According to a market report, published by Sheer Analytics and Insights, The global hydrogen fuel cell market was valued at $1.9 billion in 2021 and it is expected to reach $70.8 billion at a CAGR of 40.3% between 2022 and 2032. As long as hydrogen is available, fuel cells promise to offer significant advantages in terms of energy storage and never need refilling. Because it produces fewer or no emissions compared to combustion engines, this topic has long drawn the attention of scientists and environmentalists. Vehicles, power plants, buildings, and other systems can all benefit from using hydrogen fuel cells, which can generate heat. However, since expensive catalysts like platinum-group metals are needed to accelerate crucial fuel cell reactions, fuel cells are not widely commercialized. Due to their extraordinary rarity, these powerful and resilient metals are exceedingly expensive. Additionally, numerous studies are being conducted to find less expensive substitutes to lower the cost of hydrogen fuel cells for commercial applications.
The advantages of hydrogen fuel cells in the automotive industry have received much media coverage. The cost of separating water molecules into oxygen and hydrogen, however, prevents the widespread use of hydrogen fuel cell vehicles. The creation of a low-cost method for manufacturing hydrogen energy has been the focus of scientific research. The Paris Agreement and the cooperation of political leaders from all over the world in lowering their nations' carbon footprints have given green and renewable technology a boost in the marketplace. These major factors are also driving the market growth over the last few years.
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Moreover, the benefits of hydrogen fuel cells for the automotive industry are well known. The cost-prohibitive method of separating water molecules into oxygen and hydrogen, however, prevents the widespread use of hydrogen fuel cell cars. Furthermore, researchers have been working nonstop to develop a low-cost technique for producing hydrogen energy. In a study that was published in Nature Communications, researchers from Swinburne University of Technology and Griffith University claimed that they had successfully caught hydrogen by utilizing catalysts made of cheap metals like iron and nickel to break it from water molecules. Therefore, these rising factors are anticipated to create more growth opportunities for this market over the forecast period.
On the other side, compared to gasoline, hydrogen fuel cells are more expensive to carry and store. In addition, because hydrogen is combustible, there is a higher danger of harm. Hydrogen is a refreshing change of pace from odorless gas. However, since hydrogen facilities make extensive use of gas monitors and gas detection, it is challenging for the company to grow. Moreover, the market expansion of hydrogen fuel cells has stagnated due to their unreasonably high cost. Additionally, the growth of the hydrogen fuel cell industry is being constrained by the abundance of gas sensors and monitors in hydrogen plants.
According to the study, key players dominating the global hydrogen fuel cell market are Aisin (Japan), BMW (Germany), Ballard Power Systems (Canada), Bloom Energy (South Korea), Ceres (U.S), Doosan Fuel Cell (South Korea), FuelCellEnergy (U.S), General Motors (U.S), Kyocera Corporation (Japan), Nedstack Fuel Cell Technology (Netherlands), Panasonic Corporation (Japan), Plug Power Inc (U.S), among others.
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