Hydrogen to Power Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Hydrogen to Power Market
The global hydrogen to power market size stood at USD 7.17 billion in 2023. The market is anticipated to rise from USD 8.52 billion in 2024 to USD 66.24 billion by 2032, exhibiting a CAGR of 29.23% during the analysis period.
The mounting need for clean energy sources has augmented the launch of government initiatives focused on research and development in the area of hydrogen power technology. Such policies are aimed at achieving cost reduction, enhancement of energy efficiency, and the development of safe methods of transportation and storage. An instance of the same is the Hydrogen Earth Shot Challenge launched by the U.S. Department of Energy in 2021. The challenge is centered on bringing about 80% reduction in the cost of hydrogen as a source of energy.
Hydrogen to power technology makes use of hydrogen combustion engines and fuel cells for converting hydrogen into electrical energy. The use of advanced catalysts, high-temperature electrolysis, and other innovations in the field of hydrogen production are poised to boost industry expansion. The recent years have also witnessed reliable and efficient conversion methods in light of the progress in hydrogen combustion engines and fuel cell technology. In addition, the expansion of infrastructure advancements, comprising refueling stations and hydrogen pipelines, are fostering the growth of distribution networks and boosting the hydrogen to power market growth.
Furthermore, hydrogen-powered fuel cells are highly efficient compared to traditional technologies of power generation, which boosts their adoption. The cells can reach an efficiency of 60% or more. Comparatively, traditional combustion-based power plants achieve an efficiency of 35% in electricity generation.
Comprehensive Analysis of Hydrogen to Power Market
The market has been segmented on the basis of end-user, technology, and region. By technology, the market is subdivided into gas turbines, fuel cells, and others. The fuel cells segment accounts for a key market share considering the mounting number of R&D initiatives. On the basis of end-user, the market is segregated into industrial, transportation, power plants, and others. The transportation segment records a major share in the global market owing to suitability of hydrogen-powered electric vehicles for traveling over long distances.
On the basis of region, the market has been analyzed across Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific hydrogen to power market share captures a dominating position in the global market owing to an increasing number of investment initiatives centered on hydrogen fuel cell technology. Furthermore, North America records a remarkable market share fueled by technological advancements and favorable government policies. The Europe market is expanding, driven by significant investments in hydrogen research and production.
Leading hydrogen to power companies are providing various technologies as part of their product portfolios to gain an edge over business rivals and strengthen their industry positions. Major players in the market are Toshiba Corporation (Japan), ITM Power (U.K.), McPhy Energy S.A. (France), Nel Hydrogen (Norway), Ballard Power Systems (Canada), Plug Power Inc. (U.S.), Fuel Cell Energy Inc (U.S.), Bloom Energy (U.S.), Siemens Energy (Germany), General Electric. (U.S.), and Doosan Fuel Cell Co., Ltd. (South Korea).
In January 2023, Plug Power and Johnson Matthey announced a long-term strategic collaboration for boosting the green hydrogen economy. The deal would support Plug in achieving its respective revenue targets of USD 5 billion and USD 20 billion by the years 2026 and 2030.
Segmentation Table
Global Hydrogen to Power Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 29.23% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Technology, End-user, and Region
Segmentation By Technology
Fuel Cells
Gas Turbines
Others
By End-User
Transportation
Industrial
Power Plants
Others
By Region
North America (By Technology, End-User, and Country)
U.S.
Canada
Europe (By Technology, End-User, and Country)
Germany
U.K.
France
Italy
Sweden
Rest of Europe
Asia Pacific (By Technology, End-User, and Country)
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
Rest of the World (By Technology and End-User)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Hydrogen to Power Market
- 5. Global Hydrogen to Power Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast – By Technology
- 5.2.1. Fuel Cell
- 5.2.2. Gas Turbine
- 5.2.3. Others
- 5.3. Market Analysis, Insights, and Forecast – By End-User
- 5.3.1. Transportation
- 5.3.2. Industrial
- 5.3.3. Power Plants
- 5.3.4. Others
- 5.4. Market Analysis, Insights, and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of World
- 6. North America Hydrogen to Power Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast – By Technology
- 6.2.1. Fuel Cell
- 6.2.2. Gas Turbine
- 6.2.3. Others
- 6.3. Market Analysis, Insights, and Forecast – By End-User
- 6.3.1. Transportation
- 6.3.2. Industrial
- 6.3.3. Power Plants
- 6.3.4. Others
- 6.4. Market Analysis, Insights, and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Hydrogen to Power Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast – By Technology
- 7.2.1. Fuel Cell
- 7.2.2. Gas Turbine
- 7.2.3. Others
- 7.3. Market Analysis, Insights, and Forecast – By End-User
- 7.3.1. Transportation
- 7.3.2. Industrial
- 7.3.3. Power Plants
- 7.3.4. Others
- 7.4. Market Analysis, Insights, and Forecast – By Country
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Sweden
- 7.4.6. Rest of Europe
- 8. Asia Pacific Hydrogen to Power Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast – By Technology
- 8.2.1. Fuel Cell
- 8.2.2. Gas Turbine
- 8.2.3. Others
- 8.3. Market Analysis, Insights, and Forecast – By End-User
- 8.3.1. Transportation
- 8.3.2. Industrial
- 8.3.3. Power Plants
- 8.3.4. Others
- 8.4. Market Analysis, Insights, and Forecast – By Country
- 8.4.1. China
- 8.4.2. Japan
- 8.4.3. India
- 8.4.4. South Korea
- 8.4.5. Australia
- 8.4.6. Rest of Asia Pacific
- 9. Rest of World Hydrogen to Power Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast – By Technology
- 9.2.1. Fuel Cell
- 9.2.2. Gas Turbine
- 9.2.3. Others
- 9.3. Market Analysis, Insights, and Forecast – By End-User
- 9.3.1. Transportation
- 9.3.2. Industrial
- 9.3.3. Power Plants
- 9.3.4. Others
- 10. Competitive Analysis
- 10.1. Company Market Share Analysis, 2023
- 10.2. Company Profile
- 10.2.1. Toshiba Corporation
- 10.2.1.1. Business Overview
- 10.2.1.2. Product and Service Offerings
- 10.2.1.3. Recent Developments
- 10.2.1.4. Financials (Based on Availability)
- 10.2.2. ITM Power
- 10.2.2.1. Business Overview
- 10.2.2.2. Product and Service Offerings
- 10.2.2.3. Recent Developments
- 10.2.2.4. Financials (Based on Availability)
- 10.2.3. McPhy Energy S.A.
- 10.2.3.1. Business Overview
- 10.2.3.2. Product and Service Offerings
- 10.2.3.3. Recent Developments
- 10.2.3.4. Financials (Based on Availability)
- 10.2.4. Nel Hydrogen
- 10.2.4.1. Business Overview
- 10.2.4.2. Product and Service Offerings
- 10.2.4.3. Recent Developments
- 10.2.4.4. Financials (Based on Availability)
- 10.2.5. Ballard Power Systems
- 10.2.5.1. Business Overview
- 10.2.5.2. Product and Service Offerings
- 10.2.5.3. Recent Developments
- 10.2.5.4. Financials (Based on Availability)
- 10.2.6. Plug Power
- 10.2.6.1. Business Overview
- 10.2.6.2. Product and Service Offerings
- 10.2.6.3. Recent Developments
- 10.2.6.4. Financials (Based on Availability)
- 10.2.7. Fuel Cell Energy
- 10.2.7.1. Business Overview
- 10.2.7.2. Product and Service Offerings
- 10.2.7.3. Recent Developments
- 10.2.7.4. Financials (Based on Availability)
- 10.2.8. Bloom Energy
- 10.2.8.1. Business Overview
- 10.2.8.2. Product and Service Offerings
- 10.2.8.3. Recent Developments
- 10.2.8.4. Financials (Based on Availability)
- 10.2.9. Siemens Energy
- 10.2.9.1. Business Overview
- 10.2.9.2. Product and Service Offerings
- 10.2.9.3. Recent Developments
- 10.2.9.4. Financials (Based on Availability)
- 10.2.10. General Electric.
- 10.2.10.1. Business Overview
- 10.2.10.2. Product and Service Offerings
- 10.2.10.3. Recent Developments
- 10.2.10.4. Financials (Based on Availability)
- 10.2.11. Doosan Fuel Cell Co., Ltd
- 10.2.11.1. Business Overview
- 10.2.11.2. Product and Service Offerings
- 10.2.11.3. Recent Developments
- 10.2.11.4. Financials (Based on Availability)
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