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.
The North American market for hydrogen fuel cells is estimated to increase from $1.3 billion in 2024 to reach $3.0 billion by 2029, at a CAGR of 18.2% from 2024 through 2029.
The European market for hydrogen fuel cells is estimated to increase from $808.5 million in 2024 to reach $2.2 billion by 2029, at a CAGR of 22.2% from 2024 through 2029.
Report Scope
The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems. Other applications include fuel cell electrolyzers, which use electricity as input and produce hydrogen as output. These are not included in the scope of the report.
The market sizing has been provided in value ($ 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 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.
Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of Report
Market Summary
Chapter 2 Market Overview
Overview
Porter's Five Forces Analysis
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential of New Entrants
Threat of Substitutes
Competition in the Industry
Value Chain Analysis
Overview
Strengths, Weaknesses, Opportunities and Threats Analysis
Climate Change Policies and Regulations
Kyoto Protocol
Carbon Pricing
Paris Agreement
European Green Deal
Hydrogen Fuel Cell Technologies Office
Climate Target Policies
Chapter 3 Market Dynamics
Market Dynamics Snapshot
Market Drivers
Increasing Global Fuel Cell Electric Vehicle Sales
Investments in Hydrogen and Fuel Cell Carbon Credits
Augmenting Demand from the Maritime Industry
Green Hydrogen as a Catalyst for Fuel Cells
Market Challenges
High Cost of Fuel Cell Raw Materials
High Investment in Hydrogen Infrastructure Development
Market Opportunities
Increasing Industrial Demand for Low-Emission Fuels
Market Restraints
High Maintenance Cost of Fuel Cells
Crude Oil Price Fluctuations
Chapter 4 Emerging Technologies and Developments
Overview
Increasing Number of Collaborations Among Automotive and Fuel Cell Companies
Platinum-Based Electrocatalyst
Low-Platinum Fuel Cell
Non-Precious Metal Catalyst
Cobalt Nitrate as an Alternative to Platinum in Fuel Cells