Fuel Cell Market To Reach $36.98 Billion By 2030 | CAGR 27.1%

Fuel Cell Market Growth & Trends

The global fuel cell market size is expected to reach USD 36.98 billion by 2030, exhibiting a CAGR of 27.1% from 2024 to 2030, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.

North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.

Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.

Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas, and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles.

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Fuel Cell Market Report Highlights

• Proton exchange membrane fuel cell (PEMFC) accounted for more than 60.0% of the global market in terms of revenue in 2023. PEMFC is widely used in applications such as forklifts, automobiles, telecommunications, primary systems, and backup power systems.

• Based on Components, the fuel cell market has been segmented into stack and balance of plant. In 2023, the stack segment accounted for the largest share of more than 60.0% in the global fuel cell market.

• The hydrocarbon segment accounted for the largest share of over 90.0% in 2023, owing to extensive infrastructure for production, transportation, and storage of hydrocarbons is already in place, making them readily available and affordable.

• On the basis of size, the fuel cell market is categorized into small-scale and large-scale. The large-scale holds a share of about 70.0% in 2023 of the global fuel cell market.

• Stationary fuel cells dominated the global market in terms of revenue, accounting for a market share of more than 69.0% in 2023, owing to the increasing demand for fuel cells from distributed generation facilities and backup power applications.

• Based on End-use, the fuel cell market has been segmented into transportation, commercial & Industrial, residential, data center, military & defense, and utilities & government.

• Asia Pacific held a significant revenue share of more than 65% in 2023 and is expected to grow at the fastest CAGR over the forecast period.

Fuel Cell Market Segmentation

Grand View Research has segmented the global fuel cell market report based on product, components, fuel, size, application, and end-use, and region:

Fuel Cell Product Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• PEMFC

• PAFC

• SOFC

• MCFC

• AFC

• Others

Fuel Cell Components Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• Stack

• Balance of Plant

Fuel Cell Fuel Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• Hydrogen

• Ammonia

• Methanol

• Ethanol

• Hydrocarbon

Fuel Cell Size Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• Small-scale

• Large-scale

Fuel Cell Application Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• Stationary

• Transportation

• Portable

Fuel Cell End-use Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• Residential

• Commercial & Industrial

• Transportation

• Data Centers

• Military & Defense

• Utilities & Government

Fuel Cell Regional Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • U.K.

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • South Korea

  • India

  • Taiwan

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players of Fuel Cell Market

• Ballard Power Systems

• Bloom Energy

• Ceres Power Holdings PLC

• Doosan Fuel Cell America, Inc.

• FuelCell Energy, Inc.

• Hydrogenics Corporation

• Nedstack Fuel Cell Technology B.V.

• Nuvera Fuel Cells LLC

• Plug Power, Inc.

• SFC Energy AG