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Fuel Cell Market Share

Report ID: GMI621
Published Date: Jan 2024
Report Format: PDF

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Fuel Cell Market Share

Fuel Cell Company Market Share, 2023 (%)

Collaborations and partnerships between fuel cell manufacturers, energy companies, and automotive manufacturers will contribute to the industry progression. In addition, joint ventures and strategic alliances enhance research capabilities, expand the market reach.

Fuel Cell Market Companies

Eminent players operating in the Fuel Cell industry are:

Cummins Inc.
Ballard Power Systems
PLUG POWER INC.
NUVERA FUEL CELLS, LLC.
Nedstack Fuel Cell Technology BV
Bloom Energy
Panasonic Corporation
Doosan Fuel Cell Co., Ltd.
AISIN CORPORATION
Ceres
SFC Energy AG
TOSHIBA CORPORATION
Robert Bosch GmbH
TW Horizon Fuel Cell Technologies
AFC Energy PLC
FuelCell Energy, Inc.
Fuji Electric Co., Ltd.
Hyundai Motor Company

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Global market for fuel cell surpassed USD 6.75 billion in 2023 and is estimated to be worth more than USD 16.7 billion by 2032, attributed to the shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy.

SOFC (solid oxide fuel cell) market is set to expand at over 11% CAGR from 2024- 2032 attributed to its increasing demand for widespread application at various scales, from residential to industrial, coupled with the higher need for distributed energy.

North America industry is poised to expand at over 6% CAGR between 2024 and 2032 owing to the increasing need to provide grid support services, including peak shaving, load balancing, and grid stability

Some of the major fuel cell industry players are Ballard Power Systems, Cummins Inc., NUVERA FUEL CELLS, LLC., Bloom Energy, Panasonic Corporation, Doosan Fuel Cell Co., Ltd., TOSHIBA CORPORATION, FuelCell Energy, Inc., Fuji Electric Co., Ltd., and Hyundai Motor Company, among others.