(Credit: Pixabay)Driven by clean energy generation and transportation, the hydrogen fuel cells market is expected to grow to $24.9 billion by 2028, according to Valuates Reports.
North America is leading the market, especially due to the adoption of electric vehicles, according to the report. The market is expected to be at nearly $4.5 billion in 2022 and forecast to grow at a CAGR of 33% through 2028.
Panasonic, Hydrogenics, Toshiba and automakers Honda, Hyundai and Toyota were seen as some of the major players in the market. Valuates Reports says the growing demand for clean energy generation and a reliance on hydrogen fuel cells in public transportation are significant factors in the growing market.
Fuel cells act like batteries that don’t run down or need recharging, according to the US Office of Energy Efficiency and Renewable Energy. Hydrogen generates power in fuel cells using a chemical reaction rather than combustion, producing only water and heat byproducts. They produce energy as long as the fuel is provided.
They can be cost effective, and the Office of Energy Efficiency and Renewable Energy has set goals on them lasting for as long as 30,000 hours for heavy duty trucks and 80,000 hours for distributed power systems.
Panasonic is using hydrogen in addition to solar as part of power generation for its operations with goals of using 100% renewable energy by 2050. The company has been improving fuel cell technology since 2009, the company says, and introduced a 5 kilowatt pure hydrogen fuel cell generator for commercial uses last year.
General Motors recently announced plans for hydrogen fuel cell technology to not only go toward electric vehicles but also help generator options without impacting the grid. The company was also among those the US Department of Energy awarded nearly $200 million in sustainable vehicle grants last year, with much of those funds going toward the production of vehicles that will use hydrogen fuel cells.
Hydrogen fuel cell implementation is beginning to expand beyond automobiles and power generation, as well. For example, a commercial marine vessel that is powered by hydrogen fuel cells to produce energy for electric motors, which helps power the ferry for up to 300 nautical miles, was introduced in November 2021.
The report looked at the fuel cells by type, which includes air-cooled and water-cooled. It also looked at how they are used, such as transportation, stationary or portable applications.
