Hydrogen Fuel Cell Market: Fueling Growth & Future Projections

The global hydrogen fuel cell market size was valued at $2.7 billion in 2021, and projected to reach $5.7 billion by 2031, with a CAGR of 8.1% from 2022 to 2031.

A hydrogen fuel cell is an electrochemical device that converts the chemical energy of hydrogen and oxygen into electricity and water. It is a clean and efficient energy technology that has various applications, including powering vehicles, providing backup power, and generating electricity. 

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Asia-Pacific hydrogen fuel cell market is expected to exhibit CAGR of 8.7% during 2021-2031.

The major companies profiled in hydrogen fuel cell market analysis include AFC Energy plc, Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd, FuelCell Energy, Inc., Intelligent Energy, Nedstack Fuel Cell Technology, Plug Power Inc and SFC Energy AG. 

Rising adoption of electric and hybrid vehicles, increasing demand in the telecommunications, automotive & residential micro-CHP sector, and diminishing dependence on non-renewable energy sources are some of the factors boosting the market growth.

By type, proton exchange membrane fuel cell is expected to exhibit CAGR of 8.4% during 2021-2031.

By application, transportation segment accounted for the largest hydrogen fuel cells market share in 2021.

By end user, fuel cell vehicles had the largest market share in 2021.

A fuel cell is a type of device consisting of a cathode and an anode immersed in an electrolyte medium to effectively conduct and generate electricity. The system works on the basic electromechanical mechanism to convert chemical energy into electrical energy.

Advantages of Hydrogen Fuel Cells:

Zero Emissions: The only byproduct of a hydrogen fuel cell is water, making it a clean energy technology with no greenhouse gas emissions.

High Efficiency: Fuel cells can be highly efficient, with the potential for energy conversion efficiencies greater than internal combustion engines.

Versatile Applications: Hydrogen fuel cells can be used in a wide range of applications, including transportation (e.g., hydrogen-powered vehicles), stationary power generation, and backup power systems.

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As the fuel is broken up into protons and electrons at the anode and oxygen is available at the cathode, hydrogen is formed. These electrons complete a circuit between the electrodes, meanwhile the protons travel through the electrolyte medium.

After completing this chemical reaction, all the negative and positive ions and oxygen combine at the cathode to generate electricity as the final product, coupled with water and heat as byproducts. 

The automobile sector has experienced remarkable expansion as a result of rising vehicle demand. However, in recent years, there has been a growing awareness and issue about the negative environmental impact of fossil fuel engines, which produce considerable amounts of greenhouse gases.

Other factors such as technical improvements, higher performance, rising petroleum prices, reduced noise, and stringent government regulations regarding environmental conservation are also predicted to contribute to the hydrogen fuel cells market's growth during the forecast period.

For instance, on June 23, 2022, Toshiba Energy Systems and Solutions Corp. (Toshiba EES) announced its partnership with Echandia to develop pure hydrogen fuel cell systems for ships. These newly developed pure hydrogen fuel cells could be used for continuous marine operation applications.

Rising hydrogen fuel cell market industry applications in heating and power generation solutions in residential and commercial sectors increase market sales.

Various associations and governments have reformed their energy policies to fulfill the growing demand for power due to surge in population.

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Covid-19 Scenario:

Manufacturers of Electric Vehicle (EV) batteries have started concentrating on lowering up-front costs and extending the range of vehicles by developing more effective power sources. This in turn, is expected to provide growth to the market in the post-pandemic.

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