Hydrogen Fuel Cell Market Size

Hydrogen Fuel Cell Market size was valued at USD 5 billion in 2023 and is predicted to cross USD 100.5 billion by the end of 2036, growing at a CAGR of 28.3% during the forecast period, i.e., 2024-2036. In 2024, the industry size of hydrogen fuel cells is evaluated at USD 6.3 billion.

Growing demand for hydrogen fuel cell electric vehicles (HFCEVs) such as Toyota Mirai and Honda CR-V has led to a crucial increase in the hydrogen fuel cells (HFC) landscape. Automobiles such as buses, trains, and personal vehicles need the implementation of HFC in their application, as when driven, these vehicles emit no greenhouse gases. According to the International Energy Agency 2024, sales of EVs increased by 3.5 million in 2023, with an annual increase of 35% as compared to 2022. Moreover, around 2.5 million new EV registrations were held per week, this data is higher than the 2012 annual registration.

Furthermore, unmanned aerial vehicles (UAVs) such as Royal NLR use HFC technology to produce clean DC power in a robust, cost-effective, and lightweight package. For instance, Intelligent Energy launched IE-SOAR 2.4 UAV in July 2020, which offers boosted operational efficiency for applications such as cinematography, agriculture, LiDAR, military surveillance, and mapping for defense while providing power from 800W to 2.4kW.