Dublin, Jan. 22, 2026 (GLOBE NEWSWIRE) — The “Fuel Cell Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031” has been added to ResearchAndMarkets.com’s offering.
The Global Fuel Cell Market is projected to expand from USD 9.45 Billion in 2025 to USD 28.43 Billion by 2031, growing at a CAGR of 20.15%. Fuel cells, which are electrochemical devices that convert fuel and oxidant energy directly into electricity and heat without combustion, are seeing increased demand driven by strict international decarbonization mandates and the need for energy diversification. These drivers are accelerating the deployment of fuel cell systems in stationary power generation and heavy transport, offering a reliable, low-emission alternative to conventional fossil fuel technologies.
According to the Hydrogen Council, the number of clean hydrogen projects reaching final investment decisions rose to 434 globally in 2024, with a committed capital of USD 75 billion. Despite this influx of investment, the market faces significant challenges due to the high cost and limited availability of hydrogen refueling infrastructure. This logistical bottleneck creates operational inefficiencies and restricts accessibility, which could severely hinder the scalable commercialization of fuel cell applications across broader markets.
Market Drivers
The implementation of supportive government policies and financial incentives acts as a primary catalyst for the Global Fuel Cell Market. Governments worldwide are allocating substantial capital through grants and tax credits to de-risk hydrogen technology adoption and reduce energy costs, bridging the price gap between fuel cells and fossil fuel alternatives. For instance, the European Commission’s ‘European Hydrogen Bank Auction Results’ in April 2024 awarded nearly €720 million to seven renewable hydrogen projects, providing the financial stability necessary for private stakeholders to commit to long-term strategies and helping manufacturers achieve economies of scale.
The accelerated adoption of Fuel Cell Electric Vehicles (FCEVs) in commercial transportation is another critical driver, particularly within heavy-duty logistics and municipal sectors. Fuel cells offer the high energy density and rapid refueling required for long-haul trucking that battery-electric solutions struggle to match, leading to tangible fleet upgrades. According to the China Association of Automobile Manufacturers, sales of fuel cell vehicles reached 5,798 units in 2023, while the International Energy Agency reported that the global stock of FCEVs hit approximately 87,000 units in 2024, underscoring the rising demand for reliable fuel cell stacks in the mobility sector.
Market Challenges
The high cost and limited availability of hydrogen refueling infrastructure constitute a critical barrier to the scalable expansion of the Global Fuel Cell Market. This logistical deficiency creates a severe operational gap for commercial fleet operators who require guaranteed route reliability and rapid refueling, deterring the transition to Fuel Cell Electric Vehicles (FCEVs) due to fears of downtime. Consequently, the lack of a ubiquitous fueling network restricts the addressable market, confining deployment to niche regional corridors rather than enabling widespread commercial adoption.
Furthermore, the significant capital expenditure required for specialized storage, compression, and dispensing equipment discourages rapid infrastructure development, as high upfront costs are difficult to justify without a mature vehicle fleet. According to the Hydrogen Council, while over 1,150 hydrogen refueling stations were operational globally in 2024, this figure remains insufficient for mass market penetration compared to established fossil fuel or electric vehicle networks. This infrastructure disparity effectively caps market growth, preventing the industry from fully capitalizing on international decarbonization mandates.
Market Trends
The integration of Solid Oxide Fuel Cells (SOFCs) as primary power sources for data centers is redefining the market landscape as digital infrastructure providers seek to bypass utility grid constraints. The exponential growth of artificial intelligence and cloud computing has generated an urgent need for reliable, off-grid energy to support continuous hyperscale operations, moving SOFCs from backup roles to primary generation assets. Highlighting this shift, Bloom Energy announced a landmark supply agreement in November 2024 for up to 1 gigawatt of solid oxide fuel cells with AEP, specifically to meet the power loads of AI-driven data centers.
Simultaneously, the expansion of hydrogen propulsion into maritime and rail sectors is diversifying the addressable market beyond traditional road transportation. Maritime stakeholders are increasingly adopting high-power, modular fuel cell stacks to comply with decarbonization mandates on routes where battery electrification is unfeasible, moving from pilot testing to commercial scaling. Demonstrating this momentum, PowerCell Group finalized a contract in September 2024 to deliver 56 marine fuel cell units to a leading Italian original equipment manufacturer, representing one of the largest marine fuel cell orders to date.
Key Players Profiled in the Fuel Cell Market
- Ballard Power Systems Inc.
- Horizon Fuel Cell Technologies Pte. Ltd.
- Toshiba Energy Systems & Solutions Corporation
- FuelCell Energy Inc.
- Plug Power Inc.
- Nuvera Fuel Cells LLC
- Intelligent Energy Limited
- SFC Energy AG
- Mitsubishi Power Ltd.
- Cummins Inc.
Report Scope
In this report, the Global Fuel Cell Market has been segmented into the following categories:
Fuel Cell Market, by Type:
Fuel Cell Market, by Application:
- Portable
- Stationary
- Fuel Cell Vehicles
Fuel Cell Market, by Size:
Fuel Cell Market, by Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2025 – 2031 |
| Estimated Market Value (USD) in 2025 | $9.45 Billion |
| Forecasted Market Value (USD) by 2031 | $28.43 Billion |
| Compound Annual Growth Rate | 20.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/da6mba
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
