Mar 6, 2023   SOURCE: BusinessWire

Hydrogen Fuel Cells Global Market Report 2023: Featuring Panasonic, Hyster-Yale, Intelligent Energy Holdings, Pearl Hydrogen & More - ResearchAndMarkets.com

The "Hydrogen Fuel Cells Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global hydrogen fuel cells market grew from $5.64 billion in 2022 to $8.23 billion in 2023 at a compound annual growth rate (CAGR) of 45.8%. The hydrogen fuel cells market is expected to grow to $32.65 billion in 2027 at a CAGR of 41.1%.

Asia-Pacific was the largest region in the hydrogen fuel cell market in 2022. North America was the second-largest market in the hydrogen fuel cell market. The regions covered in the hydrogen fuel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growing demand for fuel-cell electric vehicles around the world is contributing to the growth of the hydrogen fuel-cell market. Fuel cell electric vehicles (FCEVs) powered by hydrogen are called hydrogen fuel cell vehicles. The surge in demand for fuel-cell electric vehicles leads to increased demand for hydrogen fuel cells.

For example, according to the Passenger Hydrogen Fuel Cell Vehicles report, the sales of hydrogen fuel cell vehicles reached 27,500 in 2020. Moreover, the sales of passenger fuel cell vehicles reached 8,500 in 2020, the highest annual sales compared to any of previous years. Rising sales in fuel-cell electric vehicles demonstrate the growing demand for fuel-cell electric vehicles, thereby contributing to the growth of the hydrogen fuel-cell market.

The companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs, and component requirements of hydrogen fuel cells. Advances in technologies improve the efficiency of hydrogen fuel cells. For example, in July 2021, Hyzon Motors Inc., a US-based manufacturer of commercial vehicles powered by zero-emission hydrogen fuel cells announced a new commercial vehicle that could reduce the weight and manufacturing costs of a commercial vehicle powered by Hyzon's hydrogen fuel. The system's metal structure is integrated with lightweight composite materials in this revolutionary technology.

In April 2021, Alstom, a France-based company engaged in developing and marketing mobility solutions that provide the sustainable foundations for the future of transportation acquired Helion Hydrogen Power for an undisclosed amount.

Through this acquisition, Alstom expands its portfolio of innovative & competitive solutions products and strengthens its expertise in sustainable intelligent mobility. Helion Hydrogen Power is a France-based company that is engaged in the designing and manufacturing of hydrogen fuel cell modules for rail and marine applications.

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Scope

Markets Covered:

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

A selection of companies mentioned in this report includes

  • Panasonic
  • Intelligent Energy Holdings
  • FuelCell Energy
  • Plug Power
  • Hyster-Yale
  • Doosan Fuel Cell
  • Ballard Power Systems
  • Nedstack fuel cell technology
  • Pearl Hydrogen
  • Hydrogenics
  • Horizon Fuel Cell Technologies
  • Toshiba Energy Systems
  • Mitsubishi Hitachi Power Systems
  • AFC Energy
  • Sunrise Power

For more information about this report visit https://www.researchandmarkets.com/r/3sypxp

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