We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info . X close

Fuel Cell Market

Report Code EP 2762
Published in Jul, 2025, By MarketsandMarkets™
Download PDF

Choose License Type

Buy Report Now Inquire Before Buying

Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, FCVs), End User (Residential, Commercial & Industrial, Transportation, Data Center, Military), Size, Fuel Type, Component and Region - Global Forecast to 2030

Overview

The global fuel cell market is projected to reach USD 18.16 billion by 2030 from USD 5.66 billion in 2025, registering a CAGR of 26.3%. The global fuel cell market is experiencing significant growth, fueled by the trend toward low-emission and sustainable energy solutions for transportation, power generation, and industrial applications. A supportive political environment, ambitious decarbonization targets, and the development of hydrogen infrastructure all contribute to increased fuel cell technology adoption. Advances in efficiency, new materials, and reduced costs allow fuel cells to expand beyond industrialized nations into developing regions. Major organizations are enhancing their global presence through manufacturing, partnerships, and more integrated service options to meet rising demand.

Fuel Cell Market

Attractive Opportunities in the Fuel Cell Market

ASIA PACIFIC

Asia Pacific's leading position is attributed to its large-scale deployment of FCEVs and hydrogen infrastructure, facilitated by strong policy frameworks.

Expanding fuel cell plants and government support for hydrogen infrastructure propel the growth of the fuel cell market.

Contracts & agreements and partnerships are likely to offer lucrative opportunities for the market players during the forecast period.

The fuel cell market is driven by the rising global demand for cleaner energy and the need for energy security.

Asia Pacific is likely to be the largest market during the forecast period.

Global Fuel Cell Market Dynamics

Driver: Burgeoning adoption of low-carbon vehicles to address climate change

As the conversation on the world’s environment and use of limited resources becomes increasingly relevant, and since it has been established that vehicle emissions contribute over 15% of global greenhouse gas (GHG) emissions, fuel cell vehicles (FCVs) have become a major force  as a new mode of transport. Worldwide governments are seeking alternative and renewable power sources for transport to lower their carbon footprint and fight climate change. With FCVs able to produce zero CO2 emissions during vehicle operation, the use of FCVs in the transportation sector is expected to grow. Many enterprises are making significant efforts to develop fuel cell vehicles (FCVs) as a key product for the future. Aligned with the global trend toward sustainable and environmentally friendly transportation solutions, several countries, including Canada, Finland, France, Japan, Mexico, the Netherlands, Norway, Sweden, and India, are accelerating the deployment of electric vehicles. This initiative is part of campaigns such as EV30@30, which aims for at least 30% of vehicle sales to be electric by 2030.

Restraint: High flammability of hydrogen

Hydrogen is highly flammable with an ignition energy of 0.02 millijoules (one 14th that of gasoline) and a flammability range in air of 4–75% lancastercairport.com. If it is exposed to a static discharge, the resulting spark can cause an explosion. The flammability range in air is 4–75% and the explosive limits are 18.3 and 59%, well above the range of several flammable fuels. These two issues create a much more complex and expensive Domestic Hydrogen Economy. For instance, hydrogen has to be stored at very high pressure (up to 700 bars) or cryogenic (T = 20 K, P < 10 bar) temperature, with heavy and costly containers. Hydrogen fires produce few visible cues during daylight hours, making detecting and suppressing fires more difficult in case of a leak or accident.

 

Opportunity: Implementation of incentive programs to support distributed power generation

The increasing use of renewable energy sources, such as solar photovoltaics (PV) and wind energy, can lead to grid instability due to the variable nature of these energy sources. As a result, there are times when the energy supply from the grid is insufficient to meet consumer demand. Decentralized solutions, such as Distributed Generation (DG), are being explored to address this gap. In the UK, individual companies generating electricity on their premises are encouraged to adopt DG, especially with low-carbon fuels, including natural gas. In response to the transition toward cleaner technologies, such as fuel cells and solar PV, incentives are being introduced for fuel cell-based DG systems.

Hydrogen fuel cells are increasingly integrated into new energy systems alongside renewable energy sources to create hybrid power systems. Any excess solar and wind energy not consumed can be used to produce hydrogen, which can then be stored and converted back into electricity as needed. This approach enhances energy security and provides a dispatchable, zero-emission electricity-generating source that helps balance renewable energy production with the energy demands of data centers.

Challenge: High adoption of BEVs with increasing investment in lithium-ion batteries

Advancements in technology and the increasing demand for electric vehicles are driving down the cost of battery storage, making it significantly cheaper than hydrogen for energy storage. Major suppliers in Asia Pacific, Europe, and North America are ramping up their manufacturing investments in lithium-ion batteries to meet the rising demand for electric vehicles and other energy needs. According to the International Energy Agency (IEA), global sales of electric cars set new records in 2024, even as the coronavirus pandemic posed challenges to the auto industry. A key factor contributing to this surge is that electric models have become more affordable. In 2024, electric vehicle sales exceeded 17 million units worldwide, making up over 20% of all car sales. Notably, the 3.5 million additional electric cars sold in 2024 compared to 2023 surpass the total number sold globally in 2020.

China accounted for almost 60% of all new electric car registrations worldwide in 2023. Electric vehicles made up more than 35% of total car sales in China that year, an increase from 29% in 2022. In stark contrast, worldwide sales of fuel cell electric vehicles reached only about 14,500 units in 2023, representing a drop of approximately 30.2% compared to 2022 sales. This highlights the clear market performance distinction between battery-electric and fuel-cell vehicles.

Global Fuel Cell Market Ecosystem Analysis

A few established and financially stable service providers dominate the fuel cell market. Their capacity to adapt to market dynamics and consistently deliver high-quality solutions and services makes them key players in meeting the needs of the renewable energy sector. Notable companies in this market include Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), and SFC Energy AG (Germany).

Top Companies in Fuel Cell Market

Note: The above diagram only shows the representation of the Fuel Cell Market ecosystem; it is not limited to the companies represented above.
Source: Secondary Research and MarketsandMarkets Analysis

 

Transportation segment, by end user, accounted for prominent market share in 2024

The fuel cell market was dominated by the transportation segment in 2024. Governments and industry players are increasingly focusing on fuel cell electric vehicles (FCEVs), which are particularly suited for public transportation, heavy-duty trucking, rail, and marine applications where batteries often fall short in terms of range and refueling speed. To some extent, countries such as Japan, South Korea, China, Germany, and the US are investing in hydrogen mobility infrastructure. Thousands of fuel cell buses and trucks are already in operation, and national targets are being established to scale up these deployments further. The continuous establishment of hydrogen corridors, refueling stations, and fleet projects is enhancing the prospects of this segment. Additionally, progress is being made in developing lightweight fuel cell stacks, hydrogen storage solutions, and system integration, all of which aim to reduce fuel cell vehicle costs. With flexible deployment options, extended ranges, and quick refueling times, fuel cell vehicles are poised to achieve a significant impact on low-emission transportation systems in the long term.

Balance of plant segment to record highest CAGR during forecast period

The market's balance of plant (BoP) segment includes air compressors, humidifiers, heat exchangers, pumps, power electronics, and control systems. This segment is experiencing significant growth, driven by the increasing deployment of fuel cell systems in stationary, mobility, and portable applications. Because a base fuel cell stack cannot operate effectively, BoP components are essential for system stability, safety, and performance. As fuel cell systems expand to meet various applications, such as backup power, distributed generation, and hydrogen vehicles, the importance of BoP systems continues to rise. Efficient and compact BoP systems enhance overall operation, provide rapid response times, and improve water and thermal management.

Additionally, modular BoP designs, lightweight materials, and digital control architectures are simplifying these systems, reducing costs, and accelerating fuel cell market time.

Asia Pacific to account for largest share of fuel cell market

The Asia Pacific region holds the largest share of the global fuel cell market, driven by rapidly growing energy demand, a strong push for cleaner fuel alternatives, and the strategic need to secure energy supplies through fuel cells. Countries such as Japan and South Korea have established comprehensive national hydrogen strategies that promote the deployment of fuel cells across residential, transportation, and industrial sectors.

The ENE-FARM program has led to significant advancements in residential fuel cells in Japan. Meanwhile, South Korea focuses on utility-scale fuel cell power plants and public hydrogen transit systems. China is quickly advancing toward mass production of fuel cell vehicles and infrastructure as part of a broader decarbonization initiative. The Asia Pacific region has maintained a mature supply chain, attracted global manufacturers, and retained a technological edge through regional collaboration, public–private partnerships, and clear policy frameworks. These factors have positioned the region at the forefront of global fuel cell adoption.

LARGEST MARKET IN 2024
CHINA TO BE FASTEST-GROWING MARKET IN ASIA PACIFIC
Fuel Cell Market by region

Recent Developments of Fuel Cell Market

  • In March 2025, Doosan Fuel Cell Co., Ltd., collaborating with Korea Hydro & Nuclear Power (KHNP), Airrane, and KECC, developed and demonstrated Korea's first carbon capture technology designed explicitly for hydrogen fuel cells. This initiative aimed to enhance the environmental sustainability of hydrogen power generation. The project involved redesigning hydrogen fuel cells, integrating membrane capture systems, and installing these technologies at the Maritime Industry Cluster Harbor in Yeosu Gwangyang Port. Pilot operations for this project were completed by January 2025.
  • In December 2024, Bloom Energy partnered with HPS Investment Partners and Industrial Development Funding to finance clean energy projects. Through this collaboration, they secured approximately USD 125 million to support the deployment of Bloom’s Energy Servers and microgrid solutions. The goal is to provide reliable, low-emission power to customers through Power Purchase Agreements (PPAs), allowing them to access energy without any upfront costs. This partnership will help Bloom expand its project pipeline and offer HPS and IDF new investment opportunities in clean energy solutions.
  • In October 2024, SFC Energy AG completed the acquisition of Ballard Power Systems Europe A/S’s small stationary hydrogen fuel cell business. This acquisition includes intellectual property, customer contracts, and service agreements. This strategic move enhances SFC's portfolio by adding 1.7 kW and 5 kW PEM fuel cell solutions, strengthening its presence in Northern Europe. With approximately 400 installed systems across Denmark, Norway, Sweden, and Finland, the acquisition provides a solid foundation for market expansion.
  • In February 2024, using hydrogen fuel cell technology, Plug Power Inc. partnered with Uline to enhance material handling operations at Uline's new campus in Kenosha, Wisconsin. The USD 20 million expansion includes an 18,000-gallon hydrogen storage tank, 17 dispensers for four distribution centers, and 250 fuel cell forklifts, bringing the total to 520 fuel cell-powered vehicles across ten facilities.

Key Market Players

List of Top Fuel Cell Market Companies

The Fuel Cell Market is dominated by a few major players that have a wide regional presence. The major players in the Fuel Cell Market are

Want to explore hidden markets that can drive new revenue in Fuel Cell Market?

Scope of the Report

Report Attribute Details
Market size available for years 2020–2030
Base year considered 2024
Forecast period 2025–2030
Forecast units Value (USD million)/Volume (MW)
Segments Covered by type, Fuel type, Component, Application,  Size, and End User
Regions covered North America, Europe, Asia Pacific, RoW

Key Questions Addressed by the Report

What was the size of the fuel cell market in 2024?

The fuel cell market will be worth USD 5.66 billion in 2025.

What are the major drivers for the fuel cell market?

Key factors driving the fuel cell market include faster refueling times, the more extended range of fuel cell electric vehicles (FCEVs) compared to battery electric vehicles (BEVs), and an increasing focus on decarbonizing the maritime industry.

Which will be the biggest market for fuel cells during the forecast period?

Asia Pacific is estimated to dominate the fuel cell market during the forecast period.

Which will be the largest segment, by type, in the fuel cell market during the forecast period?

The solid oxide segment is likely to account for the largest market share during the forecast period.

Which will be the fastest-growing segment, by size, in the fuel cell market during the forecast period?

The small-scale (up to 200 kW) segment is projected to register the highest CAGR during the forecast period.

Adjacent Markets

Request Bundle Reports

Personalize This Research

  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
Request A Free Customisation

Let Us Help You

  • What are the Known and Unknown Adjacencies Impacting the Fuel Cell Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
Customized Workshop Request

Table of Contents

Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.

TITLE
PAGE NO
INTRODUCTION
29
RESEARCH METHODOLOGY
35
EXECUTIVE SUMMARY
48
PREMIUM INSIGHTS
53
MARKET OVERVIEW
57
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    - Burgeoning adoption of low-carbon vehicles to address climate change
    - Rising implementation of strict carbon emission regulations
    - Quicker refueling time and longer range of FCEVs than BEVs
    - Growing emphasis on decarbonizing maritime industry
    RESTRAINTS
    - Requirement for expensive materials and complex manufacturing processes
    - High flammability of hydrogen
    OPPORTUNITIES
    - Implementation of incentive programs to support distributed power generation
    - Governments’ focus on initiating hydrogen programs
    CHALLENGES
    - High adoption of BEVs with increasing investment in lithium-ion batteries
    - Supply chain bottlenecks and lack of infrastructure for hydrogen production and refueling
  • 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • 5.4 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE, 2020–2024
    PRICING RANGE OF FUEL CELLS OFFERED BY KEY PLAYERS, BY TYPE, 2024
    AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION, 2020–2024
    PRICING TREND OF FUEL CELLS, BY COMPONENT, 2018–2024
  • 5.5 SUPPLY CHAIN ANALYSIS
  • 5.6 ECOSYSTEM ANALYSIS
  • 5.7 TECHNOLOGY ANALYSIS
    KEY TECHNOLOGIES
    - Reversible fuel cells
    - Anion-exchange membrane fuel cells
    COMPLEMENTARY TECHNOLOGIES
    - Electrolyzers
    - Hydrogen refueling stations
    ADJACENT TECHNOLOGIES
    - Battery electric vehicles
    - Hydrogen internal combustion engines (H2-ICE)
  • 5.8 CASE STUDY ANALYSIS
    WALMART IMPLEMENTS BLOOM ENERGY SERVER FUEL CELLS TO ADVANCE RENEWABLE ENERGY TARGETS
    SOUTHERN LINC PARTNERS WITH PLUG POWER TO DEPLOY GENSURE HYDROGEN FUEL CELL BACKUP SYSTEMS TO PROVIDE CONTINUOUS SERVICES DURING OUTAGES
    ENVIRONMENT AGENCY ADOPTS EFOY PRO DIRECT METHANOL FUEL CELL TO ENSURE POWER RELIABILITY
  • 5.9 PATENT ANALYSIS
  • 5.10 TRADE ANALYSIS
    IMPORT SCENARIO (HS CODE 280410)
    EXPORT SCENARIO (HS CODE 280410)
  • 5.11 KEY CONFERENCES AND EVENTS, 2025–2026
  • 5.12 REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    REGULATIONS
  • 5.13 PORTER’S FIVE FORCES ANALYSIS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF SUPPLIERS
    BARGAINING POWER OF BUYERS
    THREAT OF NEW ENTRANTS
    INTENSITY OF COMPETITIVE RIVALRY
  • 5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
  • 5.15 INVESTMENT AND FUNDING SCENARIO
  • 5.16 IMPACT OF AI/GEN AI ON FUEL CELL MARKET
    IMPACT ON MANUFACTURING & PROCESS OPTIMIZATION
    IMPACT ON SYSTEM MONITORING & OPERATION
    IMPACT ON MAINTENANCE & LIFECYCLE MANAGEMENT
  • 5.17 GLOBAL MACROECONOMIC OUTLOOK
    INTRODUCTION
    GOVERNMENT POLICIES AND SUBSIDIES
    ENERGY TRANSITION AND DECARBONIZATION GOALS
    INVESTMENT TRENDS AND PRIVATE SECTOR ACTIVITIES
    ECONOMIC CHALLENGES AND RISKS
  • 5.18 IMPACT OF 2025 US TARIFF ON FUEL CELL MARKET
    INTRODUCTION
    KEY TARIFF RATES
    PRICE IMPACT ANALYSIS
    IMPACT ON COUNTRIES/REGIONS
    - US
    - Europe
    - Asia Pacific
    IMPACT ON APPLICATIONS
FUEL CELL MARKET, BY TYPE
97
  • 6.1 INTRODUCTION
  • 6.2 PROTON-EXCHANGE MEMBRANE
    HIGH PREFERENCE IN TRANSPORTATION, PORTABLE POWER, AND SMALL-SCALE STATIONARY POWER APPLICATIONS TO DRIVE MARKET
  • 6.3 SOLID OXIDE
    HIGH EFFICIENCY AND LOW EMISSIONS TO ACCELERATE SEGMENTAL GROWTH
  • 6.4 PHOSPHORIC ACID
    DURABILITY AND HIGH EFFICIENCY IN COGENERATION TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 6.5 ALKALINE
    MINIMAL THERMAL DEGRADATION OF COMPONENTS AND HIGH ELECTRICAL EFFICIENCY TO FUEL SEGMENTAL GROWTH
  • 6.6 MICROBIAL
    ABILITY TO TREAT WASTEWATER WHILE SIMULTANEOUSLY GENERATING POWER TO BOOST SEGMENTAL GROWTH
  • 6.7 DIRECT METHANOL
    USE IN PORTABLE AND SMALL-SCALE POWER APPLICATIONS TO FOSTER SEGMENTAL GROWTH
  • 6.8 OTHER FUEL CELL TYPES
FUEL CELL MARKET, BY COMPONENT
117
  • 7.1 INTRODUCTION
  • 7.2 STACK
    PRECISE DESIGN AND QUALITY TO CONTRIBUTE TO SEGMENTAL GROWTH
    INTERCONNECTS
    END PLATES
    SEALINGS
    OTHER STACK COMPONENTS
  • 7.3 BALANCE OF PLANT (BOS)
    ABILITY TO OPTIMIZE PERFORMANCE, SAFETY, AND RELIABILITY OF FUEL CELLS TO FOSTER SEGMENTAL GROWTH
    HEAT TRANSFER COMPONENTS
    POWER ELECTRONICS & CONTROL SYSTEMS
    INSTRUMENTS & SENSORS
    FUEL REFORMERS & DESULFURIZERS
    OTHER BOP COMPONENTS
FUEL CELL MARKET, BY SIZE
124
  • 8.1 INTRODUCTION
  • 8.2 SMALL-SCALE (UP TO 200 KW)
    COMPACT FOOTPRINT, EFFICIENT OPERATION, AND ABILITY TO FUNCTION IN OFF-GRID OR BACKUP SCENARIOS TO DRIVE MARKET
  • 8.3 LARGE-SCALE (ABOVE 200 KW)
    EMPHASIS ON ALIGNING WITH NATIONAL ENERGY STRATEGIES TO FOSTER SEGMENTAL GROWTH
FUEL CELL MARKET, BY FUEL TYPE
129
  • 9.1 INTRODUCTION
  • 9.2 HYDROGEN
    EMERGENCE AS ENVIRONMENT-FRIENDLY ALTERNATIVE TO COMBUSTION-BASED POWER SOURCE TO SPUR DEMAND
  • 9.3 AMMONIA
    ZERO CARBON EMISSIONS AND COST-EFFICIENCY FEATURES TO AUGMENT SEGMENTAL GROWTH
  • 9.4 METHANOL
    EASY STORAGE AND TRANSPORTATION DUE TO HIGH ENERGY DENSITY TO EXPEDITE SEGMENTAL GROWTH
  • 9.5 OTHER FUEL TYPES
    FUEL CELL MARKET, BY APPLICATION
FUEL CELL MARKET, BY APPLICATION
134
  • 10.1 INTRODUCTION
  • 10.2 PORTABLE
    HIGHER ENERGY DENSITY THAN CONVENTIONAL BATTERIES TO FUEL SEGMENTAL GROWTH
  • 10.3 STATIONARY
    PRIMARY POWER GENERATION SYSTEMS
    - Rising deployment to supply baseload electricity and CHP to contribute to segmental growth
    BACKUP POWER SYSTEMS
    - Global push for low-emission technologies to accelerate segmental growth
    CHP SYSTEMS
    - Strong focus on addressing global warming and conserving energy to augment segmental growth
  • 10.4 FUEL CELL VEHICLES
    PASSENGER LIGHT-DUTY FUEL CELL VEHICLES
    - Increasing sales of passenger light-duty vehicles to fuel segmental growth
    FUEL CELL BUSES
    - Rising emphasis on decarbonizing public transport networks to boost segmental growth
    FUEL CELL TRUCKS
    - Increasing availability of zero-emission vehicles for heavy-duty transport to drive market
    OTHER FUEL CELL VEHICLES
FUEL CELL MARKET, BY END USER
151
  • 11.1 INTRODUCTION
  • 11.2 RESIDENTIAL
    SURGING CLEAN ENERGY DEMAND FOR SPACE HEATING AND COOLING TO FUEL SEGMENTAL GROWTH
  • 11.3 COMMERCIAL & INDUSTRIAL
    HIGH EFFICIENCY AND SUITABILITY OF FUEL CELLS FOR BASE-LOAD POWER TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 11.4 TRANSPORTATION
    GOVERNMENTAL SUPPORT FOR ZERO-EMISSION VEHICLES TO BOOST SEGMENTAL GROWTH
  • 11.5 DATA CENTERS
    MOUNTING ADOPTION OF FUEL CELLS AS CLEAN AND RELIABLE POWER SOURCE TO AUGMENT SEGMENTAL GROWTH
  • 11.6 MILITARY & DEFENSE
    RISING NEED FOR RELIABLE POWER SOURCES FOR COMMUNICATION SYSTEMS AND SURVEILLANCE SENSORS TO DRIVE MARKET
  • 11.7 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES
    GROWING FOCUS ON MEETING LOCAL OR STATE-MANDATED EMISSION TARGETS TO BOLSTER SEGMENTAL GROWTH
FUEL CELL MARKET, BY REGION
163
  • 12.1 INTRODUCTION
  • 12.2 ASIA PACIFIC
    CHINA
    - Rising implementation of policies to reach carbon neutrality to boost market growth
    JAPAN
    - Growing focus on climate change mitigation to augment market growth
    SOUTH KOREA
    - Increasing use of green hydrogen to curb carbon emissions to accelerate market growth
    REST OF ASIA PACIFIC
  • 12.3 NORTH AMERICA
    US
    - Growing network of hydrogen refueling stations to contribute to market growth
    CANADA
    - Strategic commitment to expand hydrogen and fuel cell usage as part of climate targets to drive market
  • 12.4 EUROPE
    UK
    - Increasing financial aid for clean technology deployment to boost market growth
    GERMANY
    - Escalating hydrogen energy production to accelerate market growth
    ITALY
    - Rising implementation of subsidies for hydrogen initiatives to fuel market growth
    REST OF EUROPE
  • 12.5 ROW
    MIDDLE EAST & AFRICA
    - Rising exploration of hydrogen to diversify energy portfolio to accelerate market growth
    LATIN AMERICA
    - Increasing investment to build green hydrogen economy to boost market growth
COMPETITIVE LANDSCAPE
237
  • 13.1 OVERVIEW
  • 13.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025
  • 13.3 MARKET SHARE ANALYSIS, 2024
  • 13.4 REVENUE ANALYSIS, 2020–2024
  • 13.5 COMPANY VALUATION AND FINANCIAL METRICS
  • 13.6 PRODUCT COMPARISON
  • 13.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT: KEY PLAYERS, 2024
    - Company footprint
    - Region footprint
    - Type footprint
    - Application footprint
    - End user footprint
  • 13.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024
    - Detailed list of key startups/SMEs
    - Competitive benchmarking of key startups/SMEs
    COMPETITIVE SCENARIO
    - Product launches
    - Deals
    - Expansions
    - Others developments
COMPANY PROFILES
262
  • 14.1 KEY PLAYERS
    BLOOM ENERGY
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    PLUG POWER INC.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    AISIN CORPORATION
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    DOOSAN FUEL CELL CO., LTD.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    SFC ENERGY AG
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    BALLARD POWER SYSTEMS
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    FUELCELL ENERGY, INC.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    KYOCERA CORPORATION
    - Business overview
    - Products/Solutions/Services offered
    CUMMINS INC.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    MITSUBISHI HEAVY INDUSTRIES, LTD.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    TOSHIBA CORPORATION
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    NEDSTACK FUEL CELL TECHNOLOGY
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    ELRINGKLINGER AG
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    POWERCELL SWEDEN AB
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    AFC ENERGY
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    FUJI ELECTRIC CO., LTD.
    - Business overview
    - Products/Solutions/Services offered
  • 14.2 OTHER PLAYERS
    INTELLIGENT ENERGY LIMITED
    HORIZON FUEL CELL TECHNOLOGIES
    HYSTER-YALE MATERIALS HANDLING, INC.
    ADELAN
    MICRORGANIC TECHNOLOGIES
    AVL
    WATT FUEL CELL
    PROTON MOTOR FUEL CELL GMBH
    ECOSPRAY TECHNOLOGIES S.R.L.
    SPECIAL POWER SOURCES
    GENCELL LTD.
    VERSOGEN
    AQUACYCL
    SOLYDERA SPA
APPENDIX
341
  • 15.1 INSIGHTS FROM INDUSTRY EXPERTS
  • 15.2 DISCUSSION GUIDE
  • 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 15.4 CUSTOMIZATION OPTIONS
  • 15.5 RELATED REPORTS
  • 15.6 AUTHOR DETAILS
LIST OF TABLES
 
  • TABLE 1 LIST OF PRIMARY INTERVIEW PARTICIPANTS
  • TABLE 2 KEY DATA FROM PRIMARY SOURCES
  • TABLE 3 FUEL CELL MARKET SNAPSHOT
  • TABLE 4 POLICIES TO STIMULATE HYDROGEN USE IN MAJOR ECONOMIES
  • TABLE 5 AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE, 2020–2024 (USD/KW)
  • TABLE 6 PRICING RANGE OF FUEL CELLS OFFERED BY KEY PLAYERS, BY TYPE, 2024 (USD/KW)
  • TABLE 7 AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION, 2020–2024 (USD/KW)
  • TABLE 8 COST SUMMARY FOR PROTON-EXCHANGE MEMBRANE (PEM) STACK COMPONENTS, 2018–2022 (USD)
  • TABLE 9 COST SUMMARY FOR PEM BALANCE OF PLANT (BOP) COMPONENTS, 2018–2022 (USD)
  • TABLE 10 COST SUMMARY FOR 80-KW FUEL CELL VEHICLES, 2018–2024 (USD)
  • TABLE 11 COST SUMMARY FOR 160-KW MEDIUM-DUTY FUEL CELL VEHICLES, 2018–2024 (USD)
  • TABLE 12 ROLE OF COMPANIES IN FUEL CELL MARKET ECOSYSTEM
  • TABLE 13 LIST OF KEY PATENTS, 2024–2025
  • TABLE 14 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND)
  • TABLE 15 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND)
  • TABLE 16 LIST OF KEY CONFERENCES AND EVENTS, 2025–2026
  • TABLE 17 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 18 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 19 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 20 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • TABLE 21 REGULATIONS
  • TABLE 22 PORTER’S FIVE FORCES ANALYSIS
  • TABLE 23 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)
  • TABLE 24 KEY BUYING CRITERIA, BY APPLICATION
  • TABLE 25 US-ADJUSTED RECIPROCAL TARIFF RATES
  • TABLE 26 EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON END-USE MARKETS DUE TO TARIFF IMPACT
  • TABLE 27 MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 28 MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 29 MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 30 MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 31 PROTON-EXCHANGE MEMBRANE: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 32 PROTON-EXCHANGE MEMBRANE: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 33 PROTON-EXCHANGE MEMBRANE: MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 34 PROTON-EXCHANGE MEMBRANE: MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 35 PROTON-EXCHANGE MEMBRANE: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 36 PROTON-EXCHANGE MEMBRANE: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 37 SOLID OXIDE: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 38 SOLID OXIDE: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 39 SOLID OXIDE: MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 40 SOLID OXIDE: MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 41 SOLID OXIDE: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 42 SOLID OXIDE: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 43 PHOSPHORIC ACID: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 44 PHOSPHORIC ACID: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 45 PHOSPHORIC ACID: MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 46 PHOSPHORIC ACID: MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 47 PHOSPHORIC ACID: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 48 PHOSPHORIC ACID: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 49 ALKALINE: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 50 ALKALINE: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 51 ALKALINE: MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 52 ALKALINE: MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 53 ALKALINE: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 54 ALKALINE: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 55 MICROBIAL: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 56 MICROBIAL: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 57 MICROBIAL: MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 58 MICROBIAL: MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 59 MICROBIAL: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 60 MICROBIAL: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 61 DIRECT METHANOL: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 62 DIRECT METHANOL: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 63 DIRECT METHANOL: MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 64 DIRECT METHANOL: MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 65 DIRECT METHANOL: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 66 DIRECT METHANOL: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 67 MARKET, BY COMPONENT, 2020–2024 (USD MILLION)
  • TABLE 68 MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
  • TABLE 69 STACK: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 70 STACK: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 71 BALANCE OF PLANT (BOS): MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 72 BALANCE OF PLANT (BOS): MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 73 MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 74 MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 75 SMALL-SCALE (UP TO 200 KW): MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 76 SMALL-SCALE (UP TO 200 KW): MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 77 LARGE-SCALE (ABOVE 200 KW): MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 78 LARGE-SCALE (ABOVE 200 KW): MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 79 MARKET, BY FUEL TYPE, 2020–2024 (USD MILLION)
  • TABLE 80 MARKET, BY FUEL TYPE, 2025–2030 (USD MILLION)
  • TABLE 81 MARKET: BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 82 MARKET: BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 83 PORTABLE: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 84 PORTABLE: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 85 STATIONARY: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 86 STATIONARY: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 87 STATIONARY: MARKET, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 88 STATIONARY: MARKET, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 89 STATIONARY: MARKET FOR PRIMARY POWER GENERATION SYSTEMS, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 90 STATIONARY: MARKET FOR PRIMARY POWER GENERATION SYSTEMS, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 91 STATIONARY: MARKET FOR BACKUP POWER SYSTEMS, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 92 STATIONARY: MARKET FOR BACKUP POWER SYSTEMS, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 93 STATIONARY: MARKET FOR CHP SYSTEMS, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 94 STATIONARY: MARKET FOR CHP SYSTEMS, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 95 FUEL CELL VEHICLES: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 96 FUEL CELL VEHICLES: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 97 FUEL CELL VEHICLES: MARKET, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 98 FUEL CELL VEHICLES: MARKET, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 99 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 100 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 101 FUEL CELL BUSES: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 102 FUEL CELL BUSES: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 103 FUEL CELL TRUCKS: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 104 FUEL CELL TRUCKS: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 105 OTHER FUEL CELL VEHICLES: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 106 OTHER FUEL CELL VEHICLES: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 107 MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 108 MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 109 RESIDENTIAL: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 110 RESIDENTIAL: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 111 COMMERCIAL & INDUSTRIAL: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 112 COMMERCIAL & INDUSTRIAL: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 113 TRANSPORTATION: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 114 TRANSPORTATION: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 115 DATA CENTERS: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 116 DATA CENTERS: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 117 MILITARY & DEFENSE: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 118 MILITARY & DEFENSE: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 119 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 120 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 121 MARKET, BY REGION, 2020–2024 (MW)
  • TABLE 122 MARKET, BY REGION, 2025–2030 (MW)
  • TABLE 123 MARKET, BY REGION, 2020–2024 (USD MILLION)
  • TABLE 124 MARKET, BY REGION, 2025–2030 (USD MILLION)
  • TABLE 125 ASIA PACIFIC: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 126 ASIA PACIFIC: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 127 ASIA PACIFIC: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 128 ASIA PACIFIC: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 129 ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 130 ASIA PACIFIC: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 131 ASIA PACIFIC: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 132 ASIA PACIFIC: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 133 ASIA PACIFIC: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 134 ASIA PACIFIC: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 135 ASIA PACIFIC: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 136 ASIA PACIFIC: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 137 ASIA PACIFIC: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 138 ASIA PACIFIC: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 139 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2024 (MW)
  • TABLE 140 ASIA PACIFIC: MARKET, BY COUNTRY, 2025–2030 (MW)
  • TABLE 141 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2024 (USD MILLION)
  • TABLE 142 ASIA PACIFIC: MARKET, BY COUNTRY, 2025–2030 (USD MILLION)
  • TABLE 143 CHINA: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 144 CHINA: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 145 CHINA: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 146 CHINA: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 147 CHINA: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 148 CHINA: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 149 CHINA: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 150 CHINA: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 151 CHINA: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 152 CHINA: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 153 JAPAN: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 154 JAPAN: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 155 JAPAN: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 156 JAPAN: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 157 JAPAN: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 158 JAPAN: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 159 JAPAN: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 160 JAPAN: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 161 JAPAN: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 162 JAPAN: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 163 SOUTH KOREA: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 164 SOUTH KOREA: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 165 SOUTH KOREA: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 166 SOUTH KOREA: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 167 SOUTH KOREA: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 168 SOUTH KOREA: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 169 SOUTH KOREA: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 170 SOUTH KOREA: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 171 SOUTH KOREA: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 172 SOUTH KOREA: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 173 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 174 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 175 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 176 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 177 REST OF ASIA PACIFIC: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 178 REST OF ASIA PACIFIC: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 179 REST OF ASIA PACIFIC: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 180 REST OF ASIA PACIFIC: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 181 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 182 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 183 NORTH AMERICA: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 184 NORTH AMERICA: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 185 NORTH AMERICA: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 186 NORTH AMERICA: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 187 NORTH AMERICA: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 188 NORTH AMERICA: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 189 NORTH AMERICA: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 190 NORTH AMERICA: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 191 NORTH AMERICA: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 192 NORTH AMERICA: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 193 NORTH AMERICA: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 194 NORTH AMERICA: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 195 NORTH AMERICA: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 196 NORTH AMERICA: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 197 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2024 (MW)
  • TABLE 198 NORTH AMERICA: MARKET, BY COUNTRY, 2025–2030 (MW)
  • TABLE 199 NORTH AMERICA: MARKET, BY COUNTRY, 2020–2024 (USD MILLION)
  • TABLE 200 NORTH AMERICA: MARKET, BY COUNTRY, 2025–2030 (USD MILLION)
  • TABLE 201 US: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 202 US: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 203 US: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 204 US: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 205 US: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 206 US: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 207 US: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 208 US: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 209 US: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 210 US: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 211 CANADA: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 212 CANADA: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 213 CANADA: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 214 CANADA: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 215 CANADA: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 216 CANADA: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 217 CANADA: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 218 CANADA: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 219 CANADA: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 220 CANADA: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 221 EUROPE: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 222 EUROPE: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 223 EUROPE: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 224 EUROPE: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 225 EUROPE: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 226 EUROPE: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 227 EUROPE: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 228 EUROPE: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 229 EUROPE: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 230 EUROPE: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 231 EUROPE: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 232 EUROPE: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 233 EUROPE: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 234 EUROPE: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 235 EUROPE: MARKET, BY COUNTRY, 2020–2024 (MW)
  • TABLE 236 EUROPE: MARKET, BY COUNTRY, 2025–2030 (MW)
  • TABLE 237 EUROPE: MARKET, BY COUNTRY, 2020–2024 (USD MILLION)
  • TABLE 238 EUROPE: MARKET, BY COUNTRY, 2025–2030 (USD MILLION)
  • TABLE 239 UK: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 240 UK: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 241 UK: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 242 UK: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 243 UK: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 244 UK: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 245 UK: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 246 UK: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 247 UK: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 248 UK: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 249 GERMANY: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 250 GERMANY: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 251 GERMANY: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 252 GERMANY: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 253 GERMANY: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 254 GERMANY: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 255 GERMANY: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 256 GERMANY: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 257 GERMANY: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 258 GERMANY: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 259 ITALY: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 260 ITALY: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 261 ITALY: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 262 ITALY: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 263 ITALY: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 264 ITALY: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 265 ITALY: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 266 ITALY: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 267 ITALY: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 268 ITALY: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 269 REST OF EUROPE: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 270 REST OF EUROPE: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 271 REST OF EUROPE: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 272 REST OF EUROPE: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 273 REST OF EUROPE: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 274 REST OF EUROPE: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 275 REST OF EUROPE: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 276 REST OF EUROPE: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 277 REST OF EUROPE: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 278 REST OF EUROPE: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 279 ROW: MARKET, BY TYPE, 2020–2024 (MW)
  • TABLE 280 ROW: MARKET, BY TYPE, 2025–2030 (MW)
  • TABLE 281 ROW: MARKET, BY TYPE, 2020–2024 (USD MILLION)
  • TABLE 282 ROW: MARKET, BY TYPE, 2025–2030 (USD MILLION)
  • TABLE 283 ROW: MARKET, BY APPLICATION, 2020–2024 (USD MILLION)
  • TABLE 284 ROW: MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
  • TABLE 285 ROW: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 286 ROW: MARKET FOR STATIONARY, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 287 ROW: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2020–2024 (USD MILLION)
  • TABLE 288 ROW: MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2025–2030 (USD MILLION)
  • TABLE 289 ROW: MARKET, BY END USER, 2020–2024 (USD MILLION)
  • TABLE 290 ROW: MARKET, BY END USER, 2025–2030 (USD MILLION)
  • TABLE 291 ROW: MARKET, BY SIZE, 2020–2024 (USD MILLION)
  • TABLE 292 ROW: MARKET, BY SIZE, 2025–2030 (USD MILLION)
  • TABLE 293 MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, APRIL 2020–MAY 2025
  • TABLE 294 MARKET: DEGREE OF COMPETITION, 2024
  • TABLE 295 MARKET: REGION FOOTPRINT
  • TABLE 296 MARKET: TYPE FOOTPRINT
  • TABLE 297 MARKET: APPLICATION FOOTPRINT
  • TABLE 298 MARKET: END USER FOOTPRINT
  • TABLE 299 MARKET: DETAILED LIST OF KEY STARTUPS/SMES
  • TABLE 300 MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES
  • TABLE 301 MARKET: PRODUCT LAUNCHES, APRIL 2020–MAY 2025
  • TABLE 302 MARKET: DEALS, APRIL 2020–MAY 2025
  • TABLE 303 MARKET: EXPANSIONS, APRIL 2020–MAY 2025
  • TABLE 304 MARKET: OTHER DEVELOPMENTS, APRIL 2020–MAY 2025
  • TABLE 305 BLOOM ENERGY: COMPANY OVERVIEW
  • TABLE 306 BLOOM ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 307 BLOOM ENERGY: PRODUCT LAUNCHES
  • TABLE 308 BLOOM ENERGY: DEALS
  • TABLE 309 BLOOM ENERGY: OTHER DEVELOPMENTS
  • TABLE 310 PLUG POWER INC.: COMPANY OVERVIEW
  • TABLE 311 PLUG POWER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 312 PLUG POWER INC.: PRODUCT LAUNCHES
  • TABLE 313 PLUG POWER INC.: DEALS
  • TABLE 314 PLUG POWER INC.: EXPANSIONS
  • TABLE 315 PLUG POWER INC.: OTHER DEVELOPMENTS
  • TABLE 316 AISIN CORPORATION: COMPANY OVERVIEW
  • TABLE 317 AISIN CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 318 AISIN CORPORATION: DEALS
  • TABLE 319 DOOSAN FUEL CELL CO., LTD.: COMPANY OVERVIEW
  • TABLE 320 DOOSAN FUEL CELL CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 321 DOOSAN FUEL CELL CO., LTD.: DEALS
  • TABLE 322 DOOSAN FUEL CELL CO., LTD.: EXPANSIONS
  • TABLE 323 DOOSAN FUEL CELL CO., LTD.: OTHER DEVELOPMENTS
  • TABLE 324 SFC ENERGY AG: COMPANY OVERVIEW
  • TABLE 325 SFC ENERGY AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 326 SFC ENERGY AG: DEALS
  • TABLE 327 SFC ENERGY AG: OTHER DEVELOPMENTS
  • TABLE 328 BALLARD POWER SYSTEMS: COMPANY OVERVIEW
  • TABLE 329 BALLARD POWER SYSTEMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 330 BALLARD POWER SYSTEMS: PRODUCT LAUNCHES
  • TABLE 331 BALLARD POWER SYSTEMS: DEALS
  • TABLE 332 BALLARD POWER SYSTEMS: OTHER DEVELOPMENTS
  • TABLE 333 FUELCELL ENERGY, INC.: COMPANY OVERVIEW
  • TABLE 334 FUELCELL ENERGY, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 335 FUELCELL ENERGY, INC.: DEALS
  • TABLE 336 FUELCELL ENERGY, INC.: OTHER DEVELOPMENTS
  • TABLE 337 KYOCERA CORPORATION: COMPANY OVERVIEW
  • TABLE 338 KYOCERA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 339 CUMMINS INC.: COMPANY OVERVIEW
  • TABLE 340 CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 341 CUMMINS INC.: DEALS
  • TABLE 342 CUMMINS INC.: EXPANSIONS
  • TABLE 343 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW
  • TABLE 344 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 345 MITSUBISHI HEAVY INDUSTRIES, LTD.: DEVELOPMENTS
  • TABLE 346 TOSHIBA CORPORATION: COMPANY OVERVIEW
  • TABLE 347 TOSHIBA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 348 TOSHIBA CORPORATION: DEALS
  • TABLE 349 TOSHIBA CORPORATION: OTHER DEVELOPMENTS
  • TABLE 350 NEDSTACK FUEL CELL TECHNOLOGY: COMPANY OVERVIEW
  • TABLE 351 NEDSTACK FUEL CELL TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 352 NEDSTACK FUEL CELL TECHNOLOGY: DEALS
  • TABLE 353 ELRINGKLINGER AG: COMPANY OVERVIEW
  • TABLE 354 ELRINGKLINGER AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 355 ELRINGKLINGER AG: DEALS
  • TABLE 356 ELRINGKLINGER AG: OTHER DEVELOPMENTS
  • TABLE 357 POWERCELL SWEDEN AB: COMPANY OVERVIEW
  • TABLE 358 POWERCELL SWEDEN AB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 359 POWERCELL SWEDEN AB: PRODUCT LAUNCHES
  • TABLE 360 POWERCELL SWEDEN AB: DEALS
  • TABLE 361 POWERCELL SWEDEN AB: OTHER DEVELOPMENTS
  • TABLE 362 AFC ENERGY: COMPANY OVERVIEW
  • TABLE 363 AFC ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 364 AFC ENERGY: DEALS
  • TABLE 365 AFC ENERGY: EXPANSIONS
  • TABLE 366 FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW
  • TABLE 367 FUJI ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 368 INTELLIGENT ENERGY LIMITED: COMPANY OVERVIEW
  • TABLE 369 HORIZON FUEL CELL TECHNOLOGIES: COMPANY OVERVIEW
  • TABLE 370 HYSTER-YALE MATERIALS HANDLING, INC.: COMPANY OVERVIEW
  • TABLE 371 ADELAN: COMPANY OVERVIEW
  • TABLE 372 MICRORGANIC TECHNOLOGIES: COMPANY OVERVIEW
  • TABLE 373 AVL: COMPANY OVERVIEW
  • TABLE 374 WATT FUEL CELL: COMPANY OVERVIEW
  • TABLE 375 PROTON MOTOR FUEL CELL GMBH: COMPANY OVERVIEW
  • TABLE 376 ECOSPRAY TECHNOLOGIES S.R.L.: COMPANY OVERVIEW
  • TABLE 377 SPECIAL POWER SOURCES: COMPANY OVERVIEW
  • TABLE 378 GENCELL LTD.: COMPANY OVERVIEW
  • TABLE 379 VERSOGEN: COMPANY OVERVIEW
  • TABLE 380 AQUACYCL: COMPANY OVERVIEW
  • TABLE 381 SOLYDERA SPA: COMPANY OVERVIEW
LIST OF FIGURES
 
  • FIGURE 1 FUEL CELL MARKET SEGMENTATION AND REGIONAL SCOPE
  • FIGURE 2 FUEL CELL MARKET: RESEARCH DESIGN
  • FIGURE 3 KEY DATA FROM SECONDARY SOURCES
  • FIGURE 4 KEY INDUSTRY INSIGHTS
  • FIGURE 5 BREAKDOWN OF PRIMARIES
  • FIGURE 6 FUEL CELL MARKET: BOTTOM-UP APPROACH
  • FIGURE 7 FUEL CELL MARKET: TOP-DOWN APPROACH
  • FIGURE 8 KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR FUEL CELLS
  • FIGURE 9 REGIONAL ANALYSIS
  • FIGURE 10 COUNTRY ANALYSIS
  • FIGURE 11 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF FUEL CELLS
  • FIGURE 12 FUEL CELL MARKET: SUPPLY-SIDE ANALYSIS
  • FIGURE 13 INDUSTRY CONCENTRATION, 2024
  • FIGURE 14 FUEL CELL MARKET: DATA TRIANGULATION
  • FIGURE 15 FUEL CELL MARKET: RESEARCH LIMITATIONS
  • FIGURE 16 ASIA PACIFIC HELD LARGEST SHARE OF FUEL CELL MARKET IN 2024
  • FIGURE 17 SOLID OXIDE SEGMENT TO DOMINATE FUEL CELL MARKET DURING FORECAST PERIOD
  • FIGURE 18 STATIONARY APPLICATION TO HOLD LARGEST SHARE OF FUEL CELL MARKET IN 2030
  • FIGURE 19 TRANSPORTATION SEGMENT TO DOMINATE FUEL CELL MARKET FROM 2025 TO 2030
  • FIGURE 20 SMALL-SCALE (UP TO 200 KW) SEGMENT TO EXHIBIT HIGHER CAGR BETWEEN 2025 AND 2030
  • FIGURE 21 GOVERNMENT SUBSIDIES TO IMPROVE CLEAN ENERGY INFRASTRUCTURE TO BOOST FUEL CELL MARKET GROWTH BETWEEN 2025 AND 2030
  • FIGURE 22 ASIA PACIFIC TO RECORD HIGHEST CAGR IN FUEL CELL MARKET DURING FORECAST PERIOD
  • FIGURE 23 SOLID OXIDE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030
  • FIGURE 24 STATIONARY SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030
  • FIGURE 25 TRANSPORTATION SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030
  • FIGURE 26 SMALL-SCALE (UP TO 200 KW) SEGMENT TO HOLD LARGEST MARKET SHARE IN 2030
  • FIGURE 27 STATIONARY SEGMENT AND CHINA HOLD LARGEST SHARES OF ASIA PACIFIC FUEL CELL MARKET IN 2025
  • FIGURE 28 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
  • FIGURE 29 TOTAL FCEV FLEET IN EUROPEAN COUNTRIES, BY CATEGORY AND COUNTRY, 2023
  • FIGURE 30 PLATINUM PRICES IN US, 2024
  • FIGURE 31 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • FIGURE 32 AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE, 2020–2024
  • FIGURE 33 AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION, 2020–2024
  • FIGURE 34 SUPPLY CHAIN ANALYSIS
  • FIGURE 35 FUEL CELL ECOSYSTEM
  • FIGURE 36 PATENT APPLIED AND GRANTED, 2015–2024
  • FIGURE 37 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024
  • FIGURE 38 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024
  • FIGURE 39 PORTER’S FIVE FORCES ANALYSIS
  • FIGURE 40 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION
  • FIGURE 41 KEY BUYING CRITERIA, BY APPLICATION
  • FIGURE 42 INVESTMENT AND FUNDING SCENARIO, 2020–2024
  • FIGURE 43 IMPACT OF AI/GEN AI ON FUEL CELL SUPPLY CHAIN, BY REGION
  • FIGURE 44 SOLID OXIDE SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2024
  • FIGURE 45 BALANCE OF PLANT (BOP) SEGMENT CAPTURED LARGEST SHARE OF FUEL CELL MARKET IN 2024
  • FIGURE 46 SMALL-SCALE (UP TO 200 KW) SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2024
  • FIGURE 47 HYDROGEN SEGMENT HELD LARGEST MARKET SHARE IN 2024
  • FIGURE 48 STATIONARY SEGMENT HELD LARGEST SHARE OF FUEL CELL MARKET IN 2024
  • FIGURE 49 TRANSPORTATION SEGMENT HELD LARGEST SHARE OF FUEL CELL MARKET IN 2024
  • FIGURE 50 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN FUEL CELL MARKET FROM 2025 TO 2030
  • FIGURE 51 FUEL CELL MARKET SHARE, BY REGION, 2024
  • FIGURE 52 ASIA PACIFIC: FUEL CELL MARKET SNAPSHOT
  • FIGURE 53 EUROPE: FUEL CELL MARKET SNAPSHOT
  • FIGURE 54 MARKET SHARE ANALYSIS OF COMPANIES OFFERING FUEL CELL TECHNOLOGIES, 2024
  • FIGURE 55 FUEL CELL MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2020–2024
  • FIGURE 56 COMPANY VALUATION
  • FIGURE 57 FINANCIAL METRICS (EV/EBITDA)
  • FIGURE 58 PRODUCT COMPARISON
  • FIGURE 59 FUEL CELL MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024
  • FIGURE 60 FUEL CELL MARKET: MARKET FOOTPRINT
  • FIGURE 61 FUEL CELL MARKET: COMPANY FOOTPRINT
  • FIGURE 62 FUEL CELL MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024
  • FIGURE 63 BLOOM ENERGY: COMPANY SNAPSHOT
  • FIGURE 64 PLUG POWER INC.: COMPANY SNAPSHOT
  • FIGURE 65 AISIN CORPORATION: COMPANY SNAPSHOT
  • FIGURE 66 DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT
  • FIGURE 67 SFC ENERGY AG: COMPANY SNAPSHOT
  • FIGURE 68 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
  • FIGURE 69 FUELCELL ENERGY, INC.: COMPANY SNAPSHOT
  • FIGURE 70 KYOCERA CORPORATION: COMPANY SNAPSHOT
  • FIGURE 71 CUMMINS INC.: COMPANY SNAPSHOT
  • FIGURE 72 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT
  • FIGURE 73 TOSHIBA CORPORATION: COMPANY SNAPSHOT
  • FIGURE 74 ELRINGKLINGER AG: COMPANY SNAPSHOT
  • FIGURE 75 POWERCELL SWEDEN AB: COMPANY SNAPSHOT
  • FIGURE 76 AFC ENERGY: COMPANY SNAPSHOT
  • FIGURE 77 FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT

 

The study involved major activities in estimating the current size of the fuel cell market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. The top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation techniques were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the fuel cell market used extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg, Factiva, IRENA, International Energy Agency, and Statista Industry Journal, to collect and identify valuable information for a technical, market-oriented, and commercial study of the fuel cell market. Other secondary sources included annual reports, press releases, and investor presentations of companies; white papers; certified publications; and articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The fuel cell market comprises several stakeholders, such as raw material providers, component providers, and fuel cell integrators, in the supply chain. The rising demand for portable, stationary, and fuel cell vehicles characterizes the demand side of this market. The supply side is characterized by prominent players' increasing focus on securing contracts from industrial players. Various primary sources from the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. The following is the breakdown of primary respondents.

In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market size estimations and forecasts for all segments and subsegments listed in this report. Extensive qualitative and quantitative analyses were conducted to complete the market engineering process and list key information/insights throughout the report.

Fuel Cell Market Size, and Share

Note: The tiers of the companies are defined based on their total revenues as of 2024.
Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: Others include sales managers, engineers, and regional managers.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down and bottom-up approaches were used to estimate and validate the total size of the fuel cell market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following.

Fuel Cell Market : Top-Down and Bottom-Up Approach

Fuel Cell Market Top Down and Bottom Up Approach

Data Triangulation

After arriving at the overall market size from the above estimation process, the total market was split into several segments and subsegments. Data triangulation and market breakdown processes were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, wherever applicable. The data was triangulated by studying various factors and trends from the demand and supply sides. In addition, the market size was validated using both the top-down and bottom-up approaches.

Market Definition

Fuel cells are electrochemical devices that convert different fuel types into electrical energy using chemical reactions rather than combustion. They operate in two terminals that consist of an anode and a cathode separated by an electrolyte and membrane. They are noted for their quiet operation, clean, reliable, and highly efficient power. As long as fuel is supplied, fuel cells will continuously generate electricity without occasionally recharging a battery. They are used in many applications, including propulsion or range extension in fuel cell-powdered vehicles and as primary or backup power sources for data centers and energy companies.

Stakeholders

  • Ceramic and electrolyte manufacturers
  • Energy & power consulting companies
  • Environmental research institutes
  • Fuel cell and stack manufacturers
  • Government and research organizations
  • Institutional investors/shareholders
  • Power and energy associations
  • Repair and maintenance service providers
  • Fuel cell technology manufacturing companies
  • Organizations, forums, alliances, and associations
  • Clean energy generation research and consulting companies
  • State and national regulatory authorities

Report Objectives

  • To describe, segment, and forecast the fuel cell market, by type, component, fuel type, size, application, and end user, in terms of value
  • To describe, segment, and forecast the fuel cell market, by type, in terms of volume 
  • To forecast the market across four key regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW), along with country-level analysis, in terms of value and volume
  • To provide detailed information regarding key drivers, restraints, opportunities, and challenges influencing the growth of the fuel cell market
  • To give the supply chain analysis, trends/disruptions impacting customer business, ecosystem analysis, regulatory landscape, patent analysis, case study analysis, technology analysis, key conferences & events, the impact of AI/Gen AI, macroeconomic outlook, pricing analysis, porter’s five forces analysis, regulatory analysis, and the impact of 2025 US tariff on the fuel cell market
  • To analyze opportunities for stakeholders and draw a competitive landscape of the fuel cell market
  • To benchmark market players using the company evaluation matrix, which analyzes market players on broad categories of business and product strategies adopted by them
  • To compare key market players for the market share, product specifications, and applications
  • To strategically profile key players and comprehensively analyze their market ranking and core competencies.
  • To analyze competitive developments, such as contracts, agreements, partnerships, and joint ventures, in the fuel cell market

Available Customizations

MarketsandMarkets offers customizations according to the specific needs of the companies using the given market data.

The following customization options are available for the report:

Product Analysis

  • Product matrix, which gives a detailed comparison of the product portfolio of each company

Geographic Analysis as per Feasibility

  • Further breakdown of the fuel cell market, by country

Company Information

  • Detailed analysis and profiling of additional market players (up to five)

Previous Versions of this Report

Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicle (FCVs)), End User (Residential, C&l, Transportation, Data Center, Military & Defense), Size, Fuel, Component and Region - Global Forecast to 2028

Report Code EP 2762
Published in Dec, 2023, By MarketsandMarkets™

Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Global Forecast to 2027

Report Code EP 2762
Published in May, 2022, By MarketsandMarkets™

Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2025

Report Code EP 2762
Published in Dec, 2020, By MarketsandMarkets™

Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2024

Report Code EP 2762
Published in Nov, 2019, By MarketsandMarkets™

Fuel Cell Technology Market by Type (PEMFC, MCFC, SOFC, DMFC, PAFC, OTHERS), by Application (Stationary, Portable, Transportation) and Geography - Global Trends and Forecasts Till 2019

Report Code EP 2762
Published in Oct, 2014, By MarketsandMarkets™

Fuel Cell Technology Market: By Applications (Portable, Stationary, Transport), Types (PEMFC, DMFC, PAFC, SOFC, MCFC), Fuel (Hydrogen, Natural Gas, Methanol, Anaerobic Digester Gas) & Geography- Global Trends and Forecast to 2018

Report Code EP 2049
Published in Jun, 2013, By MarketsandMarkets™

Fuel Cell Technology Market by Type (PEMFC, MCFC, SOFC, DMFC, PAFC, OTHERS), by Application (Stationary, Portable, Transportation) and Geography - Global Trends and Forecasts Till 2019

Report Code EP 2762
Published in Jan, 2011, By MarketsandMarkets™
"Our USP is "providing game-changing business opportunities reports with free customization" - so please feel free to provide us with your specific areas of interest / business challenges in much greater detail !!"

We appreciate your interest in this report. Once you fill out the form, you'll be immediately directed to an exclusive solution tailored to your needs. This high-value offering can help boost your revenue by 30% - a must-see opportunity for anyone looking to maximize growth.

By clicking the "Submit" button, you are agreeing to the Terms of Use and Privacy Policy.

Custom Market Research Services

We Will Customise The Research For You, In Case The Report Listed Above Does Not Meet With Your Requirements

Get 10% Free Customisation

Growth opportunities and latent adjacency in Fuel Cell Market

John

Jun, 2022

Who are the top vendors in the Fuel Cell Market? How is the competitive scenario among them?.

Kris

Jul, 2022

MarketsandMarkets provides competitive intelligence on the key players (3M, Dupont, VINATech, Kolon Industries, BASF, LG Chem, etc) in Membrane Electrode Assemblies market in South Korea as indicated Company Overview, Product Offerings, Financials, Geographical Presence, Recent Developments like new contracts, M&A activities, new product launches, R&D initiatives, Market Share Analysis, and SWOT Analysis for each company. Total Global market size by Revenue for all fuels combined (segmented by <600W, 600W-1kW, 1-5kW, 5-20kW & 20-50kW) generator market. From 2018 to projected 2027. .

Thomas

Jul, 2022

Who are the top vendors in the Fuel Cell Market and highlight the competitive scenario between them for the period 2022 to 2027..

©2025 Marketsandmarkets Research Private Ltd. All Rights Reserved.

DMCA.com Protection Status