Fuel Cell Thermal Management System Market Report 2026

The fuel cell thermal management system market size has grown exponentially in recent years. It will grow from $1.23 billion in 2025 to $1.47 billion in 2026 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to expansion of fuel cell vehicle pilot programs, advancements in heat exchanger efficiency, early deployment of stationary fuel cell systems, rising investments in hydrogen infrastructure, increasing focus on fuel cell reliability.

The fuel cell thermal management system market size is expected to see rapid growth in the next few years. It will grow to $3.03 billion in 2030 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to increasing commercialization of hydrogen-powered vehicles, rising adoption of fuel cells in heavy-duty transport, expansion of distributed power generation systems, growing demand for high-efficiency thermal control, increasing integration of smart thermal management systems. Major trends in the forecast period include increasing adoption of liquid-cooled fuel cell systems, rising integration of advanced thermal sensors, growing demand for compact thermal management solutions, expansion of modular cooling architectures, enhanced focus on fuel cell durability.

The increasing focus on renewable energy is expected to drive the growth of the fuel cell thermal management system market in the coming years. Renewable energy refers to energy derived from natural processes that are continually replenished, such as sunlight, wind, water, geothermal heat, and biomass, offering an environmentally friendly alternative that helps reduce greenhouse gas emissions. The growing emphasis on renewable energy is driven by the rising demand for clean and sustainable power that minimizes carbon emissions, decreases reliance on fossil fuels, and promotes environmental preservation for future generations. Fuel cell thermal management systems support renewable energy applications by effectively regulating the temperature of fuel cell stacks, ensuring optimal performance and extended lifespan. They enhance energy conversion efficiency and system reliability, contributing to clean and sustainable power generation. For instance, in March 2025, according to the International Renewable Energy Agency (IRENA), a United Arab Emirates-based intergovernmental organization, renewable energy capacity increased from 3,862,881 megawatts in 2023 to 4,448,051 megawatts in 2024. Therefore, the increasing focus on renewable energy is fueling the growth of the fuel cell thermal management system market.

Key companies operating in the fuel cell thermal management system market are concentrating on developing innovative products such as fuel cell heat exchangers to improve fuel cell system efficiency and manage thermal conditions in demanding operating environments. A fuel cell heat exchanger is a device designed to transfer thermal energy between gas and liquid streams within fuel cell systems to regulate temperature, enhance efficiency, and minimize energy losses. For instance, in March 2023, Alfa Laval, a Sweden-based provider of specialized heat transfer, separation, and fluid handling technologies, introduced the AlfaNova GL50. This compact, asymmetric gas-to-liquid plate heat exchanger efficiently handles high-temperature gas flows and condenses water vapor, optimizing energy utilization in fuel cell systems. Its durable design, low pressure drop, and high efficiency support advanced thermal management, making it suitable for both industrial-scale fuel cell operations and other energy applications such as hydrogen cooling and waste heat recovery.

In January 2025, Hankook and Company Group, a South Korea-based battery manufacturing company, acquired Hanon Systems for an undisclosed amount. This acquisition strengthened Hankook and Company Group’s position as a leading automotive parts provider, with Hanon Systems officially incorporated as a subsidiary under Korean corporate law. The expansion increased the Group’s global assets, ranking it among the top thirty companies in Korea by net assets. Hanon Systems is a South Korea-based manufacturer of fuel cell thermal management systems.

Major companies operating in the fuel cell thermal management system market are Robert Bosch GmbH, BorgWarner Inc., MAHLE GmbH, Dana Incorporated, Valeo SA, Denso Corporation, Webasto Group SE, Modine Manufacturing Company, Hanon Systems Co. Ltd., Grayson Thermal Systems Ltd., VOSS Automotive GmbH, KELVION Holding GmbH, Kuraray Co. Ltd., Sanhua Automotive Co. Ltd., Laird Thermal Systems, Boyd Corporation, TI Fluid Systems, Advanced Cooling Technologies Inc., API Heat Transfer Inc., SGL Carbon SE.

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

The fuel cell thermal management system market consists of sales of temperature control devices, cooling and heating components, control units, and related software systems used to manage the temperature of 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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