New York, June 22, 2022 (GLOBE NEWSWIRE) — Global carbon dioxide (CO2) emissions from fossil fuels and industry have increased considerably over the past 2 decades, and in 2020 reached a record high of about 38 billion metric tons of CO2. As public awareness of environmental deterioration and natural resource depletion grows, numerous technologies supporting the eco-friendly notion of environmental sustainability are being introduced to the market. On the other hand, the World Health Organization, in its statistics stated that 99% of the population worldwide lived in places in the year 2019, where the air quality guidelines levels, set by the WHO was not met. As people become more conscious of the dangers of air pollution, the rise in traffic, and greenhouse gas emissions, hydrogen fuel cell vehicles are becoming more popular as they are more environmentally friendly than conventional automobiles.
Kenneth Research published a report titled “Global Hydrogen Fuel Cell Market“ which is studied for the forecast period, i.e., 2022 – 2030. The market research report also provides a detailed analysis of the top competitors operating in the market, as well as industry characteristics such as growth drivers, restraining factors, current trends, and market growth prospects during the forecast period.
The state of California in the United States has committed funds to the creation of 100 hydrogen filling stations in order to fulfill its goal of 1.5 million zero-emission vehicles by 2025. Additionally, the California Energy Commission (CEC), since the year 2008 to 2021, had invested around USD 242 million to aid hydrogen research and development projects. Out of these, USD 224 million had been assigned for Clean Transportation Program Investments, which included, USD 169.4 million for hydrogen refueling infrastructure. Furthermore, the statistics also stated that, as of May 2021, 50 stations had already been deployed, while 179 more are expected to be deployed by 2026. One of the major factors anticipated to drive the growth of the global hydrogen fuel cell market is the growing investments of the government of nations in adopting green energy, such as hydrogen fuel, backed by the rise in concerns about the environment. Besides this, the implementation of a variety of strategies by different governments worldwide to address environmental concerns is also projected to contribute to market growth in the coming years. For instance, Japan only had about 3,500 hydrogen cars on the road in 2019, whereas the country had stated that by 2030, it intends to have over 8 Million of these vehicles. Also, Germany, by contrast, had about 90 hydrogen stations, and the nation expects to add furthermore of them in the coming years.
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The global hydrogen fuel cell market is expected to garner a noteworthy value by the end of 2030, and further grow with a significant CAGR during the forecast period. Hydrogen fuel cell vehicles are known to be more efficient than internal combustion engines (ICEs) and hybrid vehicles. These vehicles provide about 60-70 percent greater efficiency advantage over the other conventional type vehicles. On the other hand, according to the Alternative Fuels Data Center (AFDC) of the U.S. Department of Energy (DOE), the fuel cell electric vehicles (FCEV), that are powered by hydrogen, can refuel in under 4 minutes and have a driving range of over 300 miles. On account of the recent increase in the price of gasoline and diesel, the demand for fuel-efficient automobiles has surged amongst the end-users. This is also related to the depletion of fossil fuel reserves and an increase in the desire of the business organizations to maximize profits from these reserves. Thus, the demand for sophisticated fuel-efficient technologies is projected to increase, resulting in a surge in demand for hydrogen fuel cell vehicles for transportation.
The global hydrogen fuel cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia-Pacific region is expected to expand the most throughout the projection period, owing to the growing number of fuel cell vehicles on the road, particularly in nations like South Korea, Japan, and China. Furthermore, increased government initiatives aimed at implementing cleaner and more efficient energy use in order to reduce carbon emissions are also projected to contribute to the growth of the market in the coming years. For instance, South Korea expects to manufacture about 6 million fuel cell electric cars (FCEVs) and over 1 thousand recharging stations by 2040, according to the Hydrogen Economy Roadmap initiative released in the year 2019 by the government of the nation. Further, South Korea, as a nation, is striving for a future advanced hydrogen economy by focusing on FCEVs and fuel-cell power generation. Additionally, in China, the number of fuel cell vehicles crossed 10,000 units by the end of 2021. Later, from January to April 2022, the volume of production and sales of fuel cell vehicles in the nation reached about 1030 units and 830 units respectively, which is an increase of around 650% and 350% year on year respectively.
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North America, on the other hand, is the 2nd largest region in the hydrogen fuel cell market over the forecast period. Hydrogen fuel cell deployments in North American countries have been aided by the research and development programs of the government as well as numerous incentives and subsidies aided by the regulatory bodies for hydrogen fuel cell-based vehicles. The DOE, in one of its statistics, stated that over the past 2 decades, it has invested over USD 4 Billion in a number of hydrogen and related areas, that include the production of the chemical compound from a wide range of domestic sources, followed by delivery and its storage, and conversion of technologies to include fuel cells and turbines. Furthermore, the surge in the adoption of hydrogen technologies in the region is also expected to boost the market growth during the forecast period. In the other statistics by the DOE, the hydrogen economy in the United States is expected to be USD 750 Billion per year in revenue by 2050. Furthermore, the statistics also stated that investments worth $1 billion for the Advanced Clean Energy Storage project in Utah, along with a 5 MW electrolyzer project in Washington State, followed by the first-of-its-kind nuclear-to-hydrogen initiatives in numerous states, and a 20 MW electrolyzer facility to manufacture hydrogen from solar electricity in Florida are all being adopted to promote hydrogen technology.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global hydrogen fuel cell market is segmented by application into vehicular and non-vehicular, out of which, the vehicular segment is expected to hold the largest share of the market over the forecast period on account of investment by several countries in fuel cell technology to improve the transportation infrastructure and to reduce emissions. Further, the presence of a large volume of hydrogen fueling stations across countries in the region is also expected to drive the growth of the market in the Asia Pacific. For instance, there were about 150 functioning hydrogen refueling stations in Japan as of September 2021. Besides this, the presence of some of the giants who manufacture hydrogel fuel vehicles in the region is also expected to create numerous opportunities for market growth. Japanese auto manufacturers, such as Toyota and Honda are the 2 among the 3 automobile manufacturers which occupy a majority of the share of total exports of hydrogen cars globally.
The global hydrogen fuel cell market is segmented by technology into proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), alkaline fuel cell (AFC), microbial fuel cell (MFC), and others. Out of these, the proton exchange membrane fuel cell (PEMFC) segment is expected to have the largest market share over the forecast period owing to the numerous advantages associated with the technology type. For instance, some of the associated benefits with PEMFC are high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability over other types. Besides this, vehicles with PEMFC technology are known to provide a fuel efficiency of about 400 to 500 miles on a single tank full of hydrogen in commercial vehicles. Moreover, PEMFCs can run on ambient air and enable safer and easier electrolyte management.
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Some of the prominent industry leaders in the global hydrogen fuel cell market that are included in our report are Ballard Power Systems, FuelCell Energy, Inc., PLUG POWER INC., Mitsubishi Power (Mitsubishi Heavy Industries Ltd.), Cummins Inc., SFC Energy AG, TW Horizon Fuel Cell Technologies, Toshiba Energy Systems & Solutions Corporation, and others.
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