Product Code: OMR2027377
Fuel Cell Market Size, Share & Trends Analysis Report, By Type (Polymer Electrolyte Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), and Others), By Application (Stationary, Portable, and Transportation) Forecast Period (2025-2035)
Industry Overview
Fuel cell market size was $7.2 billion in 2024 and is anticipated to grow at a CAGR of 22.1% during the forecast period (2025-2035). The major factors offering an opportunity for the growth of the market include the increasing demand for electric vehicles and government initiatives for the adoption of fuel-cell technology. According to the US Energy Information Administration (EIA), in March 2024, the US had about 210 operating fuel cell electric power generators at 151 facilities with about 384 megawatts (MW) of total nameplate electric generation capacity. The US was the leading producer of stationary fuel cells and a major exporter. As the global market continues to expand, US manufacturers are well-positioned to benefit, although they face strong international competition, and many companies have yet to achieve profitability.
Market Dynamics
The Increase in Hydrogen-Powered Mobility
The fuel cell market is experiencing rapid growth, driven by the increased application of hydrogen-based mobility. All governments across the globe is promoting clean energy policies, thus increasing the demand for fuel cell technology. Car manufacturers are investing heavily in hydrogen fuel cell vehicles (FCVs) as a means of reducing carbon emissions and enhancing sustainability. Infrastructure upgrades, including hydrogen fuel refilling stations, are complementing the growth of the market for fuel cells. Improvements in fuel cell performance and cost are making the technology increasingly suitable for commercial use. Consequently, the fuel cell market is set to continue growing over the next few years.
Growing Adoption of Cost Reduction & Efficiency Improvements
Increasing adoption of cost reduction & efficiency improvements driving the growth of the market. Companies focus on minimizing material expenses, enhancing fuel cell longevity, and streamlining manufacturing processes. Increased R&D activity is resulting in lower costs of operation and greater energy efficiency. Governmental incentives and subsidies are also helping to expedite the uptake of fuel cell technology in different industries. The transport industry, including hydrogen fuel cell vehicles, is seeing greater investment and deployment. Consequently, the market for fuel cells is expected to see consistent growth in the next few years.
Market Segmentation
- Based on the type, the market is segmented into polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), and others.
- Based on the application, the market is segmented into stationary, portable, and transportation.
Polymer Electrolyte Membrane Fuel Cell (PEMFC) Segment to Lead the Market with the Largest Share
The fuel cell market is expanding fast with increased demand for clean energy technologies. Government regulations and funding for green energy are driving the creation of fuel cell technology. The automotive, aerospace, and power generation sectors are adopting fuel cells due to their efficiency and sustainability. Research and development activities are further improving the efficiency and cost-competitiveness of fuel cells. Major market players are placing greater emphasis on strategic alliances and technological advancements to increase their market share. The growing focus on minimizing carbon emissions is also speeding up the fuel cell adoption process in different industries. For instance, EKPO Fuel Cell Technologies GmbH offers customer-specific developments for each integration stage and high-performance standard solutions. These include PEM fuel cell modules with stack-related peripherals, PEMFC stack modules for integration into customer systems, and various stack components such as metallic bipolar plates or end plates and media modules.
Stationary: A Key Segment in Market Growth
Stationary fuel cells have significant applications in the energy sector to power from single-family homes to large commercial centers. These fuel cells have applications across a range of markets, such as telecommunications, retail, residential, data centers, and among others. In the US, fuel cells are currently used for backup power in over 40 states.
As per the Fuel Cell & Hydrogen Energy Association (FCHEA), many companies across the globe are adopting stationary fuel cells for primary and backup power. These companies include AT&T, Adobe, Apple, CBS, Cox Communications, Coca-Cola, Delmarva Power, Honda, eBay, Google, Walmart, Microsoft, and others. According to H2Tools, in 2022, the US had a total of 852 active stationary fuel cell installations, with a combined capacity of 550.6 megawatts (MW). The majority of these installations were located in California, Connecticut, and New York.
Regional Outlook
The global fuel cell market is further divided by geography, including North America (the US and Canada), Europe (the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, Australia and New Zealand, ASEAN Countries, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Research and Development Investment in North America
The North American fuel cell market is experiencing phenomenal growth owing to increasing research and development investment. Enhancements in fuel cell technology are making them more efficient and longer-lasting, more viable for commercial applications. Expansion in hydrogen refueling infrastructure is driving wider applications across various industries. Industry-academia collaboration is fueling innovation in fuel cell applications. The increasing number of fuel cell makers and suppliers in the region is making the supply chain stronger. Additionally, the use of fuel cells in backup power systems and grid stabilization is also driving market growth. According to the US Department of Energy (DOE), in October 2024, DOE announced up to $46 million to advance hydrogen and fuel cell technologies and drive national goals. Projects funded under this NOFO improve the performance of technologies for hydrogen production, hydrogen infrastructure, and fuel cells, and will demonstrate hydrogen and fuel cells in a new, high-impact application.
Asia-Pacific Region Dominates the Market with Major Share
Asia-Pacific fuel cell market is expanding steadily owing to increasing demand for clean technologies for energy and government incentives driving the uptake of hydrogen fuel. Urbanization and industrialization are driving good demand for sustainable, efficient power generation technologies. Improvements in fuel cell technology, coupled with falling production costs, are also driving market growth. Countries such as Japan, South Korea, and China are leading the adoption of fuel cell systems in transportation, domestic, and industrial uses. According to the International Energy Agency, in January 2023, China targets to bring 50,000 hydrogen fuel-cell vehicles on the road by 2025 and to build several hydrogen refueling stations. Governments' supportive policies, incentives, and investment in hydrogen fuel infrastructure are fueling the market growth. In addition, rising environmental concerns and reducing carbon emission targets are catalyzing the shift toward fuel cell-based energy solutions.
Market Players Outlook
The major companies operating in the global fuel cell market include Ballard Power Systems Inc., Ceres Power Holdings plc, FuelCell Energy Inc., Honeywell International Inc., and Plug Power Inc., among others. Market players are leveraging partnerships, collaborations, mergers and acquisition strategies for business expansion and innovative product development to maintain their market positioning.
Recent Developments
- In February 2025, Toyota Motor Corp. (Toyota) announced that it had developed a new fuel cell (FC) system, its third-generation fuel cell system (3rd Gen FC System), as part of its continued efforts toward the realization of a hydrogen society. The all-new 3rd Gen FC System is designed to meet the particular needs of the commercial sector with the same durability as conventional diesel-powered engines. Additionally, the new system features significant improvements in performance, including fuel efficiency and a significant reduction in costs compared to the prior version.
- In February 2025, Bloom Energy, in power solutions, announced an expansion of its longstanding relationship with Equinix, the world's digital infrastructure company. The collaboration now exceeds 100MW of electricity capacity to support Equinix's International Business Exchange (IBX) data centers across the US. Bloom's fuel cells allow Equinix to generate on-site power at its data centers more sustainably than typical grid-delivered energy. Bloom's systems also deliver clean power with virtually zero air pollution and no water use and provide an option when faced with grid constraints of capacity or distribution.
- In June 2024, HDF Energy (Hydrogene de France), manufacturer of high-power fuel cells and developer of large-scale hydrogen infrastructure, announced that the European Commission has approved French financial support for its industrial project within the framework of the IPCEIs (Important Projects of Common European Interest). The grant, worth up to €172 million ($186.1 million), will be dedicated to the development and industrialization of high-power hydrogen fuel cells at HDF Energy's plant near Bordeaux.
The Report Covers:
- Market value data analysis of 2024 and forecast to 2035.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global fuel cell market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market.
Table of Contents
1. Report Summary
- Current Industry Analysis and Growth Potential Outlook
- Global Fuel Cell Market Sales Analysis - Type | Application| ($ Million)
- Fuel Cell Market Sales Performance of Top Countries
- 1.1. Research Methodology
- Primary Research Approach
- Secondary Research Approach
- 1.2. Market Snapshot
2. Market Overview and Insights
- 2.1. Scope of the Study
- 2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Fuel Cell Industry Trends
- 2.2.2. Market Recommendations
- 2.3. Porter's Five Forces Analysis for the Fuel Cell Market
- 2.3.1. Competitive Rivalry
- 2.3.2. Threat of New Entrants
- 2.3.3. Bargaining Power of Suppliers
- 2.3.4. Bargaining Power of Buyers
- 2.3.5. Threat of Substitutes
3. Market Determinants
- 3.1. Market Drivers
- 3.1.1. Drivers For Global Fuel Cell Market: Impact Analysis
- 3.2. Market Pain Points and Challenges
- 3.2.1. Restraints For Global Fuel Cell Market: Impact Analysis
- 3.3. Market Opportunities
4. Competitive Landscape
- 4.1. Competitive Dashboard - Fuel Cell Market Revenue and Share by Manufacturers
- Fuel Cell Product Comparison Analysis
- Top Market Player Ranking Matrix
- 4.2. Key Company Analysis
- 4.2.1. Ballard Power Systems Inc.
- 4.2.1.1. Overview
- 4.2.1.2. Product Portfolio
- 4.2.1.3. Financial Analysis (Subject to Data Availability)
- 4.2.1.4. SWOT Analysis
- 4.2.1.5. Business Strategy
- 4.2.2. Ceres Power Holdings plc
- 4.2.2.1. Overview
- 4.2.2.2. Product Portfolio
- 4.2.2.3. Financial Analysis (Subject to Data Availability)
- 4.2.2.4. SWOT Analysis
- 4.2.2.5. Business Strategy
- 4.2.3. FuelCell Energy Inc.
- 4.2.3.1. Overview
- 4.2.3.2. Product Portfolio
- 4.2.3.3. Financial Analysis (Subject to Data Availability)
- 4.2.3.4. SWOT Analysis
- 4.2.3.5. Business Strategy
- 4.2.4. Honeywell International Inc.
- 4.2.4.1. Overview
- 4.2.4.2. Product Portfolio
- 4.2.4.3. Financial Analysis (Subject to Data Availability)
- 4.2.4.4. SWOT Analysis
- 4.2.4.5. Business Strategy
- 4.2.5. Plug Power Inc.
- 4.2.5.1. Overview
- 4.2.5.2. Product Portfolio
- 4.2.5.3. Financial Analysis (Subject to Data Availability)
- 4.2.5.4. SWOT Analysis
- 4.2.5.5. Business Strategy
- 4.3. Top Winning Strategies by Market Players
- 4.3.1. Merger and Acquisition
- 4.3.2. Product Launch
- 4.3.3. Partnership And Collaboration
5. Global Fuel Cell Market Sales Analysis by Type ($ Million)
- 5.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- 5.2. Solid Oxide Fuel Cell (SOFC)
- 5.3. Molten Carbonate Fuel Cell (MCFC)
- 5.4. Phosphoric Acid Fuel Cell (PAFC)
- 5.5. Others (Alkaline Fuel Cell (AFC) and Direct Methanol Fuel Cell (DMFC))
6. Global Fuel Cell Market Sales Analysis by Application ($ Million)
- 6.1. Stationary
- 6.2. Portable
- 6.3. Transportation
7. Regional Analysis
- 7.1. North American Fuel Cell Market Sales Analysis - Type | Application| Country ($ Million)
- Macroeconomic Factors for North America
- 7.1.1. United States
- 7.1.2. Canada
- 7.2. European Fuel Cell Market Sales Analysis - Type |Application| Country ($ Million)
- Macroeconomic Factors for Europe
- 7.2.1. UK
- 7.2.2. Germany
- 7.2.3. Italy
- 7.2.4. Spain
- 7.2.5. France
- 7.2.6. Russia
- 7.2.7. Rest of Europe
- 7.3. Asia-Pacific Fuel Cell Market Sales Analysis - Type |Application| Country ($ Million)
- Macroeconomic Factors for Asia-Pacific
- 7.3.1. China
- 7.3.2. Japan
- 7.3.3. South Korea
- 7.3.4. India
- 7.3.5. Australia & New Zealand
- 7.3.6. ASEAN Countries (Thailand, Indonesia, Vietnam, Singapore, And Other)
- 7.3.7. Rest of Asia-Pacific
- 7.4. Rest of the World Fuel Cell Market Sales Analysis - Type | Application| Country ($ Million)
- Macroeconomic Factors for the Rest of the World
- 7.4.1. Latin America
- 7.4.2. Middle East and Africa
8. Company Profiles
- 8.1. AFC Energy plc
- 8.1.1. Quick Facts
- 8.1.2. Company Overview
- 8.1.3. Product Portfolio
- 8.1.4. Business Strategies
- 8.2. Ballard Power Systems Inc.
- 8.2.1. Quick Facts
- 8.2.2. Company Overview
- 8.2.3. Product Portfolio
- 8.2.4. Business Strategies
- 8.3. Bloom Energy
- 8.3.1. Quick Facts
- 8.3.2. Company Overview
- 8.3.3. Product Portfolio
- 8.3.4. Business Strategies
- 8.4. Ceres Power Holdings plc
- 8.4.1. Quick Facts
- 8.4.2. Company Overview
- 8.4.3. Product Portfolio
- 8.4.4. Business Strategies
- 8.5. Doosan Fuel Cell Co., Ltd.
- 8.5.1. Quick Facts
- 8.5.2. Company Overview
- 8.5.3. Product Portfolio
- 8.5.4. Business Strategies
- 8.6. Elcogen AS
- 8.6.1. Quick Facts
- 8.6.2. Company Overview
- 8.6.3. Product Portfolio
- 8.6.4. Business Strategies
- 8.7. ElringKlinger AG
- 8.7.1. Quick Facts
- 8.7.2. Company Overview
- 8.7.3. Product Portfolio
- 8.7.4. Business Strategies
- 8.8. FuelCell Energy, Inc.
- 8.8.1. Quick Facts
- 8.8.2. Company Overview
- 8.8.3. Product Portfolio
- 8.8.4. Business Strategies
- 8.9. Fuji Electric Co., Ltd.
- 8.9.1. Quick Facts
- 8.9.2. Company Overview
- 8.9.3. Product Portfolio
- 8.9.4. Business Strategies
- 8.10. Honeywell International Inc.
- 8.10.1. Quick Facts
- 8.10.2. Company Overview
- 8.10.3. Product Portfolio
- 8.10.4. Business Strategies
- 8.11. HyAxiom, Inc.
- 8.11.1. Quick Facts
- 8.11.2. Company Overview
- 8.11.3. Product Portfolio
- 8.11.4. Business Strategies
- 8.12. INOCEL
- 8.12.1. Quick Facts
- 8.12.2. Company Overview
- 8.12.3. Product Portfolio
- 8.12.4. Business Strategies
- 8.13. Intelligent Energy Ltd.
- 8.13.1. Quick Facts
- 8.13.2. Company Overview
- 8.13.3. Product Portfolio
- 8.13.4. Business Strategies
- 8.14. Johnson Matthey
- 8.14.1. Quick Facts
- 8.14.2. Company Overview
- 8.14.3. Product Portfolio
- 8.14.4. Business Strategies
- 8.15. Mitsubishi Heavy Industries, Ltd.
- 8.15.1. Quick Facts
- 8.15.2. Company Overview
- 8.15.3. Product Portfolio
- 8.15.4. Business Strategies
- 8.16. Nedstack Fuel Cell Technology BV
- 8.16.1. Quick Facts
- 8.16.2. Company Overview
- 8.16.3. Product Portfolio
- 8.16.4. Business Strategies
- 8.17. Nuvera Fuel Cells, LLC
- 8.17.1. Quick Facts
- 8.17.2. Company Overview
- 8.17.3. Product Portfolio
- 8.17.4. Business Strategies
- 8.18. Plug Power Inc.
- 8.18.1. Quick Facts
- 8.18.2. Company Overview
- 8.18.3. Product Portfolio
- 8.18.4. Business Strategies
- 8.19. PowerCell Sweden AB
- 8.19.1. Quick Facts
- 8.19.2. Company Overview
- 8.19.3. Product Portfolio
- 8.19.4. Business Strategies
- 8.20. Proton Power Systems plc
- 8.20.1. Quick Facts
- 8.20.2. Company Overview
- 8.20.3. Product Portfolio
- 8.20.4. Business Strategies
- 8.21. SFC Energy AG
- 8.21.1. Quick Facts
- 8.21.2. Company Overview
- 8.21.3. Product Portfolio
- 8.21.4. Business Strategies
- 8.22. Shanghai Shenli Technology Co., Ltd.
- 8.22.1. Quick Facts
- 8.22.2. Company Overview
- 8.22.3. Product Portfolio
- 8.22.4. Business Strategies
- 8.23. Toshiba Corp.
- 8.23.1. Quick Facts
- 8.23.2. Company Overview
- 8.23.3. Product Portfolio
- 8.23.4. Business Strategies