Hydrogen Fuel Cell Market Report 2024-2034: High Preference For Bevs Over Hydrogen Vehicles Hampering Additional Growth

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 29, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen fuel Cell market Report 2024-2034" report has been added to ResearchAndMarkets's offering.
In terms of value the market will surpass US$2.33 billion in 2024. The analyst predicts strong revenue growth through to 2034. This work identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.
Increasing Demand for Clean and Sustainable energy Solutions Across Various Sectors
The global hydrogen fuel cell market is witnessing substantial growth, driven by the increasing demand for clean and sustainable energy solutions across various sectors. Hydrogen fuel cells offer a promising alternative to traditional fossil fuels, providing efficient and environmentally friendly power generation for stationery and transportation applications. This executive summary provides an overview of the market landscape, highlighting key drivers, opportunities, challenges, and competitive dynamics shaping the industry.
Several factors are propelling the growth of the hydrogen fuel cell market. Firstly, rising environmental concerns and stringent regulations aimed at reducing carbon emissions are driving the adoption of clean energy technologies. Hydrogen fuel cells, with their zero-emission characteristics and versatility, are gaining traction as a viable solution to address these challenges. Additionally, advancements in fuel cell technology, such as improvements in efficiency, durability, and cost-effectiveness, are expanding the market's potential across various end-user industries. Furthermore, government initiatives and investments in hydrogen infrastructure development, coupled with increasing private sector involvement, are further fuelling market growth.
High Preference for Battery Electric Vehicles Over Hydrogen Vehicle to Restrain Market Growth
One significant market restraining factor for hydrogen vehicles is the high preference for battery electric vehicles (BEVs) over hydrogen-powered vehicles. In recent years, BEVs have gained considerable traction in the automotive market due to several factors. Firstly, BEVs have witnessed significant advancements in battery technology, leading to improved energy density, longer driving ranges, and reduced charging times. This has alleviated one of the primary concerns regarding electric vehicles - their limited range and lengthy charging periods.

Secondly, the infrastructure for BEVs, such as charging stations and networks, has expanded rapidly, especially in regions with ambitious decarbonization goals. Governments and private entities have invested heavily in establishing charging infrastructure, making BEVs more accessible and convenient for consumers. As a result, consumers may perceive BEVs as a more practical and readily available option compared to hydrogen vehicles, which require a different refuelling infrastructure.

You need to discover how this will impact the hydrogen fuel cell market today, and over the next 10 years:

  • This 394-page report provides 115 tables and 184 charts/graphs exclusively to you.
  • The report highlights key lucrative areas in the industry so you can target them - NOW.
  • It contains in-depth analysis of global, regional and national sales and growth.
  • It highlights for you the key successful trends, changes and revenue projections made by your competitors.

This report tells you TODAY how the hydrogen fuel cell market will develop in the next 10 years, and in line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years.
Leading companies profiled in the report:

  • Air Liquide S.A.
  • Aisin Corporation
  • Ballard Power Systems Inc.
  • Bloom Energy
  • Cummins Inc.
  • Fuel Cell Energy, Inc.
  • Hyundai Motor Company
  • ITM Power plc
  • Mitsubishi Heavy Industries, Ltd
  • Nel ASA
  • Nikola Corporation
  • Panasonic Holdings Corporation
  • Plug Power Inc.
  • Toshiba Energy Systems & Solutions Corporation
  • Toyota Motor Corporation

Key Topics Covered
1 Report Overview
2 Executive Summary
3 Market Overview
3.1 Key Findings
3.2 Market Dynamics
3.2.1 Market Driving Factors Rising Demand for Hydrogen Fuel Cell Vehicles (FCVs) Rising Investment in Hydrogen Fuel Cell Vehicle Driving the Market Growth Global Efforts to Reduce Greenhouse Gas Emissions Driving the Market Growth
3.2.2 Market Restraining Factors High Preference for Battery Electric Vehicles Over Hydrogen Vehicle Restrain Market Growth High Cost of Platinum Catalyst for Fuel Cells Hinder the Market Growth Increasing Generation of Distributed Power Using Low-Carbon Fuels
3.2.3 Market Opportunities Expansion of Market on International Level Opportunities for the Market Players Government Initiatives and Policies Opportunities for the Market Growth Collaboration and Partnership Between Market Players
3.3 Porter's Five Forces Analysis
3.3.1 Bargaining Power of Suppliers (Medium to High)
3.3.2 Bargaining Power of Buyers (Low)
3.3.3 Competitive Rivalry (Low)
3.3.4 Threat from Substitutes (High)
3.3.5 Threat of New Entrants (Low)
3.4 COVID-19 Impact Analysis
3.4.1 "V-Shaped Recovery"
3.4.2 "U-Shaped Recovery"
3.4.3 "W-Shaped Recovery"
3.4.4 "L-Shaped Recovery"
3.5 PEST Analysis

4 Hydrogen Fuel Cell Market Analysis by Application
4.1 Key Findings
4.2 Application Segment: Market Attractiveness Index
4.3 Hydrogen Fuel Cell Market Size Estimation and Forecast by Application
4.4 Stationary Power Generation
4.5 Transportation
4.6 Portable Devices
4.7 Others

5 Hydrogen Fuel Cell Market Analysis by Type
5.1 Key Findings
5.2 Type Segment: Market Attractiveness Index
5.3 Hydrogen Fuel Cell Market Size Estimation and Forecast by Type
5.4 Proton Exchange Membrane Fuel Cells
5.5 Polymer Electrolyte Membrane Fuel Cells (PEMFC)
5.6 Solid Oxide Fuel Cells
5.7 Molten Carbonate Fuel Cells
5.8 Others Types

6 Hydrogen Fuel Cell Market Analysis by End-User
6.1 Key Findings
6.2 End-User Segment: Market Attractiveness Index
6.3 Hydrogen Fuel Cell Market Size Estimation and Forecast by End-User
6.4 Commercial & Industrial
6.5 Transport Industry
6.6 Data Centers
6.7 Military & Defense
6.8 Utilities & Government
6.9 Other End-Users

7 Hydrogen Fuel Cell Market Analysis by Region
7.1 Key Findings
7.2 Regional Market Size Estimation and Forecast

8 North America Hydrogen Fuel Cell Market Analysis

9 Europe Hydrogen Fuel Cell Market Analysis

10 Asia-Pacific Hydrogen Fuel Cell Market Analysis

11 Middle East and Africa Hydrogen Fuel Cell Market Analysis

12 Latin America Hydrogen Fuel Cell Market Analysis

13 Company Profiles
13.1 Competitive Landscape, 2023
13.2 Strategic Outlook
13.3 Ballard Power Systems Inc.
13.4 Toyota Motor Corporation
13.5 Plug Power Inc.
13.6 Air Liquide S.A.
13.7 Nikola Corporation
13.8 Hyundai Motor Company
13.9 Mitsubishi Heavy Industries, Ltd.
13.10 Nel ASA
13.11 Cummins Inc.
13.12 Toshiba Energy Systems & Solutions Corporation
13.13 Aisin Corporation
13.14 ITM Power plc
13.15 Panasonic Holdings Corporation
13.16 Bloom Energy
13.17 Fuel Cell Energy, Inc.

14 Conclusion and Recommendations
14.1 Concluding Remarks
14.2 Recommendations for Market Players
For more information about this report visit

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