Hydrogen generation market size records $47.84 billion growth between 2023-2027
According to Technavio, falling fuel cell prices are one of the key trends in the market.
Source: Technavio
The market is expected to grow strongly, with the electrolysis segment showing significant growth due to its ability to produce hydrogen from renewable energy sources. Reducing carbon emissions is a key trend in the hydrogen generation market, and governments and industry are investing in hydrogen worldwide as a viable alternative to fossil fuels. Technological developments are also taking place in the market and hydrogen is being stored and transported in innovative ways.
The market research report says that over time, the price of fuel cell technology has fallen thanks to increased research and development. This is mainly due to the fact that less platinum is used in the anode. However, according to original equipment manufacturers, larger bipolar plates are also more expensive to manufacture and weld.
In addition, changes to the gaseous diffusion layers, based on feedback from manufacturers, have had an impact on costs. Overall, these changes balance each other out, resulting in costs remaining almost constant.
According to Technavio's market review, the hydrogen and fuel cell sector is still in a development phase and there are no specific regulatory requirements in Canada, the EU and the US. This includes the storage, design, transport and installation of fuel cell systems and hydrogen infrastructure. Power generation, a key sector, has similar regulatory gaps. Emerging technologies propose hydrogen for the storage of renewable electricity.
Although there are currently no sector-specific regulations for fuel cell vehicles, future growth may require such regulations in a functioning market.
Research: Green Hydrogen Production Costs to Fall to $2.5/kg by 2030 and $1.80 by 2040
