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Report Highlights
The global market for hydrogen fuel cells is estimated to increase from $5.1 billion in 2024 to reach $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.
Report Includes
- 41 data tables and 60 additional tables
- An update on the global market for hydrogen fuel cell technology
- Analyses of the global market trends, with data from 2023, estimates for 2024, forecasts for 2025, 2027, and projections of compound annual growth rates (CAGRs) through 2029
- An evaluation of the market potential for hydrogen fuel cells in the stationery and transport power generation industry
- Forecast for the global hydrogen fuel cell market, and corresponding market share analysis by product type, technology, application, and region
- Discussion of the market dynamics (DROs), technology updates and industry value chain
- Insights into the industry structure, current competitive landscape, R&D activity, and a company value share analysis
- A discussion of ESG challenges and ESG practices in the industry
- Company profiles of major players within the industry, including Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd., and FuelCell Energy Inc.
Report Scope
The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems. Other applications include fuel cell electrolyzers, which use electricity as input and produce hydrogen as output. These are not included in the scope of the report.
The market sizing has been provided in value ($ millions) and volume (gigawatts). The report also covers competitive intelligence, which covers the market share of prominent companies based on their product offerings and revenues generated from the fuel cell business. It also provides details of global market dynamics, emerging technologies and developments happening in the industry.
Report Synopsis
| Report Metrics | Details | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Base year considered | 2023 | ||||||||||||||||
| Forecast period considered | 2024-2029 | ||||||||||||||||
| Base year market size | $4.5 billion | ||||||||||||||||
| Market size forecast | $11.0 billion | ||||||||||||||||
| Growth rate | CAGR of 16.5% for the forecast period of 2024-2029 | ||||||||||||||||
| Units considered | $ Millions | ||||||||||||||||
| Segments covered | Product Type, Technology, Application | ||||||||||||||||
| Regions covered | North America, Europe, Asia-Pacific, Rest of the World | ||||||||||||||||
| Countries covered | U.S., Canada, Mexico, Germany, France, U.K., Japan, South Korea, China, Middle East and Africa, South America | ||||||||||||||||
| Key Market Drivers |
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| Companies studied |
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Report Highlights
The global market for hydrogen fuel cells reached $6.6 billion in 2021. The market should grow from $7.5 billion in 2022 to $19.5 billion by 2027, at a compound annual growth rate (CAGR) of 21.0% during 2022-2027.
Report Includes
- 44 data tables and 38 additional tables
- An up-to-date overview of the global market for hydrogen fuel cells technology
- Analyses of the global market trends, with data from 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
- Highlights of the upcoming market potential for hydrogen fuel cells in stationery and transport power generation industry, future trends and innovations, and areas of focus to forecast this market into various segments and sub-segments
- Evaluation and forecast the global hydrogen fuel cell market size for, and corresponding market share analysis by fuel cell type, application, and region
- Discussion of the key market dynamics (DROs), technology updates, industry value chain analysis, and COVID-19 implications on the progress of this market
- Insight into recent industry structure, current competitive scenario, R&D activities, major growth strategies, and company value share analysis based on their segmental revenues
- Latest information on recent developments in the hydrogen fuel cell industry
- Descriptive company profiles of the leading global players, including Bloom Energy, Cummins Inc., Delphi Automotive, General Electric, Mitsubishi Heavy Industries Ltd., Panasonic Group, Rolls-Royce Fuel Cell Systems Ltd., and Shell Hydrogen BV
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