Fuel Cell Market to Grow at a CAGR of 23.6% from 2021 to 2031, Reaching US$ 107.0 Billion: As per TMR Study

Increasing deployment in transportation is a major factor that is anticipated to escalate the market growth. Electrification of remote areas, is another factor that is anticipated to stimulate the market share in the coming years

Wilmington, Delaware, United States, June 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.The global Fuel Cell Market stood at US$ 10.3 billion in 2020, and the global market is projected to reach US$ 107.0 billion by 2031. The global industry is anticipated to record a CAGR of 23.6% between 2021 and 2031.

The value of fuel cell market is increasing, owing to increasing focus on clean energy. The growing concern over climate change and the need to reduce greenhouse gas emissions have propelled the demand for clean and sustainable energy solutions. Fuel cells offer a clean energy option as they produce electricity through electrochemical reactions without combustion, resulting in lower emissions of pollutants and greenhouse gases.

Government support & incentives, is another significant factor contributing to the market growth. Many governments worldwide have recognized the potential of fuel cells in achieving their renewable energy targets and reducing carbon footprint. Governments are providing financial incentives, subsidies, and tax credits to promote the adoption of fuel cells, driving market growth. Favorable policies and regulations for clean energy deployment further support the market expansion.

The market prospects is driven by factors such as technological advancements. Continuous advancements in fuel cell technologies have improved their efficiency, reliability, and durability, making them more attractive for a wide range of applications. Innovations in materials, catalysts, and system designs have resulted in enhanced performance and reduced costs, making fuel cells more competitive with conventional energy sources.

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Growing demand for portable & backup power, is another significant factor contributing to the market growth. Fuel cells offer a reliable and portable power solution, making them suitable for applications such as portable electronics, military equipment, and remote power generation. Fuel cells are increasingly being utilized as backup power systems for critical infrastructure, data centers, and telecommunications, where uninterrupted power supply is crucial.

The market prospects have been driven by factors such as increasing deployment in transportation. Fuel cell vehicles (FCVs) are gaining traction as an alternative to internal combustion engine vehicles. FCVs offer longer driving ranges and faster refueling times compared to electric vehicles, addressing key concerns regarding electric vehicle adoption. The automotive industry is investing in fuel cell technology and developing hydrogen infrastructure, driving the growth of the fuel cell market.

Key Findings of the Market Report

  • On the basis of type, proton exchange membrane fuel cells (PEMFC) segment is likely to be most preferred, expected to expand at a significant share, attributed to the high energy efficiency, and fast start-up and response.
  • Factors such as lightweight & compact design, as well as wide range of operating temperatures are also anticipated to fuel the segmental growth.
  • By application, residential segment is expected to boost the market growth, attributed to the factors including increasing demand for backup power applications in homes & small businesses.

Global Fuel Cell Market: Growth Drivers

  • The global fuel cell market is projected to expand at a steady pace from 2021 to 2031, owing to expansion of hydrogen infrastructure, and increasing investments & partnerships between government, private companies, & venture capitalists.
  • Other factors that are projected to augment the market growth include diversification of applications, as well as energy independence & security.
  • Electrification of remote areas, and carbon neutrality & corporate sustainability, are the major factors that are anticipated to fuel the market prospects in the near future.

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Global Fuel Cell Market: Regional Landscape

  • Asia Pacific is expected to dominate the fuel cell market during the forecast period, attributed to government support & policies, and growing energy demand in the region.
  • The regional market is witnessing an increase, due to the factors such as renewable energy integration, as well as decentralized power generation.
  • Hydrogen infrastructure development, and strong automotive industry in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Fuel Cell Market: Key Players

Some of the key market players in the global fuel cell market are:

  • FuelCell Energy Inc.
  • Doosan Fuel Cell America Inc.
  • Ballard Power Systems Inc.
  • Nedstack Fuel Cell Technology B.V.
  • Plug Power Inc
  • Toshiba Corporation

Competitive Landscape

Prominent players in the fuel cell industry are taking advantage of the rapidly increasing demand for fuel cell. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

  • In 2023, Honda announced to sell its clarity fuel cell car in the United States.
  • General Motors announced to sell hydrotec fuel cell system for commercial vehicles in 2023.
  • In the same year, Siemens opened a new fuel cell manufacturing facility in Germany.
  • In 2023, Bloom Energy received an order for 100 megawatts of fuel cell systems from Google.
  • In 2022, Toyota announced to sell its Mirai fuel cell car in Europe.

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Global Fuel Cell Market: Segmentation


  • Proton Exchange Membrane Fuel Cells (PEMFC)
  • Direct Methanol Fuel Cells (DMFC)
  • Solid Oxide Fuel Cells (SOFC)


  • Stationary
  • Portable
  • Transport


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

About Transparency Market Research

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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