Hydrogen and Fuel Cells Market Size, Share, Growth, and Industry Growth, By Type (Air-Cooled and Water-Cooled), By Application (Stationary, Transport, and Portable) Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global hydrogen and fuel cells market size was USD 3.224 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with hydrogen and fuel cells experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 25.46 billion by 2028, exhibiting a CAGR of 34.3% in during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

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Electricity is produced by hydrogen fuel cells using the hydrogen's stored energy. It is a clean form of energy because the only waste products are water, heat, and electricity. Fuel cells have several applications, including transportation and emergency backup power, and they can run systems as large as a power station or as small as a laptop. Fuel cells offer advantages over traditional combustion-based technologies, such as greater efficiency and lower pollution. Fuel cells using hydrogen only exhale water, therefore no carbon dioxide or other pollutants are released into the atmosphere. Fuel cells are also quieter when operating than combustion technologies since they have less moving parts.

COVID-19 Impact: Supply and Lockdown Limitations to Impede Market Advancement

Beginning in 2021, the COVID-19 illness spread around the globe, affecting countless people in general, and major governments across the world issued orders for work stoppages and foot restrictions. The pandemic has been found to have had a substantial effect mostly on hydrogen and fuel cell market. Market participants balanced making short-term decisions while also taking the long-term effects of those decisions into account. With the emergence of COVID-19, training and supporting plug power's field staff as well as their growing customers became more challenging. Plug Power created revolutionary virtual glasses-based teaching and induction program in a matter of weeks.

Hydrogen and fuel cells market share is predicted to rise as a result of increasing research and rising demand for fuel efficient vehicles.

LATEST TRENDS

Environmental Concerns to Stimulate Market Development

Due to growing worries about environmental deterioration and the exhaustion of natural resources, a number of technologies that promote the eco-friendly idea of sustaining the environment are being introduced to the market. Furthermore, while hydrogen fuel cell vehicles are more ecologically responsible than other conventional vehicles, they are becoming more popular due to rising levels of traffic, increased greenhouse gas emissions, and increased awareness of the effects of air pollution.

The various governments have instituted a number of policies to address the environmental issues. For instance, to fulfil its goal of 1.5 million lowest vehicles outpouring by 2025, the U.S. state of California dedicated funds for the creation of 100 hydrogen filling stations, which is propelling the market for hydrogen fuel cells automobile.

SEGMENTATION

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• By Type

Based on type; the market is divided into air-cooled and water-cooled. Air-cooled type is the leading part of the type segment.

• By Application

Based on the application; the market is divided into stationary, transport and portable. Stationery is the leading part of the application segment.

DRIVING FACTORS

Increase in Demand for Fuel-Efficient Vehicles to Aid Market Expansion

As gasoline is a fossil fuel, it cannot be renewed as an energy source and will eventually run out. To promote sustainable growth, it is essential to develop and employ alternate fuel sources. This comprises the use of electric and hydrogen fuel cell vehicles, which are more cost-effective than conventional automobiles and do not require gasoline. Automobiles powered by hydrogen fuel cells are more efficient than those powered by internal combustion engines and hybrid vehicles. Due to the recent increase in the price of gasoline and diesel, there is a greater demand for fuel-efficient automobiles. The depletion of fossil fuel deposits and the rising desire of businesses to increase profits from all of these oil reserves have both contributed to this. Thus, these factors boost the need for advanced fuel-efficient technologies, leading to surge in demand for hydrogen fuel cells vehicles for travel.

Rise in Research and Development to Foster Industry Progress

The benefits of hydrogen fuel cells for the automotive industry are well known. The cost-prohibitive method of separating molecules of water into oxygen and hydrogen, however, prevents the widespread use of hydrogen fuel cell cars. Researchers have been working nonstop to develop a low-cost technique of producing hydrogen energy. In a study that appeared in Nature Communications, researchers from various university claimed that they had successfully caught hydrogen by using catalysts made of cheap metals like iron plus nickel to break it from water molecules. By using these metals, the chemical process is enhanced while using less energy. Therefore, propelling the market advancements

RESTRAINING FACTORS  

High Initial Infrastructure Costs to Hinder Market Expansion

Powertrains that use hydrogen fuel cells are available that don't generate harmful pollutants like nitrogen oxides and particulates matter or greenhouse gases from their tailpipes. This function encourages vendors to use this technology. However, it is anticipated that the expensive cost of raw materials, including platinum for the fuel cell base and carbon fibre for the production of hydrogen fuel tanks, will restrain the market's expansion.

REGIONAL INSIGHTS

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Rising Developments in Automobile Sector to Foster Market Advancement in North America

A market that shows promise is North America. Due to the rising research and developments to develop a low-cost technique of producing hydrogen energy for automobile sector, overall hydrogen and fuel cells market in North America is anticipated to grow at a rapid rate. Due to increased political attention on the automobile sector through the promotion and funding, the marketplace in the region is anticipated to expand at a large rate. The hydrogen and fuel cells market with in area is expected to be driven by the rising demand for fuel-efficient vehicles to support environmental concerns.

KEY INDUSTRY PLAYERS

Prominent Players in the Industry to Promote Market Expansion

The hydrogen and fuel cells market growth were significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact.

List of Market Players Profiled

• Panasonic (Japan)
• Plug Power (U.S.)
• Toshiba ESS (Japan)
• Ballard (Canada)
• SinoHytec (China)
• Hydrogenics (Canada)
• Honda (Japan)
• Hyundai Mobis (Korea)
• Toyota Denso (Japan)
• Elring Klinger (Germany)
• Bosch/Powercell (Germany)
• Symbio (U.S.)

REPORT COVERAGE

It is essential to understand the market restraints so that new tactics may be developed to take advantage of the lucrative opportunities that currently exist in the rapidly growing hydrogen and fuel cells business. Perspectives from industry professionals have additionally been taken into account to help better understand the market. The research also examines the industry situation and worldwide market trend for hydrogen and fuel cells. It also splits hydrogen and fuel cells market in subsections based on type and applications in order to conduct a complete study and highlight the features and prospects of hydrogen and fuel cells. The report's thorough examination of the restraints shows where they diverge from drivers and provides room for strategic planning.