According to a market report by Lucintel, the future of the hydrogen fuel cell market looks promising with opportunities in the stationary, transportation, and portable applications. The global hydrogen fuel cell market is expected to grow with a CAGR of 21% to 23% from 2023 to 2028. The major drivers for this market are increase in subsidy policy by the central and local governments on electric vehicles, increasing production of hydrogen fuel-cell vehicles, and various initiatives taken by the governments to curb greenhouse gases.
Air-cooled type and liquid-cooled types are the major segments of hydrogen fuel cell market by product type. Lucintel forecast that liquid-cooled type will remain the fastest growing segment over the forecast period as it offers more cooling in comparison to air-cooled type, and condenser cooling allows fuel cell stack to function at higher temperatures in comparison to other cooling types.
Within this market, transportation is expected to remain the highest growing segment due to rising demand for hydrogen fuel cell automobiles and hydrogen fuel cell powered forklifts, and the industry is expected to expand as a result of increased research and development activities in developed and developing countries to produce hydrogen-powered hybrid vehicles.
North America will remain the largest region due to research and development programs, as well as incentives and subsidies provided by government for fuel cell-based vehicles, as well as funding and expenditure by governments, which have pushed the use of fuel cell and hydrogen technologies in the North American region.
Fuel Cell Energy, Cummins, Ballard Power Systems, Plug Power, Bloom Energy, AFC Energy, Dossan Fuel Cell, Panasonic Holding Corporation., Intelligent Energy Limited, and Pearl Hydrogen are the major suppliers in the global hydrogen fuel cell market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global hydrogen fuel cell market by product type, technology, application and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Hydrogen Fuel Cell Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global hydrogen fuel cell market by product type, technology, application and region, as follows:
Hydrogen Fuel Cell Market by Product Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Air-Cooled Type
· Liquid-Cooled Type
Hydrogen Fuel Cell Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
· Stationary
· Transportation
· Portable
Hydrogen Fuel Cell Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:
· Polymer Exchange Membrane Fuel Cells (PEMFC)
· Phosphoric Acid Fuel Cells (PAFC)
· Solid Oxide Fuel Cells (SOFC)
· Direct Methanol Fuel Cells (DMFC)
· Molten Carbonate Fuel Cells (MCFC)
Hydrogen Fuel Cell Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Hydrogen Fuel Cell Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the hydrogen fuel cell market by product type (air-cooled type and liquid-cooled type), application (stationary, transportation, and portable), technology (proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), molten carbonate fuel cells (MCFC)) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last five years and what has its impact been on the industry?