Fuel Cell Market Size Analysis and Top Companies
The global fuel cell market size is estimated to hit around USD 80.86 billion by 2033 increasing from USD 7.35 billion in 2023, with a CAGR of 26.20% between 2023 and 2033. The top companies in the fuel cell market are AFC Energy PLC, SFC Energy, ITM Power PLC, Hydrogenics, Fuji Electric India Pvt. Ltd, Proton Power Systems PLC, Plug Power Inc., Ballard Power Systems Inc., United Technologies, Fuel Cell Energy Inc.
Market Report Coverage
| Report Attributes |
Details |
| Market Size by 2034 |
USD 95.65 Billion |
| Market Size in 2023 |
USD 7.35 Billion |
| Market Size in 2024 |
USD 9.34 Billion |
| Market Growth Rate from 2024 to 2034 |
CAGR of 26.2% |
| Largest Market |
North America |
| Base Year |
2023 |
| Forecast Period |
2024 to 2034 |
| Segments Covered |
Product, Application, and Region |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Fuel Cell Key Players
- AFC Energy PLC
- SFC Energy
- ITM Power PLC
- Hydrogenics
- Fuji Electric India Pvt. Ltd
- Proton Power Systems PLC
- Plug Power Inc.
- Ballard Power Systems Inc.
- United Technologies
- Fuel Cell Energy Inc.
Recent Developments
- Hydrogenics opened a new facility in California, in October 2018. The facility’s primary goal would be the integrate hydrogen fuel cell systems onto heavy duty truck and bus platforms for California customers. Hydrogenics was able to improve its position in the U.S. market due to the establishment of this manufacturing plant.
- Plug Power introduced a new plant in March 2019 to expand its hydrogen-based fuel cell line. The ProGen 30kW engine is a cost-effective solution for electric vehicle, with high utilization and reliable performance in severe settings, as well as quick fueling and zero emissions.
- SFC Energy entered into a contract with AuroraHut, a Finnish Company, in October 2019. AuroraHut will include the EFOY fuel cells into its new all season igloo houseboats for highly customized trips under the terms of the deal. In all igloos, the fuel cell provides a fully automated and ecologically beneficial power source.
- MHI announced in October 2020 that it has received a contract to supply solid oxide fuel cell system, making the company’s first in Europe. As part of the KWK.NRW 4.0 project, the hybrid solid oxide fuel cell system will be integrated at the GWI in Germany.
- Navistar Inc., General Motors, and OneH2 established an agreement in January 2021 to provide complete solutions for long haul transportation systems with low emissions. The group’s combined efforts are expected to strengthen the hydrogen-powered truck ecosystem.
The major market players are highly investing in research and development to improve the technical features of fuel cells and modules, which offer cheaper battery costs, longer life, and greater performance. Several strategic initiatives have been attempted by industry players, including supplying varied product ranges, joint ventures, mergers, acquisitions, and collaborations. These tactics help firms and market players to gain a stronger presence in the global fuel cell market.
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