Global Hydrogen Fuel Market

Hydrogen Fuel Cell Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027, Segmented By Type (Air-cooled , and Water-cooled); By Application (FCV, FC Ships, FC battery, Chemicals, Heating, Renewable Energy, Power Generation, And Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America)

  • Published Date: October 2021
  • Report ID: BWC21123
  • Available Format: PDF
  • Page: 223

Report Overview

Global hydrogen fuel cell market is growing at an impressive CAGR. The market anticipated to grow during the forecast period due to the rising adoption of hydrogen fuel cells by automotive manufactures for manufacturing electric vehicles (EV).

Global Hydrogen Fuel Cell Market- Industry Trends & Forecast Report 2027

Global Hydrogen Fuel Cell market was worth USD 2,485.0 million in 2020 and is further projected to reach USD 12,577.0 million by 2027, at a CAGR of 28.6% during the forecast period (2021-2027). As a result of its capability to generate lower carbon dioxide emissions than other conventional sources of energy, hydrogen has drawn greater attention over recent years. In response to climate change concerns, more and more people are considering cleaner ways of generating energy, such as using hydrogen fuel cells. Grey and blue hydrogen are currently accommodated in almost all countries, with green hydrogen being the lowest at less than 5%. However, the trend is expected to change dynamically in the near future.

Hydrogen Fuel Cell Market

Source: BlueWeave Consulting

Global Hydrogen Fuel Cell Overview

A fuel cell is an electrochemical cell that uses redox processes to transform the chemical energy and an oxidizing agent into electricity. Hydrogen is a clean fuel that generates just water when used in a fuel cell. Hydrogen may be generated from several home resources, including natural gas, nuclear power, biomass, and renewable energy sources such as the sun and wind. These characteristics make it an appealing fuel alternative for transportation and management generating applications.

Global Hydrogen Fuel Cell Market Trend

Growth Drivers

Reduction in Operational Costs

Hydrogen fuel cells are also well-known for their reliability. The hydrogen fuel cell requires less periodic maintenance and visits to operation areas compared to lead-acid batteries. Moreover, hydrogen fuel cells also appear to have an advantage over battery-powered electricity generation in terms of regular maintenance. Furthermore, when hydrogen fuel cells are used to generate power instead of lead-acid batteries, the cost of electricity is expected to drop by 74%. It is thus helping in driving the growth of the global hydrogen fuel cell market.

Opportunity

Growing Opportunities from Space Agencies

NASA has leveraged hydrogen to be a primary source for spacecraft propulsion. According to NASA, the process requires 500,00 gallons of liquid hydrogen. As NASA looks to derive hydrogen from water and soil components for electrical generation and transportation, the recent exploration possibilities for the moon and mars have opened the door to hydrogen fuel cells. Department of Energy (DOE) reports hydrogen fuel cells powered by hydrogen peroxide have become an important energy source due to breakthroughs in proton exchange membrane (PEM) fuel cells utilizing hydrogen as a critical component of ground transportation applications.

Restraints

Storage Difficulties for Hydrogen Gas

It is necessary to store hydrogen as a liquid or a gas. The storage of gas form of hydrogen requires high-pressure tanks of more than 350-700 bars tank pressure. However, the boiling point of hydrogen in its liquid form is recorded at (-) 252.80 degrees Celsius, requiring cryogenic temperatures for its storage. The storage capabilities of the gaseous hydrogen require a large volume of systems. This is less of an issue in stationary applications, where compressed gas tanks have a less crucial footprint. Additionally, with regards to portable applications such as transportation or fuel cell vehicles, a vehicle needs far more hydrogen to drive long distances with fewer refueling stops.

Impact of COVID-19 on Global Hydrogen Fuel Cell Market

The outbreak of COVID-19 has affected almost every industry, including the global hydrogen fuel cell market. In terms of market and operational parameters, the pandemic has had a serious impact on industry players. Furthermore, COVID-19 has hindered the demand for hydrogen fuel cells across the globe. Around 96% of Germany's automotive sector was forced to put their workers on short-term leave during the nationwide lockdown after COVID-19 began spreading like wildfire across the country. The COVID-19 has had a major impact on the automotive industry. Europe, the largest automotive manufacturer, reported a loss of more than USD 100 billion, according to the Automobile Manufacturers Association of Europe.

Global Hydrogen Fuel Cell Market: By Application

Based on applications, the hydrogen fuel cell market is grouped into FCV, FC ships, FC battery, chemicals, heating, renewable energy, power generation, and others. The FCV (fuel cell vehicle) segment accounted for the largest share in the market in 2020. In contrast to this, power generation is projected to grow at the fastest CAGR in the coming years. Presently, there are three major sources of power and electricity generation in the United States, including fossil fuels, renewable energy and nuclear energy. According to the US Energy Information Administration, natural gas and coal, which happen to be the two major components of fossil fuels, are the dominating source of power generation in the US.

Global Hydrogen Fuel Cell Market

Source: BlueWeave Consulting

Global Hydrogen Fuel Cell Market: Regional Insights

Based on regions, the global hydrogen fuel cell market is segmented into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The Asia Pacific accounted for the largest share in the global hydrogen fuel cell market in 2020. Hydrogen fuel cells have witnessed growing demand in the region due to growing sales of fuel cell vehicles (FCVs). According to the International Energy Agency (IEA)’s Advanced Fuel Cells Technology Collaboration Program (AFC TCP), by the end of 2020, there were 23,955 fuel cell vehicles in the Asia-Pacific.

Regional Insights

Source: BlueWeave Consulting

Global Hydrogen Fuel Cell Market: Competitive Landscape

The key players in the global hydrogen fuel cell market are Panasonic, Plug Power, Toshiba ESS, Ballard, SinoHytec, Hydrogenics, Honda, Hyundai Mobis, Toyota Denso, Bosch/Powercell, Symbio and other key manufacturers. To improve their market presence, these players focus on campaigns and new product launches. The market is dominated by top global players who account for more than half of the market share. Moreover, the market players rely on competitive strategies, such as partnerships, mergers, and acquisitions, to gain an advantage over their competitors.

Recent Developments

  • In August 2021, Panasonic Corporation announced the opening of the Shunde Branch Plant, a new plant for IAQ equipment, such as energy recovery ventilators and air purifiers, in the Shunde District of Foshan, Guangdong Province, China. It's the second-only factory in China producing this kind of product. This fiscal year, it hopes to create 120,000 energy recovery ventilator systems, with a goal of 200,000 units in FY2023.
  • In May 2021, The Panasonic Corporation announced that it would demonstrate an in-house power generation system to provide 100% of the electricity consumed in business activities with renewable sources. It combines photovoltaic generators and pure hydrogen fuel cell generators. For the first time, a company attempted to build a "RE100 factory" using hydrogen at full scale.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, Australia, China, India, UAE, South Africa, Saudi Arabia, Turkey,

Product/Service Segmentation

By Type, Application, and Region

Key Players

The key players in the global hydrogen fuel cell market are Panasonic, Plug Power, Toshiba ESS, Ballard, SinoHytec, Hydrogenics, Honda, Hyundai Mobis, Toyota Denso, Bosch/Powercell, Symbio and other key manufacturers

 

By Type

  • Air-cooled
  • Water-cooled

By Application

  • FCV
  • FC Ships
  • FC battery
  • Chemicals
  • Heating
  • Renewable energy
  • Power generation
  • Others

By Region

  • The Asia-Pacific
  • North America
  • Europe
  • The Middle East & Africa
  • Latin America

Frequently Asked Questions:

Ans: The global hydrogen fuel cell market has reached USD 2,485.0 million in 2020.
Ans: The major factors driving the growth of the global hydrogen fuel cell market are reduction in operational costs and growth of the electric vehicle industry.
Ans: The key players in the global hydrogen fuel cell market are Panasonic, Plug Power, Toshiba ESS, Ballard, SinoHytec, Hydrogenics, Honda, Hyundai Mobis, Toyota Denso, Bosch/Powercell, Symbio and other key manufacturers.
Ans: Based on type, the water-cooled segment accounted for the larger share in the global hydrogen fuel cell market.
Ans: Asia-Pacific holds the largest share in the global hydrogen fuel cell market.