Press release
Hydrogen Fuel Cells Market Share, Growth Trends, Statistics And Forecast Till 2033
Hydrogen Fuel Cells Market
The Business Research Company offers in-depth market insights through Hydrogen Fuel Cells Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hydrogen fuel cells market size has grown exponentially in recent years. It will grow from $8.12 billion in 2023 to $11.57 billion in 2024 at a compound annual growth rate (CAGR) of 42.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets and rise in demand for fuel cell electric vehicles (fcevs).
The hydrogen fuel cells market size is expected to see exponential growth in the next few years. It will grow to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 39.6%. The growth in the forecast period can be attributed to government support, rising demand for electric vehicles, and increasing awareness to reduce greenhouse gas emissions will drive the growth. Major trends in the forecast period include focus on product innovations, facility expansion, collaborations and acquisitions, and increasing investments to improve financial strength and product portfolio.
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Market Segmentation:
The hydrogen fuel cells market covered in this report is segmented -
1) By Type: Proton Exchange Membrane, Direct Methanol, Solid Oxide, Alkaline Membrane, Phosphoric Acid, Molten Carbonate
2) By End-User: Fuel Cell Vehicles, Utilities, Defense
Major Driver - Growing Electric Vehicle Adoption Fuels Demand For Hydrogen Fuel Cells
The rising demand for electric vehicles will support the growth of the hydrogen fuel cells market. EVs have gained popularity, due to their environmental benefits and reduced dependence on fossil fuels. Fuel-cell electric vehicles use fuel cell stacks to convert onboard gaseous hydrogen to electricity, which is then stored in a battery to power the vehicle's electric motor. Most fuel cell electric vehicles (FCEVs) are powered by hydrogen (H2) and are considered zero-emission vehicles (ZEVs). For example, in 2022, the World Economic Forum reported that in the first half of 2022, almost 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally. PHEV sales increased by 37% and BEVs by 75% yearly. Also, by 2030, 40% of cars sold in China, the largest auto market in the world, are expected to be electric. Therefore, the rising demand for electric vehicles will drive the hydrogen fuel cells market.
Competitive Landscape:
Major companies operating in the hydrogen fuel cells market report are Plug Power, Toshiba Corporation, Doosan Fuel Cell, Bloom Energy, Ballard Power, SFC Energy AG, Cummins Inc, FuelCell Energy, Panasonic Holdings Corporation, Horizon Fuel Cell Technologies, Reliance Industries, GAIL, National Thermal Power Corporation Limited (NTPC), Indian Oil Corporation, Larsen and Toubro, Adani Green Energy, Tianneng, Corun, Narada, Sinohytec-U, Furuise, Huachang Chemical, Zhongding Group, ITM Power, Ceres Power Holdings, AFC Energy, Proton Motor Power Systems, Hydrogenone Capital Growth, Clean Power Hydrogen, TMH-Energy Solutions, APT spol. s r.o., Grupa Lotos SA, Gdansk-based refiner, Gazprom, Rosatom, Capital Power Corporation, ENMAX (Shepard Energy Centre), Federated Co-operatives Limited (FCL), Strathcona Resources Ltd, Lafarge Canada Inc, ArcelorMittal Mining Canada G.P, Suncor ATCO Heartland Hydrogen Hub, Alberta Power (2000) Ltd . (Heartland Generation), Stelco Inc ., Dow Chemical Canada ULC, Bravo Motor, Great Wall Motor, Hyundai Motor Company, Cummins Brazil, Fortescue Rio Negro Hydrogen Complex, H2Pro, Masdar, NEOM Green Hydrogen Company, Car4future, HyPlat, Chem Energy SA, HySA Systems, Mitsubishi Power Egypt.
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Top Trend - Technological Innovations Aim To Enhance Efficiency And Reduce Costs In Hydrogen Fuel Cell Market
The companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs, and component requirements of hydrogen fuel cells. Advances in technologies improve the efficiency of hydrogen fuel cells. For example, in July 2021, Hyzon Motors Inc., a US-based manufacturer of commercial vehicles powered by zero-emission hydrogen fuel cells announced a new commercial vehicle that could reduce the weight and manufacturing costs of a commercial vehicle powered by Hyzon's hydrogen fuel. The system's metal structure is integrated with lightweight composite materials in this revolutionary technology.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Fuel Cells Market Characteristics
3. Hydrogen Fuel Cells Market Trends And Strategies
4. Hydrogen Fuel Cells Market - Macro Economic Scenario
5. Hydrogen Fuel Cells Market Size And Growth
…..
27. Hydrogen Fuel Cells Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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