The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth.

Reports about fuel cell and hydrogen technology market analysis are provided in these publication categories: 2019 Fuel Cell Technologies Market Report (Argonne National Laboratory, September 2020) 2016 Fuel Cell Technologies Market Report (Fuel Cell Technologies Office, October 2017)

The U.S. Department of Energy (DOE) is working closely with its national laboratories, universities, and industry partners to overcome critical technical barriers to fuel cell development. Cost, performance, and durability are still key challenges in the fuel cell industry.

Jan 20, 2025 · The global fuel cell market size was valued at USD 9.85 billion in 2023 and is projected to grow from USD 12.75 billion in 2024 to USD 105.01 billion by 2032, exhibiting a CAGR of 30.15% during the forecast period. Asia-Pacific dominated the fuel cell industry with a market share of 61.21% in 2023.

The Fuel Cell Industry Review offers data, analysis and commentary on key events in the industry in the past year. Now in its ninth year, the Review has been compiled by a team led by ERM (previously E4tech) - a specialist energy strategy consultancy with deep expertise in the hydrogen and fuel cell sector (see news release ).

The fuel cell industry is increasingly gaining traction due to climate mitigation efforts and rising renewable energy demand. This industry report explores market data as well as the key areas of innovation and their implications for energy and battery companies worldwide.

The fuel cell industry is experiencing a significant transformation as governments worldwide intensify their focus on clean energy transition and decarbonization initiatives. Major economies are implementing comprehensive hydrogen strategies and regulatory frameworks to accelerate fuel cell adoption across various sectors.

Global market for fuel cell surpassed USD 5.4 billion in 2023 and is estimated to be worth more than USD 16.7 billion by 2032, attributed to the shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy. Which are the prominent firms operating in the fuel cell market?

Portable fuel cell shipments continue to grow, led by SFC Energy. Unit numbers were nearly 8,000 units (compared to 6,000 shipments in 2021). Changes to the paradigm are on the way, and these may drive growth. 2022 saw the beginning of major fuel cell projects in Europe, as national governments and then the European

solving societal problems. Which in turn is helping industry to decide on and take investment steps: Weichai’s 20,000 unit per annum PEM factory in China; Daimler and Volvo setting up their fuel cell truck JV; CHEM Energy building a factory for.