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Fuel Cell Market to Reach USD 36.41 Billion by 2029; Announcement of Favorable Regulatory Policies by Governments to Drive Market Progression

March 09, 2023 | Energy & Power

The global fuel cell market size is projected to showcase robust growth by attaining a valuation of USD 36.41 billion by 2029. Fortune Business Insights™ in its report titled “Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, and Others), By Application (Transport, Stationary, and Portable), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 4.58 billion and reached USD 5.90 billion in 2022. The market is expected to witness a strong CAGR of 29.7% during 2022-2029. Rising efforts to curb carbon emissions and the announcement of subsidies and favorable policies by governments will drive market augmentation in the coming years.

Robert Bosch GmbH to Produce Fuel Cell Stacks in its South Carolina Facility

In August 2022, Robert Bosch GmbH announced its plans to manufacture fuel cell stacks in its South Carolina-based facility. This move comes as a part of a more than USD 200 million investment to manufacture fuel cell stacks to power hydrogen trucks on U.S. roads. 350 new jobs will be created as a part of this initiative. The Bosch Anderson facility has already begun work on the expansion to support fuel cell technology. The campus will be upgraded to increase the total floorspace to produce fuel cell stacks while providing a climate-controlled environment needed for quality-critical procedures.

Economic Booster Packages Aided Market Growth Amid the Pandemic

The spread of COVID-19 worldwide resulted in the closure of manufacturing facilities and pause in investments in the field, which caused decline in revenue. Small and medium scale enterprises were affected by the lockdowns implemented to control the rising number of cases. However, the economic booster packages announced by governments for various sectors helped them combat the revenue and cash flow problems. Besides, key players also focused on helping major industries in carrying on their operations smoothly.

Favorable Regulatory Policies to Support Product Deployment

The rising installation of fuel cell systems to produce combined heat and power for commercial spots such as hospitals, hotels, educational centers and other public buildings will propel the fuel cell market growth. As a result, governments and federal authorities in various countries have announced subsidy schemes to increase integration of fuel cell devices in several economies, which will also facilitate market proliferation.

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Expansion of Product Portfolio by Leading Players to Facilitate Market Augmentation

Industry leaders are focusing on launching products with higher efficiency and power density to improve their market positioning and sales. These companies are also investing in manufacturing fuel cell stacks at local and regional levels. For example, in April 2022, Doosan Fuel Cell Co., Ltd. announced its plans to partner with HyAxiom and Ballard Power Systems to develop Proton Exchange Membrane (PEM) hydrogen fuel cell mobility applications initially focused in South Korea.

Notable Industry Development

  • August 2022: Breakthrough Energy Ventures (BEV) invested in Blue World Technologies along with the existing investors to help the company in the completion of its USD 4.3 million Series B round. These funds will be used to scale fuel cell production and invested in the development of methanol-driven applications for the maritime sector.

List of Key Companies Profiled in the Report:

  • Ballard Power Systems (Canada)

  • Bosch (Germany)

  • Horizon Fuel Cell Technologies (Singapore)

  • ElringKlinger (Germany)

  • Hydrogenics (Canada)

  • SOLIDpower Italia (Italy)

  • Ceres Power (U.K.)

  • AVL (Austria)

  • Pragma Industries (France)

  • Mitsubishi Hitachi Power Systems (Japan)

  • W.L. Gore & Associates (U.S.)

  • Nedstack Fuel Cell Technology (Netherlands)

  • Proton Motor Fuel Cell GmbH (Germany)

  • Bloom Energy (U.S.)

  • AISIN (Japan)

  • Convion (Finland)

  • ITM Power (U.K.)

  • Plug Power (U.S.)

  • Nuvera Fuel Cells, LLC (U.S.)

  • FuelCell Energy (U.S.)

  • Elcogen (Estonia)

  • Nexceris LLC (U.S.)

  • SFS Energy AG (Germany)

  • Blue World Technologies (Denmark)

  • Roland Gumpert (Germany)

Further Report Findings

  • As per type, the proton exchange membrane fuel segment captured the dominant market share due to benefits offered such as low cost, lightweight nature, compact design, and flexibility in input fuel, which will boost its adoption.

  • Regionally, Asia Pacific held the leading market share due to the rising application of fuel cells in different sectors, especially in transport. Growing investments in fuel cell technology to reduce carbon emissions will propel the regional market further.

  • North America is projected to expand significantly due to rising investment in fuel cell installation in the region. Growing efforts by the U.S. government to promote hydrogen-powered vehicles will elevate the demand for fuel cell cars and aid regional market expansion.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Volume (MW) and Value (USD Billion)


By Type, Application, and Region

By Type

  • Proton Exchange Membrane Fuel Cell

  • Solid Oxide Fuel Cell

  • Phosphoric Acid Fuel Cell

  • Others

By Application 

  • Transport

  • Stationary

  • Portable

By Region

  • North America (By Type, By Application, and By Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application, and By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Sweden (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, By Application, and By Country)

    • China (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Rest of Asia Pacific (By Application)

  • Rest of World (By Type and By Application)

Global Fuel Cell Market
  • PDF
  • 2021
  • 2018-2020
  • 210


  • 4850

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