Product Code: EGY186B
The global market for hydrogen fuel cells is estimated to increase from $5.1 billion in 2024 to reach $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.
The North American market for hydrogen fuel cells is estimated to increase from $1.3 billion in 2024 to reach $3.0 billion by 2029, at a CAGR of 18.2% from 2024 through 2029.
The European market for hydrogen fuel cells is estimated to increase from $808.5 million in 2024 to reach $2.2 billion by 2029, at a CAGR of 22.2% from 2024 through 2029.
Report Scope
The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems. Other applications include fuel cell electrolyzers, which use electricity as input and produce hydrogen as output. These are not included in the scope of the report.
The market sizing has been provided in value ($ millions) and volume (gigawatts). The report also covers competitive intelligence, which covers the market share of prominent companies based on their product offerings and revenues generated from the fuel cell business. It also provides details of global market dynamics, emerging technologies and developments happening in the industry.
Report Includes
- 41 data tables and 60 additional tables
- An update on the global market for hydrogen fuel cell technology
- Analyses of the global market trends, with data from 2023, estimates for 2024, forecasts for 2025, 2027, and projections of compound annual growth rates (CAGRs) through 2029
- An evaluation of the market potential for hydrogen fuel cells in the stationery and transport power generation industry
- Forecast for the global hydrogen fuel cell market, and corresponding market share analysis by product type, technology, application, and region
- Discussion of the market dynamics (DROs), technology updates and industry value chain
- Insights into the industry structure, current competitive landscape, R&D activity, and a company value share analysis
- A discussion of ESG challenges and ESG practices in the industry
- Company profiles of major players within the industry, including Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd., and FuelCell Energy Inc.
Table of Contents
Chapter 1 Executive Summary
- Market Outlook
- Scope of Report
- Market Summary
Chapter 2 Market Overview
- Overview
- Porter's Five Forces Analysis
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Potential of New Entrants
- Threat of Substitutes
- Competition in the Industry
- Value Chain Analysis
- Overview
- Strengths, Weaknesses, Opportunities and Threats Analysis
- Climate Change Policies and Regulations
- Kyoto Protocol
- Carbon Pricing
- Paris Agreement
- European Green Deal
- Hydrogen Fuel Cell Technologies Office
- Climate Target Policies
Chapter 3 Market Dynamics
- Market Dynamics Snapshot
- Market Drivers
- Increasing Global Fuel Cell Electric Vehicle Sales
- Investments in Hydrogen and Fuel Cell Carbon Credits
- Augmenting Demand from the Maritime Industry
- Green Hydrogen as a Catalyst for Fuel Cells
- Market Challenges
- High Cost of Fuel Cell Raw Materials
- High Investment in Hydrogen Infrastructure Development
- Market Opportunities
- Increasing Industrial Demand for Low-Emission Fuels
- Market Restraints
- High Maintenance Cost of Fuel Cells
- Crude Oil Price Fluctuations
Chapter 4 Emerging Technologies and Developments
- Overview
- Increasing Number of Collaborations Among Automotive and Fuel Cell Companies
- Platinum-Based Electrocatalyst
- Low-Platinum Fuel Cell
- Non-Precious Metal Catalyst
- Cobalt Nitrate as an Alternative to Platinum in Fuel Cells
- IE-Drive
- Fuel Cells: Diesel Genset Alternative
Chapter 5 Market Segmentation Analysis
- Segmentation Breakdown
- Market Analysis by Product Type
- Liquid-Cooled Hydrogen Fuel Cells
- Air-Cooled Hydrogen Fuel Cells
- Market Analysis by Technology
- Polymer Electrolyte Membrane Fuel Cell
- Solid Oxide Fuel Cells
- Phosphoric Acid Fuel Cell
- Other Technologies
- Market Analysis by Application
- Stationary Power
- Transport
- Portable Power
- Geographic Breakdown
- Market Analysis by Region
- Asia-Pacific
- North America
- Europe
- Rest of the World
Chapter 6 Competitive Intelligence
Chapter 7 Appendix
- Methodology
- Information Sources
- References
- Abbreviations Used in the Report
- Company Profiles
- BALLARD POWER SYSTEMS
- BLOOM ENERGY
- CERES
- CONVION LTD.
- CUMMINS INC.
- DOOSAN FUEL CELL CO. LTD.
- FUELCELL ENERGY INC.
- FUJI ELECTRIC CO. LTD.
- HORIZON FUEL CELL TECHNOLOGIES
- INTELLIGENT ENERGY LTD.
- KYOCERA CORP.
- MITSUBISHI HEAVY INDUSTRIES LTD.
- NEDSTACK FUEL CELL TECHNOLOGY
- PLUG POWER INC.
- TOSHIBA CORP.