Fuel Cell Market Size - By Product (PEMFC, DMFC, SOFC, PAFC & AFC, MCFC), By Application (Stationary, Portable, Transport), 2025 – 2034

Fuel Cell Market Size

The global fuel cell market size was valued at more than USD 7.29 billion in 2024 and is anticipated to reach USD 18.41 billion by 2034, growing at a CAGR of 9.8% from 2025 to 2034. Shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy will sway business growth. For instance, according to IEA 2023, more than 40 countries are setting out national hydrogen strategies across the globe owing to rapid expansion of low emissions hydrogen.
 

Technological advancements to making fuel cells more competitive with conventional energy sources coupled with robust regulatory support including financial incentives, tax credits, grants, and subsidies will augment the industry landscape. Moreover, ongoing initiatives to mitigate climate change and reduce greenhouse gas emissions aligned with clean and low-emission characteristics of fuel cells will favor the product adoption.
 

Introduction of emission reduction targets and energy efficiency standards by policy makers has upsurged the global demand for these cells across numerous applications. Growing deployment of FC car shipments by both global & regional manufacturers coupled with introduction of targets by the developing economies will augment the fuel cell market landscape. For instance, the Chinese government set a target of attaining 50,000 FCEVs on the roads by 2025, with a continued focus on heavy duty over passenger cars.
 

Extensive funding has been provided by several financial institutions including Credit Suisse, GSV Capital, and Emerald Technology to improvise and explore modern technology. For citation, in April 2021, the U.S. Department of Energy initiated over USD 162 million to fund fuel cells and hydrogen projects and those engaged in reducing vehicle-based carbon emissions.
 

Ongoing establishment of a hydrogen infrastructure, including refueling stations along the rail routes, is crucial for the widespread adoption of fuel cell technology in railways. For instance, in June 2022, Linsinger Machinenbau of Austria highlighted its MG11 Hydrogen milling train. Further, the hybrid powertrain consists of a 150 kW fuel cell module from Proton Motor evaluated in service in November 2022.
 

Fuel Cell Market Trends

• Continuous innovations in materials such as advanced ceramics and electrode compositions for improved efficiency and durability of solid oxide fuel cells coupled with large scale product deployment to provide power will accelerate the business potential. For instance, in August 2023, Bloom Energy installed the first phase of 10 MW solid oxide fuel cell for Unimicron Technology Corp. in Taiwan to provide reliable and clean power with quick delivery to customers who need immediate power.
   
• Introduction of research vessels or green technology coupled with collaborations by various industry leaders to develop hydrogen powered concepts will drive the product penetration. For instance, in November 2022, TECO 2030 along with its partners Blom Maritime AS, Shell, Umoe, Ektank AB, Advanced Composites AS, Neste Oyj, FKAB Marine Design, and The Arctic University of Norway, announced the retrofitting of a product tanker with 2.4 MW FC system for demonstration in 2024.
   
• Growing focus on small planes and shortest flights, increased technology testing in the field, increased investment funding along with supply agreements and collaborative partnerships will drive the business landscape. For instance, in October 2022, ZeroAvia entered into an agreement with PowerCell for the supply of five thousand 100 kW FC stacks. In addition, innovations comprising the development of electric vertical takeoff and landing (eVTOL) aircraft and small unmanned aerial vehicles (UAVs) will support longer flight durations and increase operational efficiency, thereby driving the business outlook.
   

Fuel Cell Market Analysis

• Based on product, the market is segmented as PEMFC, DMFC, SOFC, PAFC & AFC and MCFC. The fuel cell industry amounted to USD 6.36 billion, USD 6.76 billion and USD 7.29 billion in 2022, 2023 and 2024, respectively.
   
• The PEMFC is set to reach more than USD 8.7 billion by 2034 owing to operation at comparatively low temperatures and ability to modify power output based on the electricity requirements. The ease-of-accessibility across various power range, high electric efficiency, and significant power-to-area ratio are some of the other prominent features that will augment the product penetration over the years. For instance, in May 2023, Nedstack Fuel Cell Technology BV partnered with RWTH Aachen University’s Chair of Production Engineering to support achieve the EU’s goal of achieving net-zero emissions by 2050.
   
• The SOFC market will grow at a CAGR of over 9.5% through 2034 owing to efficient operation at various scales, from residential to industrial coupled with the increasing demand for distributed energy. Ongoing integration with other technologies, such as gas turbines and energy storage systems along with increasing emphasis on hydrogen as a clean energy carrier aligning with the capabilities of SOFCs will contribute to energy transition. For instance, in April 2024, Nuvera Fuel Cells were awarded more than USD 14 million of investment tax credits by the us IRS as part of the qualifying advanced energy project tax credit 48 C funded by the Inflation Reduction Act. 
   
• The PAFC & AFCs segment will grow at over 10% CAGR through 2034, owing to ability to operate efficiently in space conditions and provide reliable power are used across aerospace, including the space industry and military applications, thereby creating new avenues for the manufacturers. To cite an instance, in June 2024, AFC Energy announced the delivery of its highest power rated 200kW H-Power Generator in the light to medium ( 50kW) duty generator class.
   
• PAFCs are recognized for their long operating life and reliability. These characteristics make them well-suited for stationary applications where consistent and durable performance is essential, leading to reduced maintenance requirements and enhanced system longevity. Moreover, fuel cells operating at higher temperatures are set to gain attention for specific industrial applications and distributed power generation, thereby stimulating the market landscape. To cite an instance, Doosan supplied a total of 1,197 units in Korea including PAFC equipped with 90% combined efficiency.
   

• Based on application, the fuel cell market is segmented as stationary, portable and transport. Transport segment accounted for 78.5% market share in 2024 owing to growing electrical efficiency of the technology coupled with introduction of new regional standards will continue to drive the commercialization of large capacity fuel cells.
   
• Inorganic growth strategies adopted by the leading market players including Toyota, Toshiba and Panasonic among others will further influence the market statistics. For instance, in August 2022, Toyota collaborated with NREL, to build, install and evaluate a one MW PEM fuel cell power generation system to be used at NREL's Flatirons Campus in Colorado.
   
• The stationary fuel cell market is likely to exceed USD 4.3 billion by 2034 on the account of ability to provide on-site and continuous power for various applications in conjunction with hybrid systems integrating fuel cells with solar or wind power. Additionally, increasing integration of these system with renewable energy sources in line with ongoing advancements and development of fuel cell technology will propel to industry scenario. For instance, in March 2023, NUVERA FUEL CELLS, LLC launched the Nuvera G-Series fuel cell stationary power generators.
   
• The portable segment is likely to attain over 14% CAGR till 2034 on account of wide applications across skid-mounted fuel cell generators, portable soldier power, auxiliary power units, torches, cameras, mp3 players, printers, laptops, radios, and vine trimmers. Longer run time, rapid recharging, reduced weight, reliability, convenience, and low operating cost are some of the prominent features that will reassure the adoption of fuel cells in portable  devices. For instance, in 2025, SFC Energy entered in an agreement with FC TecNrgy to provide portable FC solutions including the JENNY 600 S, to be used by India Defence Forces.
   

• The U.S. fuel cell market size surpassed USD 1.5 billion, USD 1.51 billion and 1.54 billion in 2022, 2023 and 2024, respectively. North America will grow at a CAGR of more than 6.1% through 2034. In addition, emphasis on energy efficiency and the reduction of GHG emissions along with supportive government policies, incentives, and subsidies will increase the industry potential. For instance, in August 2022, the Inflation Reduction Act (IRA) was passed & signed into law by the U.S. government, which will accelerate the adoption of fuel cells.
   
• Europe fuel cell market will grow at a CAGR of over 9.5% through 2034 on account of growing adoption across transport application. Major players including Daimler and Hyundai are focusing on the technological advancement in design and development of fuel cells which has also led to more efficient and comparatively low-cost product across the region. For citation, the Daimler AG truck unit in joint venture with Volvo AB has introduced plans to manufacture hydrogen fuel cells in Europe in 2025 in line with favorable EU policies toward the adoption of zero-emission technology.
   
• Asia Pacific fuel cell market will contribute to the business momentum owing to significant backing of hydrogen potential in the countries including Australia, South Korea and Japan. In Australia, the Clean Energy Finance Corporation initiated the Advancing Hydrogen Fund of around USD 300 million to foster the commercial and technical viability of hydrogen in the country. In addition to this, the Australian Renewable Energy Agency (ARENA) invested USD 1.28 million for the establishment of the Australian Hydrogen Centre, thereby contributing to the market growth.
   
• The low cost of hydrogen production in remote dessert locations have created an enormous potential for hydrogen fuel cell technology across the Middle East, Africa, and Latin America. In September 2021, the Development Bank of Southern Africa (DBSA) and the Industrial Development Corporation (IDC) of South Africa announced its plans to fund the stationary fuel cell project in South Africa to encourage the local production of fuel cell units in the country.
   

Fuel Cell Market Share

• Top 5 players operating in the industry include The major industry players involved in manufacturing and assembling of fuel cell include Cummins, Ballard Power System, Fuji Electric, Toshiba Corporation, and Plug Power. Collaborations and partnerships between fuel cell manufacturers, energy companies, and automotive manufacturers will contribute to the market growth.
   
• In addition, joint ventures and strategic alliances enhance research capabilities, expand the market reach, and foster innovation across the fuel cell industry. The industry is widely funded by private and public investment firms that are providing financial support for innovation and research & development. The industry is widely funded by private and public investment firms that are providing financial support for innovation and research & development over the years.
   

Fuel Cell Market Companies

• Ballard Power Systems has three facilities spanning over 22,000 m², producing over 1 GW of MEA’s and fuel cell stacks. The company has manufacturing facilities in the U.S. and Denmark with joint venture operations in China. There are about 1 GW fuel cells shipped to date. It recently introduced the new FCmove XD fuel cell engine scalable from 120-360kW offering an ideal solution for Class 6 to 8 trucks.
   
• Bloom Energy specializes in the design, manufacture, and installation of solid oxide fuel cell systems for on-site power generation. The company’s flagship product, the Bloom Energy Server, is a SOFC that provides reliable and efficient power solutions for various industries. Further, the company entered in a strategic venture with Equinix, exceeding 100 MW of electricity capacity to support Equinix’s International Business ExchangeTM data centers located across the United States.
   
• Plug Power specializes in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. The company offers a wide range of hydrogen fuel cell solutions. In January 2025, Plug Power secured a USD 1.6 billion loan guarantee from the U.S. DOE to build up to six green hydrogen manufacturing facilities across the country.
   

Eminent players operating in the fuel cell market are:

• Cummins
• Ballard Power Systems
• Plug Power
• Nuvera Fuel Cells
• Nedstack Fuel Cell Technology
• Bloom Energy
• Panasonic Corporation
• Doosan Fuel Cell
• Aisin Corporation
• Ceres
• SFC Energy
• Toshiba Corporation
• Robert Bosch
• TW Horizon Fuel Cell Technologies
• AFC Energy
• FuelCell Energy
• Fuji Electric
• Hyundai Motor Company
   

Fuel Cell Industry News

• In March 2024, Ballard Power Systems received grant from the U.S. DOE combined with additional credits from the Internal Revenue Service amounting to USD 94 Million. It further includes USD 30 Million grant for advanced PEM, MEA’s and automated stack assembly along with USD 10 Million for a next gen bipolar plate manufacturing line. Further, USD 54 Million will support clean energy manufacturing projects to bolster clean energy supply chain across the U.S.
   
• In May 2023, Hyundai Motor Company commercialized its new XCIENT fuel cell tractor for the North America commercial vehicle market. The invention of the class 8 fuel cell electric model allowed the company to support hydrogen mobility and achieve carbon neutrality. Thus, the launch of this product enhanced the company’s position in the region.
   
• In July 2023, SFC Energy and FCTecNrgy launched the combined hydrogen & methanol fuel cell manufacturing unit in India. The aim of this initiative is to establish a climate-friendly economy and make German technology more accessible in India. The facility manufactures stationary & mobile fuel cells, which produce clean power based on hydrogen and methanol. Through this venture, the company will successfully contribute to the local production of clean energy across the country.
   
• In November 2022, Cummins Inc. signed an MoU with Tata Motors to design & develop low & zero emission propulsion solutions for commercial vehicles in India. These solutions include fuel cells, battery EV systems, and internal combustion engines. The aim of the collaboration is to encourage and develop green mobility across the country and bring innovative hydrogen technologies across the sector. The company has significantly increased its customer base with its fuel cell technology.
   

This fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2021 to 2034 for the following segments:

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Market, By Product

• PEMFC
• DMFC
• SOFC
• PAFC & AFC
• MCFC

Market, By Application

• Stationary
  • 200 kW
  • 200 kW - 1 MW
  • ≥ 1 MW
• Portable
• Transport
  • Marine
  • Railways
  • FCEVs
  • Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
• Asia Pacific
  • Japan
  • South Korea
  • China
  • India
  • Philippines
  • Vietnam
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil
  • Peru
  • Mexico