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Stationary Fuel Cell Market Trends

Report ID: GMI5221
Published Date: Nov 2024
Report Format: PDF

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Stationary Fuel Cell Market Trends

Ongoing subsidies, grants, and tax incentives by national governments, especially in Europe, the U.S., and parts of Asia, will support the product development and deployment. Increasing push for net-zero emissions targets and clean energy mandates has led to regulatory frameworks that encourage the use of hydrogen and fuel cells. Moreover, the surging demand for large multi-megawatt units to supply electricity to off-grid areas is bolstering the market's outlook.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global stationary fuel cell market was valued at USD 1.59 billion in 2024 and is estimated to grow at a 12.3% CAGR from 2025 to 2034, driven by efforts to establish a hydrogen economy.

The 3 – 10 kW segment is anticipated to reach more than USD 600 million by 2034, due to its ability to reduce grid dependency and enhance power availability.

The industry/utility segment is estimated to grow at a CAGR of 11.5% through 2034, fueled by government mandates and increased funding for technology development.

The Europe stationary fuel cell market is projected to surpass USD 510 million by 2034, led by growing R&D efforts and government initiatives like the European Union's Green Deal and Hydrogen strategy.

Key players in the stationary fuel cell industry include Altergy, AFC Energy, Bloom Energy, Ballard Power Systems, Cummins, Doosan Fuel Cell, Fuji Electric, Fuel Cell Energy, GenCell, poscoenergy, Plug Power, NUVERA FUEL CELLS, Siemens Energy, SFC Energy, and Toshiba Corporation.