The Global Hydrogen Fuel Cells Market Size Is Expected To Reach $32.6 Billion, Driven by Electric Vehicle Demand - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 21, 2023 /PRNewswire/ -- As per The Business Research Company's Hydrogen Fuel Cells Global Market Report 2023, the global hydrogen fuel cells market has experienced an extraordinary growth trajectory, with the market size expanding from $5.64 billion in 2022 to $8.23 billion in 2023, boasting an impressive compound annual growth rate (CAGR) of 45.8%. This upward trend is projected to continue, with the hydrogen fuel cells market size expected to reach an astonishing $32.65 billion by 2027, growing at a CAGR of 41.1%.
Electric Vehicles Fueling The Hydrogen Fuel Cells Market Growth
The surge in demand for electric vehicles (EVs) has emerged as a key catalyst for the unprecedented growth of the hydrogen fuel cells market. EVs have garnered immense popularity owing to their environmental benefits and reduced reliance on fossil fuels. Fuel cell electric vehicles (FCEVs), which employ fuel cell stacks to convert gaseous hydrogen into electricity, have positioned themselves as zero-emission vehicles (ZEVs). For instance, in 2022, the World Economic Forum reported a significant surge in battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) sales, with PHEV sales increasing by 37% and BEVs by 75% year-on-year in the first half of 2022. China, the world's largest auto market, is poised to lead the EV revolution, with projections indicating that 40% of cars sold in China by 2030 will be electric.
Learn More On The Hydrogen Fuel Cells Market Report – https://www.thebusinessresearchcompany.com/report/hydrogen-fuel-cells-global-market-report
Innovations Driving Market Players
Major companies in the hydrogen fuel cells market are at the forefront of innovation, continually developing new product solutions to solidify their market presence. For instance, in May 2023, the Tokyo Tech InfoSyEnergy Research and Education Consortium and the Tokyo Tech Academy of Energy and Informatics unveiled a groundbreaking fuel cell capable of generating electricity from both hydrogen and waste plastic hydrogen, providing heat to industrial buildings. This innovative system, designed for commercial and industrial applications, boasts a 100 kW capacity.
Asia Pacific Leads, North America Follows
Asia Pacific claimed the top spot in the hydrogen fuel cells market in 2022, accounting for 46.3% of the global market share. North America followed closely behind. Looking ahead, the fastest-growing regions in the hydrogen fuel cells market are expected to be Asia Pacific and North America. The Asia Pacific market benefits from increasing demand for hydrogen fuel cells and robust government initiatives aimed at reducing greenhouse gas emissions. South Korea's Green New Deal, announced in July 2020, is a prime example, with the government committing £13 billion ($16.54 billion) in fiscal investment by 2025 to support green mobility, including hydrogen vehicles. The country aims to produce approximately 500,000 hydrogen fuel cell vehicles for both domestic and international markets by 2030, further bolstering market growth.
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Hydrogen Fuel Cells Market Segmentation and Opportunities
The global hydrogen fuel cells market is segmented –
1) By Type: Polymer Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), Other Types
2) By Application: Stationary, Transport, Portable
3) By End User: Fuel Cell Vehicles, Utilities, Defense
Notably, the proton exchange membrane segment is expected to present significant opportunities, with projected global annual sales of $13,086 million by 2027.
View More Similar Market Reports:
Hydrogen Fuel Cell Vehicle Global Market Report 2023
Hydrogen Energy Storage Global Market Report 2023
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