Portland, OR, March 15, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global garnered $2.7 billion in 2021, and is estimated to generate $5.7 billion by 2031, manifesting a CAGR of 8.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.7 billion |
| Market Size in 2031 | $5.7 billion |
| CAGR | 8.1% |
| No. of Pages in Report | 437 |
| Segments covered | type, application, end user, and region |
| Drivers | An increase in carbon emissions The growing concern for the environment Surge in government's attention to the usage of electric vehicles |
| Opportunities | Rising popularity of electric vehicles The steady investment towards the development of hydrogen refueling infrastructure The increasing demand for space heating across the commercial and residential establishment |
| Restraints | NA |
Covid-19 Scenario:
- Owing to the presence of significant businesses operating as "essential enterprises," the outbreak of the COVID-19 pandemic had a little effect on the global hydrogen fuel cell industry.
- Furthermore, rising consumer awareness regarding the need to cut Greenhouse Gas (GHG) emissions and a greater focus on sustainable energy are expected to drive demand for fuel cells.
- In addition, manufacturers of Electric Vehicle (EV) batteries have started concentrating on lowering up-front costs and extending the range of vehicles by developing more effective power sources. This in turn, is expected to provide growth to the market in the post-pandemic.
The research provides detailed segmentation of the global hydrogen fuel cell market based on type, application, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on type, the proton exchange membrane fuel cells segment held the highest share in 2021, accounting for nearly two-fifths of the global hydrogen fuel cell market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 8.4% from 2022 to 2031.
Based on application, the transportation segment accounted for the highest share in 2021, contributing to more than two-fifths of the global hydrogen fuel cell market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 8.3% from 2022 to 2031.
Based on end user, the fuel cell vehicles segment accounted for the highest share in 2021, holding more than two-fifths of the global hydrogen fuel cell market, and is expected to continue its leadership status during the forecast period. This segment is estimated to grow at the highest CAGR of 8.4% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global hydrogen fuel cell market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 8.7% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading market players of the global hydrogen fuel cell market analyzed in the research include AFC Energy, Nedstack Fuel Cell Technology, Doosan Fuel Cell Co.Ltd., Ballard Power Systems, SFC Energy AG, FuelCell Energy, Inc., Ceres, Plug Power Inc., Bloom Energy, Intelligent Energy.
The report provides a detailed analysis of these key players of the global hydrogen fuel cell market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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