Report Highlights

The global market for hydrogen fuel cells is estimated to increase from $5.1 billion in 2024 to reach $11.0 billion by 2029, at a compound annual growth rate (CAGR) of 16.5% from 2024 through 2029.

Report Includes

41 data tables and 60 additional tables

An update on the global market for hydrogen fuel cell technology

Analyses of the global market trends, with data from 2023, estimates for 2024, forecasts for 2025, 2027, and projections of compound annual growth rates (CAGRs) through 2029

An evaluation of the market potential for hydrogen fuel cells in the stationery and transport power generation industry

Forecast for the global hydrogen fuel cell market, and corresponding market share analysis by product type, technology, application, and region

Discussion of the market dynamics (DROs), technology updates and industry value chain

Insights into the industry structure, current competitive landscape, R&D activity, and a company value share analysis

A discussion of ESG challenges and ESG practices in the industry

Company profiles of major players within the industry, including Ballard Power Systems, Bloom Energy, Ceres, Doosan Fuel Cell Co. Ltd., and FuelCell Energy Inc.

Report Scope

The global hydrogen fuel cell market determines the segments by product type, technology, application and regional market analysis. This report covers the hydrogen fuel cells used in stationary, portable and mobile applications. The applications considered in this study are combined heat and power (CHP), stationary power supply units, auxiliary power units and vehicle propulsion systems. Other applications include fuel cell electrolyzers, which use electricity as input and produce hydrogen as output. These are not included in the scope of the report.

The market sizing has been provided in value ($ millions) and volume (gigawatts). The report also covers competitive intelligence, which covers the market share of prominent companies based on their product offerings and revenues generated from the fuel cell business. It also provides details of global market dynamics, emerging technologies and developments happening in the industry.