Fuel Cell Market Report 2026

The fuel cell market size has grown exponentially in recent years. It will grow from $8.36 billion in 2025 to $10.64 billion in 2026 at a compound annual growth rate (CAGR) of 27.2%. The growth in the historic period can be attributed to government support for clean energy technologies, early adoption in backup power systems, deployment in material handling vehicles, investments in hydrogen infrastructure pilots, increasing fuel cell demonstrations in utilities.

The fuel cell market size is expected to see exponential growth in the next few years. It will grow to $26.85 billion in 2030 at a compound annual growth rate (CAGR) of 26%. The growth in the forecast period can be attributed to expansion of hydrogen refueling infrastructure, rising adoption of fuel cell electric vehicles, increasing investments in grid-scale fuel cell plants, growing demand for low-emission power solutions, advancements in fuel cell cost reduction. Major trends in the forecast period include expansion of hydrogen-based power generation systems, rising deployment of fuel cells in transport applications, growing adoption of stationary fuel cell systems, increased focus on high-efficiency electrochemical conversion, advancements in fuel cell stack durability.

The expansion of research and development (R&D) activities is expected to drive the growth of the fuel cell market. R&D in solid-state batteries is helping to create innovative and affordable battery solutions. Overall, research and development efforts have been instrumental in advancing fuel cell technology, making it a viable and sustainable alternative to conventional fossil fuels. For example, in December 2024, according to the Office for National Statistics, a UK-based government agency, UK businesses spent $64.73 billion (£50 billion) on R&D in 2023, reflecting a $1.83 billion (£1.4 billion), or 2.9%, increase from 2022. Therefore, increasing R&D activities are supporting the growth of the fuel cell market.

Key players in the fuel cell market are focusing on innovative products such as the Cell Pack Stationary, a methanol fuel cell-based power generator. The Cell Pack Stationary is designed for the telecommunications industry, which installs hundreds of thousands of smaller gensets annually to maintain global connectivity. For instance, in February 2023, Blue World Technologies, a Denmark-based developer and manufacturer of methanol fuel cell systems, launched a next-generation methanol fuel cell system for stationary power generation. The Cell Pack Stationary is available in 5-, 10-, or 15-kW configurations and can serve as a backup, supplemental, or primary power source depending on customer requirements.

In June 2024, Hyundai Motor Company, a South Korea-based automotive firm, acquired the hydrogen fuel cell business of Hyundai Mobis Co. Ltd. for an undisclosed sum. The acquisition aims to consolidate Hyundai Motor’s hydrogen fuel cell resources to accelerate development, improve manufacturing quality, and strengthen its position in the hydrogen-powered vehicle market. Hyundai Mobis Co. Ltd., based in South Korea, specializes in developing and manufacturing hydrogen fuel cell systems and other eco-friendly automotive energy technologies.

Major companies operating in the fuel cell market are Ballard Power Systems Inc., Proton Motor Fuel Cell GmbH, AFC Energy PLC., FuelCell Energy Inc., SFC Energy AG, Pragma Industries SAS, Cummins Inc., Horizon Fuel Cell Technologies Pte Ltd., Nuvera Fuel Cells LLC, Doosan Fuel Cell America Inc., Solidpower S.p.A., Convion Oy, Hydrogenics Corporation, Panasonic Corporation, Plug Power Inc., Toshiba Corporation, Nedstack Fuel Cell Technology BV, Bloom Energy Corporation, Intelligent Energy Holdings PLC, Ceres Power Holdings PLC, Altergy Systems Inc., Ceramic Fuel Cells Limited, ClearEdge Power Inc., Elcore GmbH, GenCell Energy, H2 Logic A/S, ITM Power PLC, Jadoo Power Systems Inc., MyFC AB.

Asia-Pacific was the largest region in the fuel cells market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fuel cell market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fuel cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fuel cell market consists of sales of reversible fuel cells and alkaline fuel cells. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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