Stationary Fuel Cells Market Size, Share, and Industry Analysis, By Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Molten Carbonate Fuel Cell, Solid Oxide Fuel Cell, Direct Methanol Fuel Cell, and Others), By Capacity (1 KW to 5kW, 5kW to 250kW, 250kW to 1MW, More than 1MW, and Less than 1kW), By Application (Combined Heat and Power (CHP), Prime Power, Uninterrupted Power Supply (UPS), and Others), By End-User (Transportation, Defense, Oil and Gas, Utilities, and Others) and Regional Forecast, 2026-2034

The global stationary fuel cells market size was valued at USD 1.84 billion in 2025. The market is projected to grow from USD 2.1 billion in 2026 to USD 5.97 billion by 2034, exhibiting a CAGR of 13.94% during the forecast period.

A stationary fuel cell is an equipment that converts chemical energy into electrical energy through a chemical reaction. Fuel cells have a different mechanism than batteries, as they require a viable source of fuel and oxygen to continue the chemical reaction. Fuel cells are developed to deliver electricity continuously for the long run as sustainable sources. The growing demand for clean energy in several sectors is the key factor driving the market growth. Moreover, the increase in power distribution in recent years and the higher competence of fuel cells than other power-generating structures is boosting the market globally.

• In March 2023, Honda began an operation to deliver power backup by Zero Emission Stationary Fuel Cell system. Honda will begin smearing stationary fuel cell power station technologies to data centers and manufacturing facilities across the globe.

The COVID-19 pandemic severely impacted the global economy. The pandemic played a very negative role in multiple sectors. The power sector was one of them, which holds the essential products, such as stationary fuel cells. It had a negative impact on the deployment of the system in several areas due to the lockdown. In addition, a halt in the manufacturing units and plants also damaged the global numbers.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Stationary Fuel Cells Market
• Key Industry Trends
• Regulatory Landscape for the Stationary Fuel Cells Market
• Key Industry Developments (Mergers, Acquisitions, and Partnerships)
• Impact of COVID-19 on the Market

SEGMENTATION

ANALYSIS BY TYPE

By type, the market is segmented into proton exchange membrane fuel cells, phosphoric acid fuel cells, molten carbonate fuel cells, solid oxide fuel cells, direct methanol fuel cells, and others. Proton Exchange Membrane fuel cell is the dominating segment as it holds the maximum share in the global market. It is the most common process used in power generation as it is water-based. Solid oxide is expected as one of the fastest-growing types due to the increasing investment in research and development activities. Other types are also contributing an ample amount of share to the global market, driven by the focus on developing these technologies efficiently.

ANALYSIS BY CAPACITY

The global market, based on capacity, is segmented into 1 KW to 5kW, 5kW to 250kW, 250kW to 1MW, More than 1MW, and Less than 1kW. The 5KW to 250 KW segment is considered the dominating segment. This is due to the introduction of a wide range of applications in multiple industries such as chemical, petroleum, transportation and others. 250kW to 1MW is expected as one of the fastest-growing segments driven by its application in large-scale sectors. It helps to deliver sustainable support to the power systems.

ANALYSIS BY APPLICATION

Based on the application, the market covers combined heat and power (CHP), prime power, uninterrupted power supply (ups), and others. The prime power segment holds the maximum share in the global market. This is driven by its application in the residential, commercial, and industrial areas. Combined heat and power are expected as one of the fastest-growing segments worldwide. Its several advantages are boosting the market growth such as it helps to avoid the need for new transmission and distribution infrastructure.

ANALYSIS BY END-USER

Based on the end-user, the market covers transportation, defense, oil and gas, utilities, and others. It is expected that the utility segment holds the maximum share of the global market. The majority of the use of stationary fuel cells is applicable in the utility sector. Transportation is the fastest-growing segment in the market, driven by an increase in the demand for fossil fuel resources. Other end-users also contribute to the global market, such as defense and oil & gas.

REGIONAL ANALYSIS

The global market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the dominating region globally. China, Japan, and India drive the primary demand for stationary fuel cells as these countries have a high potential to boost the market. North America is one of the fastest-growing regions driven by government initiatives toward zero carbon emission. The majority of the players are from the European region, as it has a high potential of delivering proton exchange membrane and solid oxide technologies. Latin America and, the Middle East & Africa are actively looking to invest more in the market to compete in the race for zero carbon emission. This initiative from emerging countries will help to boost the stationary fuel cell market.

KEY PLAYERS COVERED

Some critical businesses in the global Stationary Fuel Cells market are Cummins, Inc., Ballard Power Systems, Plug Power Inc., TOSHIBA CORPORATION, SFC Energy AG, Aris Renewable Energy LLC., Altergy, AFC Energy PLC, Siemens Energy, Fuji Electric Co., Ltd., FuelCell Energy, Inc., NUVERA FUEL CELLS, LLC., Bloom Energy, and Doosan Fuel Cell Co., Ltd.

KEY INDUSTRY DEVELOPMENTS

• In March 2024, Nissan Motor Co. Ltd. introduced that it has industrialized a stationary, bio-ethanol-fueled system that is proficient in high-efficiency power generation. Experiments have begun at Nissan’s Tochigi Plant in Japan meant to progress power generation capacity.
• In May 2023, Ballard Power Systems proclaimed an order for 3.6 megawatts (MW) of fuel cell systems from a European business of clean energy solutions for stationary power applications. Ballard expects to deliver 36 x 100 kW systems in the forecast years.