Powering the Future: Hydrogen Fuel Cell Market Growth in APAC
Key Ideas
  • The global hydrogen fuel cell market is projected to reach $5.7 billion by 2031, driven by factors like rising adoption of electric vehicles and demand in various sectors.
  • Companies like AFC Energy plc, Ballard Power Systems, and others are profiled as major players in the hydrogen fuel cell industry.
  • The market is witnessing growth in applications such as power generation in residential and commercial sectors, with a focus on environmental conservation.
  • Post-pandemic, the market is expected to grow as manufacturers focus on developing more effective power sources for electric vehicles.
A new report by Allied Market Research highlights the significant growth expected in the global hydrogen fuel cell market. The market size, valued at $2.7 billion in 2021, is projected to reach $5.7 billion by 2031, with a compound annual growth rate of 8.1%. The Asia-Pacific region is expected to exhibit a CAGR of 8.7%, showcasing the increasing adoption of hydrogen fuel cells in countries like Japan, South Korea, China, and others. The report emphasizes the rise of hydrogen fuel cells as an alternative to battery-powered solutions in heavy-duty transportation, especially for long-distance trucking. Major companies like AFC Energy plc, Ballard Power Systems, and Bloom Energy are identified as key players in the industry. Factors such as the growing demand for electric and hybrid vehicles, applications in telecommunications and residential micro-CHP sectors, and the shift away from non-renewable energy sources are driving the market growth. The article explains the basic mechanism of fuel cells in converting chemical energy to electrical energy. Moreover, the article discusses the environmental impact of fossil fuel engines and the need for sustainable alternatives due to greenhouse gas emissions. It also highlights the partnership between Toshiba Energy Systems and Echandia to develop pure hydrogen fuel cell systems for marine applications. The market's future growth is predicted to be supported by technical advancements, enhanced performance, rising fuel prices, noise reduction, and government regulations on environmental protection. The article also mentions the surge in demand for power due to population growth, which has led various associations and governments to revise their energy policies. In the context of the COVID-19 pandemic, the focus on lowering costs and extending vehicle range for electric vehicles is expected to further drive market growth post-pandemic. The article concludes by mentioning other trending reports in the energy and power industry, showcasing the diversification and potential of the hydrogen fuel cell market.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2025 AdvanceH2, LLC. All rights reserved.