Hydrogen Fuel Cells Market 2024 | Market Size, Share Analysis, Demand And Forecast To 2033 | Plug Power, Toshiba Corporation, Doosan Fuel Cell, Bloom Energy, Ballard Power

The Hydrogen Fuel Cells by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydrogen Fuel Cells, The hydrogen fuel cells market size has grown exponentially in recent years. It will grow from $8.12 billion in 2023 to $11.57 billion in 2024 at a compound annual growth rate (CAGR) of 42.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets and rise in demand for fuel cell electric vehicles (fcevs).

The hydrogen fuel cells market size is expected to see exponential growth in the next few years. It will grow to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 39.6%. The growth in the forecast period can be attributed to government support, rising demand for electric vehicles, and increasing awareness to reduce greenhouse gas emissions will drive the growth. Major trends in the forecast period include focus on product innovations, facility expansion, collaborations and acquisitions, and increasing investments to improve financial strength and product portfolio.

The rising demand for electric vehicles will support the growth of the hydrogen fuel cells market. EVs have gained popularity, due to their environmental benefits and reduced dependence on fossil fuels. Fuel-cell electric vehicles use fuel cell stacks to convert onboard gaseous hydrogen to electricity, which is then stored in a battery to power the vehicle’s electric motor. Most fuel cell electric vehicles (FCEVs) are powered by hydrogen (H2) and are considered zero-emission vehicles (ZEVs). For example, in 2022, the World Economic Forum reported that in the first half of 2022, almost 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally. PHEV sales increased by 37% and BEVs by 75% yearly. Also, by 2030, 40% of cars sold in China, the largest auto market in the world, are expected to be electric. Therefore, the rising demand for electric vehicles will drive the hydrogen fuel cells market.

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The hydrogen fuel cells market covered in this report is segmented –
1) Hydrogen Fuel Cells Market By Type: Proton Exchange Membrane, Direct Methanol, Solid Oxide, Alkaline Membrane, Phosphoric Acid, Molten Carbonate
2) Hydrogen Fuel Cells Market By End-User: Fuel Cell Vehicles, Utilities, Defense

Top Major Players

Plug Power

Toshiba Corporation

Doosan Fuel Cell

Bloom Energy

Ballard Power

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. For example, in July 2021, Hyzon Motors Inc., a US-based manufacturer of commercial vehicles powered by zero-emission hydrogen fuel cells announced a new commercial vehicle that could reduce the weight and manufacturing costs of a commercial vehicle powered by Hyzon’s hydrogen fuel. The system’s metal structure is integrated with lightweight composite materials in this revolutionary technology.

The hydrogen fuel cells market report table of contents includes:

1. Executive Summary

2. Hydrogen Fuel Cells Market Characteristics

3. Hydrogen Fuel Cells Market Trends And Strategies

4. Hydrogen Fuel Cells Market – Macro Economic Scenario

5. Global Hydrogen Fuel Cells Market Size and Growth

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32. Global Hydrogen Fuel Cells Market Competitive Benchmarking

33. Global Hydrogen Fuel Cells Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Hydrogen Fuel Cells Market

35. Hydrogen Fuel Cells Market Future Outlook and Potential Analysis

36. Appendix