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Hydrogen Fuel Cell Global Market Report 2022: Rising Concerns Over Climate Change and Air Pollution Drives Growth
Dublin, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The "Hydrogen Fuel Cell Market, By Product Type, By Vehicle Type, By Technology Type, By Application, By End-Use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global Hydrogen Fuel Cell market was valued at USD 14.72 Billion in 2021 and is projected to grow at a CAGR of 21.2% from 2021 to reach USD 80.48 Billion by the year 2030.
The main advantage of fuel cells over other power generation technologies is that they are very efficient, with most of the energy in the hydrogen being converted to electricity. Fuel cells also have a much lower environmental impact than other power generation technologies, as they do not produce any emissions of greenhouse gases or air pollutants.
The rising concerns over climate change and air pollution are the major factors driving the growth of the hydrogen fuel cell market. The growing demand for clean and renewable energy sources is also expected to boost the market growth.
In addition, the increasing investment by government and private organizations in fuel cell technology is expected to provide a further boost to the market growth. However, the high cost of fuel cells and the lack of infrastructure are the major factors restraining the growth of the hydrogen fuel cell market.
Further key findings from the report suggest
On the basis of type, the hydrogen fuel cell market has been classified into PEMFC, DMFC, AFC, PAFC, SOFC, and MCFC. PEMFC is expected to be the largest segment of the hydrogen fuel cell market due to its high efficiency and low emissions. DMFC is also expected to grow at a significant rate over the forecast period due to its ability to function at high temperatures and its low cost.
The automotive application segment is expected to grow at the highest CAGR during the forecast period. The rising concerns over climate change and air pollution are the major factors driving the growth of this application segment. The increasing investment by government and private organizations in fuel cell technology is also expected to boost the market growth.
The stationary power application segment is expected to grow at the second-highest CAGR during the forecast period. The growing demand for clean and renewable energy sources is the major factor driving the growth of this application segment.
North America is expected to grow at the highest CAGR during the forecast period due to the presence of a large number of fuel cell manufacturers in the region. The growing investment by government and private organizations in fuel cell technology is also expected to boost the market growth in North America.
For the purpose of this particular report, the author segments the Hydrogen Fuel Cell market on the basis of: product type, technology, application, and regions:Product Type Outlook (Revenue, USD Billion; 2019-2030)
Liquid-Cooled Type
Air-Cooled Type
Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
Passenger Cars
Buses & Coaches
Other Commercial Vehicles
Technology Type Outlook (Revenue, USD Billion; 2019-2030)
Polymer Exchange Membrane Fuel Cells (PEMFC)
Phosphoric Acid Fuel Cells (PAFC)
Solid Oxide Fuel Cells (SOFC)
Direct Methanol Fuel Cells (DMFC)
Molten Carbonate Fuel Cells (MCFC)
Others
Application Outlook (Revenue, USD Billion; 2019-2030)
Automotive
Stationery
Material Handling Equipment
Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Public
Private
Regional Outlook (Revenue, USD Billion; 2019-2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Israel
Rest of MEA
Market Dynamics
Market Drivers
Rising Investments by Private and Governmental Organizations in the Establishment of Hydrogen Fuel Cell Infrastructure
Rapid R&D in the Adoption of Hydrogen as Convenient Fuel Over Others
Adoption of Key Strategies Followed by Novel Product Launches
Market Restraints
Volatility in the Price of Raw Materials of Hydrogen Fuel Cell
Product Rollout Hampered by High Fuel Cell Prices
Insufficient Infrastructure for Storage and Hydration Issues by Manufacturers
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Hydrogen Fuel Cell Market Segmentation & Impact Analysis
Chapter 5. Hydrogen Fuel Cell Market By Product Type Insights & Trends
Chapter 6. Hydrogen Fuel Cell Market By Vehicle Type Insights & Trends
Chapter 7. Hydrogen Fuel Cell Market By Technology Type Insights & Trends
Chapter 8. Hydrogen Fuel Cell Market By Application Insights & Trends
Chapter 9. Hydrogen Fuel Cell Market By End-Use Insights & Trends
Chapter 10. Hydrogen Fuel Cell Market Regional Outlook
Chapter 11. Competitive Landscape
Chapter 12. Company Profiles
Companies Mentioned
Fuel Cell Energy Inc.
Cummins Inc.
Ballard Power Systems
Plug Power Inc.
Bloom Energy
AFC Energy Plc.
Dossan Fuel Cell Co. Ltd.
Toshiba International Corporation Limited
Hyster-Yale Materials Handling Inc.
Panasonic Holding Corporation.
Intelligent Energy Limited
Pearl Hydrogen.
For more information about this report visit https://www.researchandmarkets.com/r/orj17e
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