Global Fuel Cell Market Forecast to 2028 - Market Set to Surge at a CAGR of 21.7% by 2028 Amid Rising Demand for Clean Energy

Dublin, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2028" report has been added to's offering.

The global fuel cell market is estimated to grow from USD 3.3 Billion in 2023 to USD 8.7 Billion by 2028 and is expected to record a CAGR of 21.7% during the forecast period.

The growth of the fuel cell market is attributed to increased awareness and efforts to decrease carbon emissions and the expansion of hydrogen infrastructure, covering production, storage, and distribution. Additionally, the fuel cell market will grow in the future owing to the increased requirement for fuel cell setup in power generation and combined heat and power (CHP) applications.

Proton exchange membrane fuel cell: The second largest segment of the fuel cell market, by type

Based on type, the fuel cell market has been split into two types: solid oxide fuel cell, proton exchange membrane fuel cell, phosphoric acid fuel cell, microbial fuel cell, direct methanol fuel cell, and alkaline fuel cell. The proton exchange membrane fuel cell segment is expected to be the second largest segment during the forecast period. Proton exchange membrane fuel cells exhibit significant versatility and adaptability, enabling their deployment across a spectrum of applications and power needs. Their flexibility spans from smaller, portable gadgets to larger-scale implementations, encompassing vehicles and stationary power generation.

Commercial & industrial segment is the second largest segment of the fuel cell market

By end user, the fuel cell market has been segmented into transportation, commercial & industrial, residential, data center, utilities and government/municipal institutes, and military & defense. Commercial and industrial sectors have substantial energy requirements for manufacturing processes, operations of commercial facilities, data centers, and other industrial activities. Fuel cells offer a reliable and efficient power source to meet these demanding energy needs. Numerous commercial and industrial entities aim to reduce emissions significantly. Fuel cells offer a clean energy alternative, emitting minimal pollutants in contrast to conventional fossil fuel-based power generation, thereby supporting sustainability goals.

By application, the fuel cell vehicles segment is expected to be the second largest segment during the forecast period

Based on application, the fuel cell market is segmented into stationary, fuel cell vehicles, and portable. The fuel cell vehicles segment is expected to be the second-largest segment of the fuel cell market during the forecast period. Fuel cell vehicles present a zero-emission option compared to conventional internal combustion engine vehicles, appealing to environmentally conscious consumers and governments aiming for cleaner transportation alternatives. The high power output and extended range offered by fuel cells are especially enticing for heavy-duty uses such as trucks, buses, and other commercial vehicles, addressing substantial concerns related to battery weight and limited range in these applications.

Key Market Dynamics


  • High Demand for EVs with Launch of Effective Campaigns
  • Reliance on Renewable Energy to Ensure Uninterrupted Power Supply
  • Quicker Refueling Time of FCEVs Than BEVs


  • High Costs of Platinum Catalyst for Fuel Cells
  • Significant Initial Investments in Hydrogen Infrastructure


  • Increasing Generation of Distributed Power Using Low-Carbon Fuels
  • Rising Adoption of Strategies to Achieve Net-Zero Carbon Emissions


  • High Preference for Battery Electric Vehicles Over Hydrogen Vehicles

Key Attributes:

Report AttributeDetails
No. of Pages317
Forecast Period2023 - 2028
Estimated Market Value (USD) in 2023$3.3 Billion
Forecasted Market Value (USD) by 2028$8.7 Billion
Compound Annual Growth Rate21.7%
Regions CoveredGlobal

Key Topics Covered:

Executive Summary

  • Fuel Cell Market Snapshot
  • Asia-Pacific Held the Largest Share of the Fuel Cell Market in 2022
  • Solid Oxide Fuel Cells to Dominate Fuel Cell Market During Forecast Period
  • Stationary Application to Hold Largest Share of Fuel Cell Market in 2028
  • Transportation End-user to Dominate Fuel Cell Market in 2028
  • Small-Scale (Up to 200 kW) Size to Exhibit Higher CAGR Between 2023 and 2028

Premium Insights

  • Attractive Opportunities for Players in Fuel Cell Market - Government Subsidies to Improve Clean Energy Infrastructure to Boost Fuel Cell Market Growth Between 2023 and 2028
  • Fuel Cell Market, by Region -Fuel Cell Market in Europe to Depict Highest CAGR During Forecast Period
  • Fuel Cell Market, by Type - Solid Oxide Fuel Cells to Account for Largest Market Share in 2028
  • Fuel Cell Market, by Application -Stationary Application to Account for Majority of Market Share in 2028
  • Fuel Cell Market, by End-user - Transportation End-user to Account for Largest Market Share in 2028
  • Fuel Cell Market, by Size - Small-Scale (Up to 200 kW) Segment to Hold Largest Market Share in 2028
  • Fuel Cell Market in Asia-Pacific, by Application and Country - Stationary Application and China Accounted for Largest Shares of Asia-Pacific Fuel Cell Market in 2022

Case Study Analysis

  • Southern Linc Adopts Plug Power's Gensure Fuel Cell Solution to Generate Backup Power
  • Samsung Heavy Industries and Bloom Energy Join Hands to Develop Efficient Fuel-Cell Ships
  • Convion Uses Elcogen's SOFC and Stack Technology to Find Reliable Alternative Fuel Sources

Technology Analysis

  • Reversible Fuel Cells
  • Anion-Exchange Membrane Fuel Cells

Companies Profiled

  • Bloom Energy
  • Plug Power
  • Aisin
  • Ballard Power Systems
  • Fuelcell Energy, Inc.
  • Kyocera Corporation
  • Doosan Fuel Cell Co. Ltd.
  • Teco
  • Cummins Inc.
  • Mitsubishi Heavy Industries, Ltd.
  • Toshiba Corporation
  • Nedstack Fuel Cell Technology Bv
  • Elringklinger
  • Powercell Sweden
  • SFC Energy
  • AFC Energy
  • Fuji Electric Co. Ltd.
  • Intelligent Energy Limited
  • Horizon Fuel Cell Technologies
  • Nuvera Fuel Cells, LLC
  • Solidpower S.P.A.
  • Altergy
  • Adaptive Energy
  • Adelan
  • Special Power Sources
  • ZTEK Corporation, Inc.
  • Microrganic Technolgies
  • AVL List
  • Watt Fuel Cell Corporation
  • Proton Motor Fuel Cell GmbH

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Global Fuel Cell Market

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