Australia Fuel Cell Market Size & Outlook, 2023-2030
Australia fuel cell market, 2018-2030 (US$M)
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Australia fuel cell market highlights
- The Australia fuel cell market generated a revenue of USD 5.3 million in 2023 and is expected to reach USD 22.4 million by 2030.
- The Australia market is expected to grow at a CAGR of 22.8% from 2024 to 2030.
- In terms of segment, pemfc was the largest revenue generating product in 2023.
- SOFC is the most lucrative product segment registering the fastest growth during the forecast period.
Fuel cell market data book summary
| Market revenue in 2023 | USD 5.3 million |
| Market revenue in 2030 | USD 22.4 million |
| Growth rate | 22.8% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | SOFC |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | PEMFC, SOFC |
| Key market players worldwide | Ballard Power Systems Inc, Bloom Energy Corp Class A, Ceres Power Holdings PLC, Doosan Fuel Cell Ordinary Shares, FuelCell Energy Inc, Plug Power Inc, SFC Energy AG, Cummins Inc, Nedstack Fuel Cell Technology, Hyster-Yale Materials Handling Inc Class A |
Other key industry trends
- In terms of revenue, Australia accounted for 0.1% of the global fuel cell market in 2023.
- Country-wise, Japan is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan fuel cell market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 4,879.4 million by 2030.
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Australia fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to fuel cell market will help companies and investors design strategic landscapes.
Pemfc was the largest segment with a revenue share of 88.68% in 2023. Horizon Databook has segmented the Australia fuel cell market based on pemfc, sofc covering the revenue growth of each sub-segment from 2018 to 2030.
The Australia fuel cell market is driven by the government initiatives to develop hydrogen infrastructure in the country. After the government’s launch of the Hydrogen Roadmap in 2008, the Australian Association for Hydrogen Energy was set up to dedicatedly work to support the country's growth of hydrogen infrastructure.
In 2019, the Australian Federal Parliament started to provide substantial support for hydrogen & fuel cell innovation. Various market players are taking steps to develop their hydrogen infrastructure for both stationary and fuel cell vehicle applications.
In July 2020, the Canadian Hydrogen and Fuel Cell Association (CHFCA) and the Australian Hydrogen Council (AHC) announced that they signed an MoU to collaborate on the viable distribution of zero-emission fuel cell technologies and hydrogen.
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Horizon Databook provides a detailed overview of country-level data and insights on the Australia fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into Australia fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Australia fuel cell market size, by product, 2018-2030 (US$M)
Australia Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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