Fuel Cell Market Size, Share & Trends Analysis growing at a CAGR of 27.1% from 2024 to 2030
The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is projected to reach USD 36.98 billion by 2030, growing at a CAGR of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth.
Key Market Trends & Insights
- Asia Pacific held a significant revenue share of more than 65% in 2023 and is expected to grow at the fastest CAGR over the forecast period.
- The fuel cell market in Japan has developed at a tremendous rate and is growing at a significant rate compared to the rest of the world.
- By product, proton exchange membrane fuel cell (PEMFC) segment accounted for more than 60.0% of the global market in terms of revenue in 2023.
- By components, the stack segment accounted for the largest share of more than 60.0% in the global fuel cell market in 2023.
- By fuel, the hydrocarbon segment accounted for the largest share of over 90.0% in 2023.
Market Size & Forecast
- 2023 Market Size: USD 7.35 Billion
- 2030 Projected Market Size: USD 36.98 Billion
- CAGR (2024-2030): 27.1%
- Asia Pacific: Largest market in 2023
Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/fuel-cell-market/request/rs1
Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment. Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the country. This has resulted in end users opting for clean energy technologies to comply with the mandate and limit their carbon footprint. Bloom Energy, one of the major fuel cell vendors in the U.S., provides its bloom energy servers for power generation application to aid commercial and industrial end users limit their carbon footprint.
For instance, in September 2023, FuelCell Energy, Inc. and Toyota Motor North America announced the completion of Tri-gen system at Toyota’s Port of Long Beach operations. Tri-gen is an example of FuelCell Energy’s ability to scale hydrogen-powered fuel cell technology. Such innovative ideas is expected to foster the demand of fuel cell market over forecast period.
