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Fuel Cell Market Size

  • Report ID: GMI621
  • Published Date: Jan 2024
  • Report Format: PDF

Fuel Cell Market Size

Fuel Cell Market size was valued at more than USD 5.4 billion in 2023 and is projected to expand at 12.8% CAGR from 2024 to 2032. A fuel cell is an electrochemical device that converts the chemical energy of a fuel and an oxidizing agent directly into electrical energy through a chemical reaction. It operates by facilitating a controlled reaction between hydrogen (or other fuel sources such as natural gas or methanol) and oxygen from the air, producing electricity, water, and heat as byproducts.


Fuel Cell Market

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Shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy. For instance, according to IEA 2023, more than 40 countries are setting out national hydrogen strategies across the globe owing to rapid expansion of low emissions hydrogen. In addition, technological advancements to making fuel cells more competitive with conventional energy sources coupled with robust regulatory support including financial incentives, tax credits, grants, and subsidies will augment the industry landscape.


Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Global market for fuel cell surpassed USD 5.4 billion in revenue in 2023 and is estimated to be worth more than USD 15.6 billion by 2032 attributed to the shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy.

SOFC (solid oxide fuel cell) market is set to expand at over 12% CAGR from 2024- 2032 attributed to its increasing demand for widespread application at various scales, from residential to industrial, coupled with the higher need for distributed energy.

North America industry is poised to expand at over 9% CAGR between 2024 and 2032 owing to the increasing need to provide grid support services, including peak shaving, load balancing, and grid stability.

Some of the major fuel cell industry players are Ballard Power Systems, Cummins Inc., NUVERA FUEL CELLS, LLC., Bloom Energy, Panasonic Corporation, Doosan Fuel Cell Co., Ltd., TOSHIBA CORPORATION, FuelCell Energy, Inc., Fuji Electric Co., Ltd., and Hyundai Motor Company, among others.

Fuel Cell Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 497
  • Countries covered: 20
  • Pages: 200
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