Hydrogen Fuel Cells Market Overview

The Hydrogen Fuel Cells Market will obtain a value of USD 11.87 billion and a CAGR of 25.09% in the forecast period between 2022-2030.

The hydrogen fuel cells market has been gaining momentum in recent years, driven by the increasing focus on clean energy and the need to reduce greenhouse gas emissions. Hydrogen fuel cells are a form of clean energy technology that convert hydrogen gas into electricity, producing only water and heat as byproducts.

The market for hydrogen fuel cells is being driven by the growing adoption of fuel cell electric vehicles, as well as a range of other applications, including stationary power generation, material handling, and backup power. The transportation sector is expected to be a key driver of growth in the hydrogen fuel cells market, with many countries introducing targets and incentives to encourage the adoption of fuel cell vehicles.

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Recent developments

In June 2020, Plug Power Inc., a top supplier of hydrogen cell engines and fuelling systems that allow e-mobility, purchased United Hydrogen Group Inc. and Giner ELX. The business made these two purchases in line with its strategy of vertical integration in the hydrogen industry, which aims to have more than 50% of the hydrogen used to be green by 2024.

In May 2020, SGH2, a worldwide energy company headquartered in Washington, DC, announced plans to build a sizable green hydrogen production facility in California. By 2023, the facility is anticipated to be fully operational.

Market segmentation

The Hydrogen Fuel Cells Market is divided into different segments

The market is split into Platinum Type, Nickel Type, and other types based on Type. The market share that belonged to the platinum kind was the largest. The best catalyst for redox reactions is platinum, which also considerably improves the reactive surface area when scattered uniformly and is the best choice for many electrochemical reactions.

The market is divided into three categories based on application: hydrogen-oxygen fuel cells, hydrocarbon fuel cells, and others. While hydrogen-oxygen fuel cells produce energy by mixing hydrogen and oxygen and are more efficient than conventional power plants or batteries like zinc-carbon, hydrogen fuel cells are carbon-free. They are used to generate electricity, heat, and water. Water is the byproduct of combustion in a hydrogen-oxygen fuel cell, making it clean, non-polluting fuel.

Regional analysis

In 2020, the Hydrogen Fuel Cells Market was dominated by North America. Research and development initiatives, incentives and subsidies offered by the government for fuel cell-based cars, as well as financing and expenditure by governments, have all helped to advance the usage of fuel cell and hydrogen technologies in the North American area.

Asia-Pacific is anticipated to see the highest growth over the projected time. The region's growing population and improving the standard of living are driving greater energy demand. Furthermore, the world's biggest polluters are the economies of the area, which are expanding quickly. It has been determined that hydrogen fuel cells are the most effective replacement for other traditional fossil fuel energy sources.

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Major Players 

Players leading the global hydrogen and fuel cells market include FuelCell Energy, Inc. (U.S.), Panasonic Corporation (Japan), Plug Power Inc. (U.S.), Hyster-Yale Group (U.S.), Intelligent Energy Holdings plc (U.K.), Ballard Power Systems. (Canada), Nedstack fuel cell technology BV. (Netherlands), Doosan Fuel Cell (U.S.), Hydrogenics Corporation (Canada), Horizon Fuel Cell Technologies (Singapore), and Pearl Hydrogen (China), among others.