Fuel Cell Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (PEMFC, PAFC, AFC, MFC, Others), By Application (Portable, Stationary, Transport) and Region Forecast 2020-2031

Fuel Cell Market size was valued at US$ 4,950 million in 2024 and is expected to reach US$ 10,800 million by 2031, growing at a significant CAGR of 11.3% from 2025-2031. Moreover, the U.S. Fuel Cell Market is expected to grow significantly, reaching an estimated value of US$ 4,100 million by 2031, driven by government incentives, increasing demand for clean energy, and advancements in hydrogen infrastructure. The global energy mix is trending towards decarbonization, decentralization, and zero-emission technology at the crossroads at which the fuel cell industry currently stands. Fuel cells are valued for their capability to offer clean, efficient, and scalable power and are making headways in as wide a variety of markets as transportation to stationary and mobile applications.

Increased demand for carbon emission reduction, particularly in the transportation industry and industrial processes, has been driving demand for hydrogen-based technology. Governments worldwide are launching hydrogen roadmaps and offering incentives to spur R&D and commercialization. Climate commitments of companies are also compelling fleet and factory operators to adopt fuel cell-powered solutions, a paradigm shift in energy purchasing strategies focusing on performance without compromising on environmental sustainability. As the world infrastructure is being reconfigured to support hydrogen supply, production, and refuelling, fuel cells become platform technologies for next-generation energy infrastructures from their niche applications.

Advancements in PEM and SOFC technology are leading the way to the future in energy density, cost competitiveness, and lifespan. These benefits are driving fuel cells toward broader deployment in long-distance transportation, off-grid power, and data centre and hospital backup. In addition, partnerships among automobile original equipment manufacturers, energy suppliers, and technology firms are facilitating scalable models of deployment. Facilitated by policy, supply chain creation, and increasing end-user demand, the market is poised on the threshold of revolutionary high-impact commercial transformation.

Facts & Figures

• Commercial Vehicle Momentum: Heavy-duty transport uptake of fuel cells is gaining momentum with governments like China and South Korea installing thousands of hydrogen fuel cell buses and trucks to support their respective national emissions reduction plans.
• Government Support Increases: More than 30 governments have published individual hydrogen strategies that clearly advocate fuel cell infrastructure, providing incentives for R&D, manufacturing, and deployment.
• Buildout Underway: Global fleet of hydrogen refuelling stations over 1,000 installations with plans for rapid buildout in Europe, Japan, and California, taking down one of the final barriers to fuel cell vehicle scale-up.
• Technology Advancing: Key advancements in PEM and SOFC fuel cell technologies boosted energy density, system lifetime, and cost-effectiveness, making fuel cells increasingly competitive across stationery and mobility markets.

Key Developments:

• In June 2025, First Hydrogen Bus Deployment in Altitude: NTPC deployed commercial hydrogen fuel cell buses in Leh under its Green Hydrogen Mobility Project, running at the world's highest altitude with 100% renewable energy drawn from a 1.7 MW solar plant.
• In December 2024, Greenzo & EODev Partnership: Greenzo Energy collaborated with French company EODev to introduce zero-emission hydrogen generators to India, with intentions to locally manufacture units and make alkaline electrolysers to enhance indigenous hydrogen capabilities.
• In October 2024, EH Group Unveils M-250kW System: EH Group launched the EH-TRACE M-250kW fuel cell system, a plug-and-play, AI/ML-governed power solution with high efficiency and cost benefits for heavy-duty, high-power uses.

Fuel Cell Market Segmentation:

Based on the product:

• PEMFC
• PAFC
• AFC
• MFC
• Others

PEMFCs are presently dominating the market for fuel cells because of their flexibility, quick start-up time, and high-power density, rendering them most appropriate for automotive and portable use. The cells have a relatively low operating temperature, which is safer and easier to implement in compact and mobile systems. Free from tailpipe emissions and zero noise, PEMFCs are now the first choice for fuel cell vehicles (FCVs) in commercial fleets and mass transit systems. Huge investment in PEMFCs by automotive original equipment manufacturers (OEMs) and increasing hydrogen infrastructure availability have propelled commercialization. Furthermore, continuous advances in membrane durability and catalyst efficiency are reducing production costs, making PEMFCs the market leader in the transition to clean mobility.

Based on the application:

• Portable
• Stationary
• Transport

Among the applications, transportation is witnessing the most intense use of fuel cell technology, particularly in heavy-duty transport where batteries are out of range and refuelling efficiency. Fuel cell electric vehicles (FCEVs) provide extended running hours, rapid hydrogen refuelling, and heavy payload capacity, making FCEVs suited for logistics trucks, buses, and locomotives. Asian, American, and European governments are implementing hydrogen corridors and fleet incentives for commercial-scale adoption. OEMs like Toyota, Hyundai, and Nikola are growing their fuel cell vehicle programs rapidly to satisfy regulatory needs and sustainability objectives. As zero-emission targets get closer, fuel cells are becoming an increasingly strategic resource for long-haul transport decarbonization.