuel Cells Production, Revenue Forecast (2022-2027)

    11.3 Europe Hydrogen Fuel Cells Production, Revenue Forecast (2022-2027)

    11.4 China Hydrogen Fuel Cells Production, Revenue Forecast (2022-2027)

    11.5 Japan Hydrogen Fuel Cells Production, Revenue Forecast (2022-2027)

    11.6 South Korea Hydrogen Fuel Cells Production, Revenue Forecast (2022-2027)

 

12 Consumption and Demand Forecast

    12.1 Global Forecasted Demand Analysis of Hydrogen Fuel Cells

    12.2 North America Forecasted Consumption of Hydrogen Fuel Cells by Country

    12.3 Europe Market Forecasted Consumption of Hydrogen Fuel Cells by Country

    12.4 Asia Pacific Market Forecasted Consumption of Hydrogen Fuel Cells by Region

    12.5 Latin America Forecasted Consumption of Hydrogen Fuel Cells by Country

13 Forecast by Type and by Application (2022-2027)

    13.1 Global Production, Revenue and Price Forecast by Type (2022-2027)

        13.1.1 Global Forecasted Production of Hydrogen Fuel Cells by Type (2022-2027)

        13.1.2 Global Forecasted Revenue of Hydrogen Fuel Cells by Type (2022-2027)

        13.1.3 Global Forecasted Price of Hydrogen Fuel Cells by Type (2022-2027)

    13.2 Global Forecasted Consumption of Hydrogen Fuel Cells by Application (2022-2027)

14 Research Finding and Conclusion

 

15 Methodology and Data Source

    15.1 Methodology/Research Approach

        15.1.1 Research Programs/Design

        15.1.2 Market Size Estimation

        15.1.3 Market Breakdown and Data Triangulation

    15.2 Data Source

        15.2.1 Secondary Sources

        15.2.2 Primary Sources

    15.3 Author List

    15.4 Disclaimer

LIST OF TABLES & FIGURES

 

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