The hydrogen fuel cell market is estimated to be valued at US$ 151.5 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydrogen fuel cells produce electricity through an electrochemical reaction between hydrogen and oxygen to power electric motors, with water and heat as byproducts. They are used as an alternative to fossil fuel-based internal combustion engines especially in transportation applications such as vehicles, forklifts, trains, and drones. Fuel cells offer noise-free operations and zero emissions.
Market Dynamics:
Increasing investments by governments worldwide in developing hydrogen infrastructure is expected to drive the growth of the global hydrogen fuel cell market over the forecast period. For instance, the European Commission aims to install at least 6 GW of renewable hydrogen electrolyzers in the EU by 2024 and 40 GW of hydrogen electrolyzers by 2030. In addition, rising demand for zero-emission fuel cell vehicles due to stringent environmental regulations regarding vehicular carbon emissions is also anticipated to boost the market growth. However, high production costs associated with fuel cells and lack of hydrogen refueling infrastructure are some of the challenges restraining the market growth.
Key Takeaways
The global hydrogen market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing support from governments and corporate investments towards the development of hydrogen ecosystems.
Regional analysis: North America dominated the global hydrogen market in 2023, accounting for around 30% of the overall demand. Asia Pacific is slated to be the fastest growing regional market, owing to significant initiatives by countries like Japan, South Korea and China to build hydrogen value chains and infrastructure.
Key players: Key players operating in the hydrogen market are Linde AG, Air Products & Chemicals, Inc., Praxair, Inc., Air Liquide SA, and Airgas Inc. Major players are focusing on expanding production facilities and collaborating with automakers, energy companies and governments to commercialize hydrogen applications at scale.
Read More:
https://www.rapidwebwire.com/hydrogen-market-size-share-growth-outlook-2023/
