The global hydrogen fuel cells market size is expected to surpass around US$ 131.06 billion by 2030 and is expanding growth at a CAGR of 60.1% from 2022 to 2030.
The term fuel cell refers to a device that converts chemical potential energy into electrical energy. Fuel cells are used to generate power from a variety of consumer fuels. It is made up of renewable energy and hydrogen. This is anticipated to provide electricity for a wide range of applications, including buses, cars, and commercial constructions. The overall consumer demand for hydrogen fuel cells will be boosted further by increased investment by automotive companies in the manufacturing of fuel cell automobiles and a growing public interest in ecologically sustainable products.
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Report Highlights
Report Coverage | Details |
Market Size | USD 39.86 Billion by 2032 |
Growth Rate | CAGR of 25.90% from 2023 to 2032 |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Technology, Application, End User, Region |
Market Dynamics
Drivers
Rising use of fuel-efficient vehicles
As gasoline is a fossil fuel, it is not a renewable source of energy and will eventually run out. To support sustainable growth, it is critical to develop and utilize alternative fuel sources. This entails the use of hydrogen fuel cell automobiles, as well as electric vehicles that do not require gasoline and are more cost effective than traditional vehicles. The hydrogen fuel cell vehicles are more efficient than internal combustion engines and hybrid vehicles, with 60-70% efficiency advantage over the other two. Due to the increase in price of diesel and gasoline, the demand for fuel efficient automobiles has surged. This is also related to the depletion of fossil fuel reserves and an increase in firm’s desire to maximize profits from these reserves. Thus, rising use of fuel-efficient vehicles is propelling the expansion of the hydrogen fuel cells market during the forecast period.
Restraints
High initial investment
The hydrogen fuel cells technology allows propulsion systems that do not produce greenhouse gases or other hazardous pollutants like nitrogen oxides or particulate matter from the output system. This characteristic encourages market players to use the technology. However, the high cost of raw materials such as platinum in the fuel cell anode and carbon fiber to manufacture hydrogen fuel tanks and other components needed to construct hydrogen infrastructure is projected to stymie the growth of the global hydrogen fuel cells market during the forecast period.
Opportunities
Growing government initiatives
The increasing regulatory rules to reduce carbon emissions are expected to expand the market for hydrogen fuel cells. Due to the byproducts of hydrogen fuel cells, there is a high demand for fuel automobiles that do not produce toxic pollutants. The hydrogen fuel cells market expansion is being fueled by the effect of switching from gasoline to hydrogen fuel cells due to the benefits associated with hydrogen fuel cells, such as superior performance compared to gasoline and the benefit of lowering emissions. As a result, the growing government initiatives are creating lucrative opportunities for the growth of the hydrogen fuel cells market.
Challenges
High cost of hydrogen fuel cells
The high cost of hydrogen fuel cells stifles the hydrogen fuel cells market’s expansion. The hydrogen fuel cells market’s growth is hampered by the widespread usage of gas sensors and gas detectors in hydrogen plants. Thus, this factor is a challenge for the market growth for hydrogen fuel cells.
Read Also: Commercial Vehicles Market Size Worth Around US$ 930.2 Bn by 2030
Segments Covered in the Report
By Technology
By Application
By End User
By Geography
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