Sign in Subscribe
Sustainable development

Global Hydrogen Fuel Cell Market to Reach Noteworthy Value by 2030

Strategic Insights

— 2 min read

The global hydrogen fuel cell market has seen significant growth in recent years, driven by increasing environmental concerns and the need for more efficient and sustainable transportation options. According to a report by Kenneth Research, the market is expected to reach a noteworthy value by the end of 2030, with a significant compound annual growth rate (CAGR) during the forecast period. The report highlights the growing adoption of hydrogen fuel cell vehicles, particularly in Asia-Pacific and North America, due to government initiatives and investments in hydrogen research and development.

Key Takeaways:

  • The global hydrogen fuel cell market is expected to reach a noteworthy value by 2030, with a significant CAGR during the forecast period.
  • Hydrogen fuel cell vehicles offer a 60-70% efficiency advantage over conventional internal combustion engines and hybrid vehicles.
  • The Asia-Pacific region is expected to expand the most during the forecast period, driven by the growing number of fuel cell vehicles on the road, particularly in nations like South Korea, Japan, and China.
  • Governments around the world are investing heavily in hydrogen technology, with the United States expected to see a hydrogen economy worth USD 750 billion per year in revenue by 2050.
  • The vehicle segment is expected to hold the largest share of the market over the forecast period, driven by investments in fuel cell technology and the presence of a large volume of hydrogen fueling stations across countries in the region.
  • The proton exchange membrane fuel cell (PEMFC) segment is expected to have the largest market share due to its numerous advantages, including high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability.

Statistics:

  • Global CO2 emissions from fossil fuels and industry reached a record high of about 38 billion metric tons in 2020.
  • 99% of the population worldwide lived in places where air quality guidelines established by the World Health Organization were not met in 2019.
  • Hydrogen fuel cell vehicles can refuel in under 4 minutes and have a driving range of over 300 miles.
  • The demand for fuel-efficient automobiles has surged amongst end-users, driven by the recent increase in the price of gasoline and diesel and the depletion of fossil fuel reserves.
  • The global hydrogen fuel cell market is expected to have a significant CAGR during the forecast period, driven by the growing adoption of hydrogen fuel cell vehicles and investments in hydrogen research and development.

Sources:

  • Kenneth Research report titled "Global Hydrogen Fuel Cell Market" for the forecast period 2022-2030.
  • World Health Organization statistics on air quality guidelines and global population.
  • Alternative Fuels Data Center (AFDC) of the U.S. Department of Energy (DOE) statistics on fuel cell electric vehicles.
  • U.S. Department of Energy (DOE) statistics on hydrogen economy in the United States.
  • Kenneth Research report on the global hydrogen fuel cell market, including market segmentation, drivers, and trends.

Read more