Hydrogen Fuel Cells Market Analysis 2023-2032 : Market Size, Top Segments, Leading Region Forecast | Plug Power, Toshiba Corporation, Doosan Fuel Cell, Bloom Energy, Ballard Power

As per The Business Research Company's Hydrogen Fuel Cells Opportunities And Strategies Market Report 2023, The global hydrogen fuel cells market reached a value of nearly $5,698.3 million in 2022, having grown at a compound annual growth rate (CAGR) of 28.8% since 2017. The market is expected to grow from $5,698.3 million in 2022 to $31,841.5 million in 2027 at a rate of 41.1%. The market is then expected to grow at a CAGR of 37.2% from 2027 and reach $154,630.3 million in 2032.

Government support is expected to drive the growth of the hydrogen fuel cells market going forward. The governments of different countries are supporting the manufacturing sector to produce new solutions to better serve the industry. For example, in June 2023, the Japanese government announced to generate public- and private-sector investment in the supply of hydrogen worth JPY15 trillion ($107 billion) over the next 15 years, from current level of 2 million tons, to around 12 million tons by 2040, as part of a push to increase its use and speed up decarbonization.

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Companies in the hydrogen fuel cells market are focusing on new facility expansions to grow in the market. For example, in June 2023, Hyundai Motor Group, a South Korea-based automobile manufacturing company, built and commenced full-scale production at its hydrogen fuel cell system plant in Guangzhou, China. The Guangzhou facility, Hyundai Motor Co.'s first overseas fuel cell system plant, is designed to manufacture 100-kW fuel cell systems, mainly for its Nexo hydrogen fuel cell vehicles, with an annual production capacity of 6,500 units.

The top opportunities in the hydrogen fuel cells market segmented by type will arise in the proton exchange membrane segment, which will gain $13,086.0 million of global annual sales by 2027. The top opportunities in the hydrogen fuel cells market segmented by end user will arise in the fuel cell vehicles segment, which will gain $15,690.3 million of global annual sales by 2027. The hydrogen fuel cells market size will gain the most in China at $5,634.0 million.

Hydrogen Fuel Cells Market Segmentation:
The Hydrogen Fuel Cells market is segmented the hydrogen fuel cells market is segmented by type and by end-user.
By Type -
a) Proton Exchange Membrane
b) Direct Methanol
c) Solid Oxide
d) Alkaline Membrane
e) Phosphoric Acid
f) Molten Carbonate

By End-User -
a) Fuel Cell Vehicles
b) Utilities
c) Defense

Major players in the Hydrogen Fuel Cells market include Plug Power, Toshiba Corporation, Doosan Fuel Cell, Bloom Energy, Ballard Power.

The regions covered in the global Hydrogen Fuel Cells market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Hydrogen Fuel Cells Market Report Table Of Content
1.Executive Summary
2.Table Of Contents
3.List Of Figures
4.List Of Tables
5.Report Structure
.....
18.Competitive Landscape and Company Profiles
19.Key Mergers and Acquisitions
20.Opportunities And Strategies
21.Hydrogen Fuel Cells Market, Conclusions And Recommendations
22.Appendix

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The latest report from The Business Research Company, 'Global Hydrogen Fuel Cells Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

This release was published on openPR.