Hydrogen Fuel Cells Market to Reach USD 5.9 Billion by 2030 as Nations Accelerate Zero-Emission Energy and Mobility Transition
AUSTIN, Texas and TOKYO, Dec. 1, 2025 /PRNewswire/ -- According to DataM Intelligence, the Hydrogen Fuel Cells Market Size reached USD 3.64 billion in 2024 and is projected to grow to USD 5.9 billion by 2030, expanding at a CAGR of 8.3% during the 2024–2031 forecast period.
The shift toward clean energy, net-zero targets, heavy-duty vehicle decarbonization, and the scaling of hydrogen infrastructure is driving one of the fastest-rising markets in the alternative energy ecosystem.
Hydrogen fuel cells, known for converting hydrogen and oxygen into electricity with zero carbon emissions, are rapidly becoming essential for powering transportation fleets, industrial heat systems, backup power units, microgrids, and portable applications. As governments fund hydrogen production hubs and OEMs introduce fuel-cell vehicles (FCEVs), the commercial viability of hydrogen fuel cells is strengthening each year.
Download PDF Brochure: https://www.datamintelligence.com/download-sample/hydrogen-fuel-cells-market
Browse in-depth TOC on "Hydrogen Fuel Cells Market"
50 – Tables
49 – Figures
195 – Pages
Hydrogen Fuel Cells Enter Their Commercial Growth Phase
1. Governments Offering Multi-Billion-Dollar Incentives
The U.S., Japan, South Korea, EU, and China have collectively committed USD 200+ billion in hydrogen strategies, of which a significant share directly supports fuel cell deployments.
2. Transportation Sector Pivoting to FCEVs
Fuel-cell buses, long-haul trucks, forklifts, rail systems, and maritime vessels are rapidly adopting hydrogen power because of longer range compared to batteries and faster refueling times.
3. Stationary Fuel Cell Adoption Soaring
Data centers, hospitals, telecom towers, industrial plants, and commercial buildings are installing solid oxide and phosphoric acid fuel cells for uninterrupted, low-carbon power.
Market Segmentation:
By Type (PEMFC, PAFC, SOFC, MCFC, Others)
Proton Exchange Membrane Fuel Cells (PEMFC)
PEMFCs dominated the market in 2024, accounting for 52% (USD 1.89 billion).
These fuel cells are widely used in transportation-especially in buses, forklifts, passenger cars, and light-duty commercial vehicles-due to their high power density and fast start-up times.
Solid Oxide Fuel Cells (SOFC)
SOFCs held 24% (USD 870 million).
They are rapidly gaining ground in stationary and industrial segments, particularly for distributed power generation, energy-intensive industries, and backup systems.
Molten Carbonate Fuel Cells (MCFC)
MCFCs contributed 13% (USD 470 million).
Their high-temperature efficiency and suitability for large stationary applications make them valuable for microgrids and industrial heat recovery systems.
Phosphoric Acid Fuel Cells (PAFC)
PAFCs represented 8% (USD 290 million).
They are commonly installed in commercial buildings, hospitals, and data centers for reliable on-site clean power.
By Application (Transportation, Stationary, Portable)
Transportation
Transportation was the largest segment, contributing 46% (USD 1.67 billion).
Fuel-cell trucks, buses, forklifts, and passenger cars are gaining traction, supported by the rapid expansion of hydrogen refueling stations worldwide.
Stationary
Stationary applications accounted for 40% (USD 1.46 billion).
Data centers, hospitals, and industrial facilities use hydrogen fuel cells for reliable, grid-independent power. SOFC and MCFC systems dominate this space.
Portable
Portable systems represented 14% (USD 510 million), used in defense, telecom towers, remote energy solutions, and emergency response setups.
Buy This Report with Year-End Offer (Buy 1 report: Get 30% OFF | Buy 2 reports: Get 50% OFF each! Limited time offer): https://www.datamintelligence.com/buy-now-page?report=hydrogen-fuel-cells-market
Regional Analysis
United States
The U.S. accounted for 36% (USD 1.31 billion) of global hydrogen fuel cell revenues in 2024.
Key U.S. Market Highlights:
- Hydrogen hubs funded under the U.S. Infrastructure Law exceed USD 8 billion
- Fuel-cell forklift fleets surpass 50,000 units nationwide
- SOFC installations grew 14% YoY, driven by data center expansions
- Heavy-duty fuel-cell truck pilots increased by 120% from 2022 to 2024
By 2030, the U.S. hydrogen fuel cell market is expected to surpass USD 2.3 billion due to strong industrial adoption, rapid hydrogen station rollout, and increased fleet electrification.
Japan
Japan captured 11% (USD 400 million) in 2024, making it one of the most mature hydrogen fuel cell markets globally.
Key Japan Market Indicators:
- Japan deploys 430,000+ Ene-Farm residential fuel cells
- FCEV adoption rose 16% YoY
- Hydrogen stations exceed 165, the highest per capita globally
- Japan's green hydrogen projects expected to hit 1.5 million tons/year by 2030
By 2030, Japan is projected to reach USD 650+ million in hydrogen fuel cell revenues.
Competitive Landscape:
Below are revenues and hydrogen-specific contributions derived from annual reports and publicly available financial disclosures.
Ballard Power Systems
- 2023 Revenue: USD 102.4 million
- Heavy-Duty Mobility Segment: USD 50 million
- Significant R&D investment (USD 100+ million over two years) into next-gen PEMFC engines.
Bloom Energy
- 2023 Revenue: USD 1.3 billion
- Bloom Energy Servers (SOFC systems): majority of the revenue
- Strong installations in data centers and microgrids.
FuelCell Energy, Inc.
- 2023 Revenue: USD 114 million
- MCFC systems account for most revenues
- Installed worldwide capacity exceeds 400 MW.
Plug Power Inc.
- 2023 Revenue: USD 891 million
- Leading supplier of fuel cell-powered forklifts
- Operates the largest network of green hydrogen plants in the U.S.
Ceres Power Holdings PLC
- 2023 Revenue: USD 26 million (royalty-based business model)
- Focused on SOFC technology through licensing partnerships with Bosch, Doosan, and Weichai.
SFC Energy AG
- 2023 Revenue: USD 118 million
- Specializes in portable and off-grid fuel cell systems
- Military and industrial demand rising.
Doosan Fuel Cell America
- Parent Company Revenue: Doosan Group - USD 15.1 billion
- Fuel cell business growing rapidly in Korea and North America.
Nuvera Fuel Cells LLC (Hyster-Yale Group Company)
- Parent revenue (Hyster-Yale): USD 3.4 billion
- Nuvera focusing on heavy-duty fuel cell engines and hydrogen mobility solutions.
Buy This Report with Year-End Offer (Buy 1 report: Get 30% OFF | Buy 2 reports: Get 50% OFF each! Limited time offer): https://www.datamintelligence.com/buy-now-page?report=hydrogen-fuel-cells-market
The Future of Hydrogen Fuel Cells: What Will Transform The Market By 2030
By 2030, the hydrogen fuel cell landscape will undergo major changes:
- Heavy-duty transportation will drive >50% of new PEMFC installations
- SOFC systems will become the standard for clean industrial heat and baseload power
- Green hydrogen costs will fall 40–60%, improving fuel cell economics
- Hydrogen refueling stations will exceed 15,000 globally
- Hydrogen microgrids will expand across data centers and industrial parks
- Military & defense will adopt fuel cells for silent, portable power
- Hydrogen-powered trains, ships, and aircraft will reach commercial demonstration phases
Related Report:
About DataM Intelligence
DataM Intelligence is a renowned provider of market research, delivering deep insights through pricing analysis, market share breakdowns, and competitive intelligence. The company specializes in strategic reports that guide businesses in high-growth sectors such as nutraceuticals and AI-driven health innovations.
To find out more, visit https://www.datamintelligence.com/ or follow us on Twitter, LinkedIn, and Facebook.
Contact:
Sai Kiran
DataM Intelligence 4market Research LLP
Ground floor, DSL Abacus IT Park, Industrial Development Area
Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
Logo - https://mma.prnewswire.com/media/1858619/3573087/DataM_Intelligence_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/hydrogen-fuel-cells-market-to-reach-usd-5-9-billion-by-2030-as-nations-accelerate-zero-emission-energy-and-mobility-transition-302629293.html