Global Fuel Cell (PEMFC, PAFC, MCFC & SOFC) Industry Report 2024: A $42.39 Billion Market by 2028 Featuring Kyocera, Doosan, Plug Power, FuelCell Energy, Ceres Power, and Ballard Power Systems

Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)" report has been added to's offering.

The global fuel cell market is expected to record a value of US$42.39 billion in 2028, progressing at a CAGR of 26.34%, over the period 2024-2028

Factors such as growing applications in electric and hybrid vehicles, rising unconventional oil and gas distribution activities, increasing demand for clean power generation methods, enlarging wireless surveillance industry, mounting environmental concerns and expanding urbanization.

However, the market growth would be challenged by high maintenance cost of fuel cells, absence of supporting infrastructure and extremely competitive market environment. A few notable trends include, rapid expansion of HVAC industry, surging adoption of fuel cell in defence sector, escalating preference for hydrogen based fuel cells and growing government initiatives on fuel cell programs.

The fastest growing regional market is Asia Pacific due to increasing popularity of fuel cell electric vehicles, surging adoption of renewable energy technologies and growing investments by various public and private organizations toward development of hydrogen infrastructure in the region. Further, the COVID-19 pandemic had negatively influenced the market growth of fuel cells due to supply chain disruptions and halted various manufacturing activities of key end users, affecting the sales of fuel-cells and associated products.

Key Attributes:

Report AttributeDetails
No. of Pages100
Forecast Period2024 - 2028
Estimated Market Value (USD) in 2024$16.64 Billion
Forecasted Market Value (USD) by 2028$42.39 Billion
Compound Annual Growth Rate26.3%
Regions CoveredGlobal

Scope of the report

  • The report provides a comprehensive analysis of the global fuel cell market segmented on the basis of type, applications, end-user and region, with potential impact of COVID-19.
  • The major regional and country markets (Asia Pacific, North America, Europe and RoW) have been analyzed.
  • The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
  • The company profiles of leading players (Kyocera Corporation, Doosan Corporation, Plug Power Inc., FuelCell Energy, Inc., Ceres Power Holdings PLC and Ballard Power Systems Inc.,) are presented in detail.

Market Dynamics

Growth Drivers

  • Growing Applications in Electric and Hybrid Vehicles
  • Rising Unconventional Oil and Gas Distribution Activities
  • Increasing Demand for Clean Power Generation Methods
  • Enlarging Wireless Surveillance Industry
  • Mounting Environmental Concerns
  • Expanding Urbanization

Key Trends and Developments

  • Rapid Expansion of Heating, Ventilation, and Air Conditioning (HVAC) Market
  • Upsurge in Fuel Cell Vehicle Sales
  • Surging Adoption of Fuel Cell in Defence Sector
  • Escalating Preference for Hydrogen based Fuel Cells
  • Growing Government Initiatives on Fuel Cell Programs


  • High Maintenance Cost of Fuel Cells
  • Absence of Supporting Infrastructure
  • Hydrogen Storage and Transportation Issues
  • Extremely Competitive Environment

Impact of COVID-19

  • Decreased Demand from Power Generation Industry
  • Drop in the Sales of Fuel Cell Vehicles
  • Decline in Industrial Production

Company Profiles & Business Overview

  • Kyocera Corporation
  • Doosan Corporation
  • Plug Power Inc.
  • FuelCell Energy, Inc.
  • Ceres Power Holdings PLC
  • Ballard Power Systems Inc.

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Global Fuel Cell Market

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