Fuel Cell Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMEP403 | Last Updated On: Jul 14 2022 | Available Formats

> Global Fuel Cell Market Expected to reach a high CAGR of 28% By 2029: DataM Intelligence

Global Fuel Cell Market is segmented By Technology (Polymer Electrolyte Membrane Fuel Cell, Solid Oxide Fuel cell, Molten Carbonate Fuel cell, Alkaline Fuel Cell, Others), By Application (Portable Power, Portable Power, Transportation), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029


Market Overview

The Global Fuel Cell market is forecasted to reach yy million by 2026 growing at a CAGR of around 28% during the forecast period (2022-2029).

  • Fuel cells are the devices that convert the energy of a chemical reaction, typically between hydrogen and oxygen, directly into low-voltage DC electricity and into heat.

  • The Fuel cell market is on upsurge because of the various advantages of fuel cells compared to conventional power sources. Fuel cells have a broader range of application than any other currently available power source – from toys to large power plants, from vehicles to mobile chargers, and from household power to battlefield power.

Industry Dynamics

  • Due to the increased amounts of carbon dioxide and other greenhouse gases released from burning fossil fuels for energy, the demand for a cleaner and the more efficient power source is increasing.

  • This is a significant driver for the Fuel Cell market.

  • Essential fuel cells running on pure hydrogen are pollution free, giving off only electricity, water, and heat. The potential for fuel cells to provide zero or near-zero emissions has been a significant force in the development of technology over the past 30 years and is drawing increasing attention to the technology today.

More significantly, the total MW grew substantially from 300 MW in 2015 to 500 MW in 2016

  • The most significant increase—nearly triple—in MWs occurred in the transportation sector, and that growth can be attributed to the introduction and expansion of fuel cell light-duty vehicles from Japan and Korea to new regions around the world.

  • There was also the inclusion of Honda’s fuel cell vehicle in the marketplace. Other transportation applications such as buses and material handling also contributed to the increase in MW shipped.

  • The biggest hurdle for fuel cells market today is cost. Fuel cells cannot yet compete economically with more traditional energy technologies, though rapid technological advances are being made. So high cost of fuel cells can be a possible restraint for this market.

Market Segmentation

  • The report segments the Fuel Cell market by technology type, by Application and lastly By Geographical Region.

  • Technology type the market has been segmented into- Polymer Electrolyte Membrane Fuel Cell (PEMFC), Solid Oxide Fuel cell (SOFC), Molten Carbonate Fuel cell (MCFC), Alkaline Fuel Cell (AFC), and Others (Phosphoric Acid fuel cell (PAFC), Direct Methanol fuel cell (DMFC)).

  • By Application type the market has been segmented into- Portable Power, Stationary Power, and Transportation. In 2016, approximately 62,000 fuel cell systems were shipped worldwide from the US, up slightly from 60,000 in 2015.

By Technology Type

• Polymer Electrolyte Membrane Fuel Cell (PEMFC)

• Solid Oxide Fuel cell (SOFC)

• Molten Carbonate Fuel cell (MCFC)

• Alkaline Fuel Cell (AFC)

• Others

By Application

• Stationary

• Portable

• Transportation

By Region

• Asia Pacific

• Europe

• North America

• South America

• Rest of the World

Market Geographical Share

  • Geography type the market has been segmented into- North America, South America, Europe, Asia-Pacific and Rest of the world. There are many fuel cell developmental projects going on around the world.

  • There are a large number of hydrogen fuel cell prototype vehicles which include two wheelers, cars, and buses, and are already being tested on the roads in several countries especially in developed the world.

  • National governments such as the USA, Canada, and Japan are at the forefront of financing such projects.

  • In other developing countries like Brazil, China, and India, research on hydrogen fuel cells for both stationary and transport application is already underway.

  • There are other efforts in some small countries like Taiwan where the government and the private sector are investing in fuel cell research. This has yielded new, potentially marketable technologies such as electric bicycles and scooters.


  • The report profiles the following companies, which includes Ballard Power Systems Fuel Cell Energy, Hydrogenics Corp., Plug Power, Ceres Power, SFC Energy, Bloom Energy, Nuvera Fuel Cells, Inc., SFC Energy, Altergy Systems and AFCT.

  • Many regulations, guidelines, and codes and standards have already been established through years of fuel cell use in industrial and aerospace applications.

  • Also, systems and organizations are already in place to establish codes and standards that facilitate fuel cell commercialization.

  • The Hydrogen and Fuel Cells Codes and Standards Matrix is an up-to-date directory of all codes and standards worldwide dealing with hydrogen, fuel cells, and fuel cell-related issues.

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