Market Overview

While more than 150 countries around the world set carbon neutrality goals in the process of striving to reduce carbon emissions, hydrogen is becoming increasingly important as carbon-neutral fuel. Policies for mass production of green hydrogen are seen in many countries in particular. In response to the situation, fuel cell systems that produce energy using hydrogen is in the spotlight once again, and the trend has been leveraging the growth of global fuel cell system market in full-scale. By application, the fuel cell systems for mobility (commercial vehicles) and for commercial/industrial applications are expected to boost the growth of the fuel cell market.

 

Noteworthy Topics

Current Status of Global Mobility Fuel Cell Market

Global shipment volume of fuel cell systems for mobility in 2022 is estimated at 19,600 units, up 11% from the preceding year. As a total of fuel cell system for passenger cars and for commercial vehicles, the market of fuel cell systems for mobility has been growing continually from 2020. Nevertheless, the fuel cell for passenger cars, which dominates the majority of the shipment volume, has declined slightly in 2022 due to its heavy dependence on the sales performance of particular OEMs (automobile manufacturers). Meanwhile, the fuel cell systems for commercial vehicles are expanding, primarily in China. The shipment volume of fuel cell for commercial vehicles is projected to exceed that of fuel cell for passenger cars by around 2025.

Future Outlook

To achieve carbon neutrality, it is critical to adopt the right means from a variety of options that suits to specific needs and conditions in different parts of the world.
Fuel cell is seen as one of the promising options to reach net-zero. The market for fuel cell systems and components is projected to prevail in full-scale beginning around 2030, with the development of hydrogen infrastructure and technology advancements.

Research Outline