Top Fuel Cell Industry Companies

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 on a growth trajectory driven by the increasing trend of switching to low-emission and sustainable energy solutions for transportation, power generation, and industrial uses. The supportive political environment, decarbonization targets, and hydrogen infrastructure facilitate greater adoption. Fuel cell technology is advancing with improved efficiencies, innovative materials, and reduced costs, allowing it to expand beyond industrialized nations into other parts of the world. Major organizations are strengthening their global presence through manufacturing, partnerships, and more integrated service options as demand grows.

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

Major players in the fuel cell market include Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), and SFC Energy AG (Germany). These global firms employ growth strategies to improve their market position, including signing long-term service contracts, collaborations, acquisitions, expansions, and joint venture agreements to enhance the capabilities of their product portfolio. For example, in December 2024, Bloom Energy partnered with HPS Investment Partners and Industrial Development Funding to finance clean energy projects. The financing raised nearly USD 125 million to deploy Bloom Energy Servers and microgrid solutions. The objective is to provide customers with more reliable, low-emission power through Power Purchase Agreements (PPAs), providing customers access to energy without upfront costs. This partnership helps Bloom build its project pipeline while creating investment opportunities for HPS and IDF within the clean energy arena. In December 2021, Plug Power Inc. grew its New York (US) services by opening the Plug Power Innovation Center, its green hydrogen and fuel cell gigafactory in Rochester, New York (US). It is New York's first and largest fuel cell and electrolyzer manufacturing gigafactory.

Bloom Energy is one of the major producers of fuel cell systems. The company focuses on various applications, including biogas energy, electrolyzers, hydrogen fuel cells, certified gas, microgrids, heat capture, carbon capture, marine fuel cells, and primary power. Its fuel cell technology utilizes air and fuel generated from electricity produced by solar panels. Additionally, the company employs solid oxide fuel cell technology, which converts fuel into electricity through electrochemical processes.

Bloom Energy serves a range of industries, including technology, logistics, manufacturing, and real estate. The company operates through four segments: Product, Installation, Service, and Electricity. Its primary offering is the Bloom Energy Server, a modular fuel cell stack continuously producing on-site electricity.

In recent years, Bloom Energy has made several strategic decisions, such as forming partnerships and signing contracts, to strengthen its position in the fuel cell market. For instance, Conagra Brands has entered into a 15-year power purchase agreement to deploy approximately 6 megawatts of Bloom's solid oxide fuel cell technology at its Troy and Archbold, Ohio, production facilities. This agreement is expected to supply 70–75% of the electricity needed at these sites, reducing greenhouse gas emissions by about 19%. The company has a presence in the United States as well as in other countries.

Doosan Fuel Cell Co., Ltd. is a leading global fuel cell market player. The company specializes in developing and manufacturing advanced fuel cell systems suitable for mobility and stationary applications. It offers various product lines, including phosphoric acid fuel cells (PAFC) and solid oxide fuel cells (SOFC), which provide efficient and reliable energy generation solutions. Doosan Fuel Cell operates through two main segments: Fuel Cell Revenue, etc. and Service Revenue. The Fuel Cell Revenue, Etc. The segment encompasses the company’s fuel cell technology offerings. Its primary production facility is in Iksan, South Korea, where mass production began in January 2017. The facility was expanded in October 2022 to increase its production capacity to 300 megawatts (MW) and to manufacture up to 680 phosphoric acid fuel cells (PAFCs) annually. In recent years, Doosan Fuel Cell has made several strategic decisions to enhance its position in the fuel cell market. For instance, in November 2022, the company signed an export contract with ZKRG Smart Energy Technology in China for 105 MW of hydrogen fuel cells. This contract represents Doosan Fuel Cell's first large-scale overseas supply agreement for hydrogen fuel cells. Doosan Fuel Cell Co., Ltd. has a global presence in the Americas, Asia, Europe, and the Middle East & Africa.

Market Ranking

The fuel cell market is moderately consolidated, with a few leading players holding a significant global market share. The combined market share of Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), and SFC Energy AG (Germany) ranges from 59.0 to 65.0%, representing one of the highest revenue shares among industry players. Bloom Energy is a leading fuel cell company making significant advancements with its modern solid oxide fuel cell systems. The company boasts extensive commercial deployment and is committed to innovation, providing reliable stationary power solutions. Plug Power Inc. has established a strong reputation with its PEM fuel cell systems and has expanded into material handling, mobility, and green hydrogen infrastructure beyond traditional PEM applications. AISIN CORPORATION holds a robust position in the market through its technological components for automotive platforms and strategic partnerships across Asia. Doosan Fuel Cell Co., Ltd. is focusing on large-scale stationary installations. However, its share is declining, and its multi-tier and multi-hybrid engineering capabilities are still being determined. Meanwhile, SFC Energy AG specializes in off-grid and portable fuel cells. The fuel cell market is rapidly evolving, with these leading players focusing on strategic partnerships to improve cost structure, scalability, and cross-industry collaboration as tactics to maintain their competitive advantage.

Related Reports:

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

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103,
Delray Beach, FL 33445
USA : 1-888-600-6441
sales@marketsandmarkets.com