DUBLIN--(BUSINESS WIRE)--The "Hydrogen Fuel Cells Global Market Report 2021: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen fuel cells market is expected to grow from $2.78 billion in 2020 to $3.85 billion in 2021 at a compound annual growth rate (CAGR) of 38.8%. The market is expected to reach $16.50 billion in 2025 at a CAGR of 43.8%.
The main types of products in hydrogen fuel cells are polymer exchange membrane fuel cells, direct methanol fuel cells, solid oxide fuel cells, and others. Polymer exchange membrane fuel cells are a type of hydrogen fuel cell that converts the chemical energy of a fuel such as hydrogen into electricity. These hydrogen fuel cells are used in various areas including stationery, transportation, portable fuel cell vehicles, utilities for generating power, and defense.
The hydrogen fuel cell market consists of sales of hydrogen fuel cells that use the chemical energy of hydrogen to produce electricity. A hydrogen fuel cell is a device that converts hydrogen into clean energy and electricity by a chemical reaction and the by-products of this chemical reaction are electricity, water, heat. Hydrogen fuel cells can be used in a wide range of applications such as cars, buildings, electronic devices, trucks, and backup power systems.
Asia Pacific was the largest region in the hydrogen fuel cell market in 2020. North America was the second-largest market in the hydrogen fuel cell market. The regions covered in this 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.
Key Topics Covered:
1. Executive Summary
2. Hydrogen Fuel Cells Market Characteristics
3. Hydrogen Fuel Cells Market Trends and Strategies
4. Impact Of COVID-19 On Hydrogen Fuel Cells
5. Hydrogen Fuel Cells Market Size and Growth
5.1. Global Hydrogen Fuel Cells Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Hydrogen Fuel Cells Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. Hydrogen Fuel Cells Market Segmentation
6.1. Global Hydrogen Fuel Cells Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Polymer Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
- Others
6.2. Global Hydrogen Fuel Cells Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Stationary
- Transport
- Portable
6.3. Global Hydrogen Fuel Cells Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Fuel Cell Vehicles
- Utilities
- Defense
7. Hydrogen Fuel Cells Market Regional and Country Analysis
7.1. Global Hydrogen Fuel Cells Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Hydrogen Fuel Cells Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- 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/ujccqy