About Hydrogen Fuel Cells
A hydrogen fuel cell is a device, which generates electrical power through a chemical reaction by converting hydrogen into electricity. Although batteries and fuel cells are both considered electrochemical cells and comprise similar structures, fuel cells require a continuous source of oxygen and fuel to run; similar to how an internal combustion engine needs a continuous flow of diesel or gasoline. Based on the type, the market has been bifurcated into air-cooled and water-cooled. The hydrogen fuel cell market is poised for significant growth in the coming years. This is due to a number of factors, including increasing concerns about climate change, government support, and advances in technology.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 25.3% |
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Hydrogen Fuel Cells market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ballard Power Systems Inc. (Canada), Toshiba Corporation (Japan), PLUG Power (United States), Fuelcell Energy (United States), Hydrogenics (Canada), Doosan Fuel Cell (United States), Horizon (United States), Intelligent Energy (United Kingdom), Hyster-Yale Group (United States) and Nedstack (Netherlands) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Pearl Hydrogen (China), Sunrise Power (United States), Nikola Corporation (United States) and FirstElement Fuel Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Hydrogen Fuel Cells market by Type (Air-cooled Type and Water-cooled Type), Application (Stationary and Portable) and Region.
On the basis of geography, the market of Hydrogen Fuel Cells has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Fuel Cell Technology, the sub-segment i.e. Polymer Exchange Membrane Fuel Cells will boost the Hydrogen Fuel Cells market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Automotive will boost the Hydrogen Fuel Cells market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Need for Clean Energy
Market Growth Drivers:
Government Initiatives to Promote the Use of Green Energy and The Development of Infrastructure to Produce Hydrogen
Challenges:
Lack of Infrastructure for Fuel Cells
Restraints:
High Cost of Switching the Technology
Opportunities:
Growing Adaption of Electric Vehicles among the Developing Countries and Advances in Hydrogen Fuel Cell Technology
Market Leaders and their expansionary development strategies
In December 2023, Nikloa and FirstElement Fuel (FEF) signed the agreement to refuel Nikola's hydrogen fuel cell electric truck at FEF's hydrogen refueling station. This collaboration unifies their commitment to driving the widespread adoption of hydrogen fuel cell electric vehicles and marks a significant step towards a greener and more sustainable products.
In January 2023, MG Motor India unveils hydrogen fuel-cell powered 'Euniq 7'. This Euniq 7 is a mid-size MPV that is powered by a 92kW hydrogen fuel cell stack, which produces 123bhp and has a claimed range of over 600km.
Key Target Audience
Key Stakeholders, Potential Technology Investors, Research & Consulting Firms, Regulatory & Government Bodies, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.