Hydrogen to Power Market Size, Share, and Industry Analysis By Technology (Fuel Cell, Gas Turbine, and Others), By End-User (Automotive, Industrial, Power Plants, and Others), and Regional Forecast, 2024-2032

Hydrogen-to-power refers to the process of utilizing hydrogen as a primary or supplementary energy source to generate electricity. This involves converting hydrogen gas into electrical energy through various technologies such as fuel cells or combustion turbines. Many countries and regions have set ambitious decarbonization targets to combat climate change. Hydrogen is considered a versatile energy carrier that can help reduce carbon emissions across various sectors, including transportation, industry, and power generation. Hydrogen can play a vital role in storing and utilizing surplus renewable energy, addressing the intermittency and variability of renewable sources such as wind and solar. Power-to-hydrogen technologies enable the conversion of excess renewable energy into hydrogen, which can be stored for later use or converted back into electricity via fuel cells.

Hydrogen offers opportunities for diversifying energy sources and reducing dependence on fossil fuels, enhancing energy security. It can be produced from different types of feedstocks, including water, biomass, and renewable electricity, reducing reliance on imported fossil fuels. Advances in electrolysis, fuel cell, and hydrogen storage technologies improved the efficiency, reliability, and cost-effectiveness of hydrogen production, distribution, and utilization. Decreasing costs and improving performance are making hydrogen-based solutions increasingly competitive with traditional energy sources.

Oil and gas companies are increasingly exploring partnerships with hydrogen suppliers to develop hydrogen infrastructure, including hydrogen refueling stations for fuel cell vehicles and industrial applications. For instance, in December 2023, Emirates National Oil Company opened its first green hydrogen fuel station at Expo City Dubai at the COP28 climate conference.

The COVID-19 pandemic disrupted global supply chains, affecting the production, transportation, and delivery of hydrogen-related equipment and components. Delays in manufacturing and logistics led to project postponements and cost overruns, impacting the deployment of hydrogen-to-power infrastructure. Economic slowdowns and lockdown measures resulted in a reduced demand for energy, particularly in sectors such as transportation, manufacturing, and commercial real estate. This decreased the demand for hydrogen as a fuel or feedstock, affecting the utilization of hydrogen-to-power technologies.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Hydrogen to Power Market


• Key Industry Trends


• Regulatory Landscape for Hydrogen to Power Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

SEGMENTATION

ANALYSIS BY TECHNOLOGY

Based on technology, the market is segmented into fuel cells, gas turbines, and others. The fuel cell dominates the market and is expected to grow significantly during the forecast period. Fuel cells offer high efficiency in converting hydrogen fuel instantly into electricity via an electrochemical reaction. Unlike traditional combustion-based power generation, fuel cells produce electricity with minimal emissions, primarily water vapor and heat, making them a sustainable-friendly energy source option. Amid growing worries regarding climate change and the requirement to diminish greenhouse gas emissions, fuel cells powered by hydrogen offer a viable pathway toward removing carbon emissions from various sectors such as power generation, transportation, and industrial use, among others.

Gas turbines are capable of burning a variety of fuels, including natural gas, liquid fuels, and hydrogen. This fuel flexibility allows gas turbines to transition gradually from traditional fossil fuels to cleaner alternatives such as hydrogen, making them attractive for hydrogen-to-power applications.

ANALYSIS BY END-USER

Based on end-user, the market is classified into automotive, industrial, power plants, and others. The automotive segment dominates the hydrogen-to-power segment. With increasing worries about air pollution and climate change, there is a growing demand for zero-emission transportation solutions. Hydrogen fuel cell vehicles (FCVs) offer a promising alternative to conventional internal combustion engine vehicles, as they generate zero tailpipe emissions, helping to improve air quality and reduce greenhouse gas emissions. Hydrogen is widely used as a feedstock in industrial processes, particularly in the production of ammonia, methanol, and other chemicals. As industries seek to transition away from fossil-based feedstocks to low-carbon alternatives, there is a growing interest in green hydrogen produced from renewable sources via electrolysis.

REGIONAL ANALYSIS

By region, the hydrogen-to-power market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is one of the important regions in the hydrogen-to-power market. The region is home to some of the world's fastest-growing economies, leading to the increasing energy demand. Hydrogen-to-power technologies offer a clean and versatile energy solution to cater to this rising demand while addressing environmental concerns and reducing greenhouse gas emissions.

North America is witnessing a shift toward cleaner and more sustainable energy sources in line with global decarbonization goals. Hydrogen is increasingly seen as a key enabler of this transition, offering a clean and versatile energy carrier that can support the integration of renewable energy sources and reduce carbon emissions across various sectors.

Europe has set ambitious targets under the European Green Deal and the Paris Agreement to achieve carbon neutrality by 2050. Hydrogen is recognized as a key enabler of this transition, offering a clean and versatile energy carrier that can help decarbonize various sectors, including transportation, industry, and power generation. The European Commission has launched the European Hydrogen Strategy, aiming to scale up the production and use of hydrogen across the continent. The strategy sets targets for expanding hydrogen production capacity, developing hydrogen infrastructure, and promoting hydrogen in various sectors to support the EU's energy transition objectives.

KEY PLAYERS COVERED

The report provides the profiles of key players such as Air Products and Chemicals, Inc., ITM Power, McPhy Energy S.A., Nel Hydrogen, Ballard Power Systems, Plug Power, Fuel Cell Energy, Air Liquide, Siemens Energy, and General Electric.

KEY INDUSTRY DEVELOPMENTS

• In June 2023, Corvus Energy announced the launch of a marine fuel cell product named the Corvus Pelican Fuel Cell System. It is designed to transform the maritime sector. The Corvus Pelican Fuel Cell system originates from the H2NOR research project that was commenced in 2021. H2NOR was initiated by Toyota, Corvus Energy, and other partners to speed up the development and production of sustainable and scalable Maritime Hydrogen Fuel Cell Systems

In March 2023, Ballard Power Systems and worldwide carbon discount employer First Mode introduced a buy order for Ballard to deliver First Mode with 30 hydrogen gas molecular modules – totaling three megawatts – to electricity numerous hybrid hydrogen and battery ultra-magnificence mining haul trucks. This is equal to about 4,000 horsepower. Every one of the Ballard gas molecular modules that First Mode retrofits into an ultra-magnificence haul truck manner a right away discount in diesel gas use and shifting the mining enterprise some other step in the direction of decarbonization.