Fuel Cell Technology market to grow at a CAGR of 25% during the forecast period (2025 – 2030): Wissen Research
The global fuel cell technology market was valued at USD 5.5 billion in 2024 and is projected to reach USD 21 billion by 2030, expected to grow at a CAGR of 25% during the forecast period (2025-2030)
Sheridan, Jan. 21, 2026 (GLOBE NEWSWIRE) — According to the latest market report published by Wissen Research, the global Fuel Cell Technology market was valued at 5.5 billion in 2024. Furthermore, the market is expected to grow at a CAGR of 25% during the forecast period from 2025 to 2030.
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Fuel Cell Technology Market Summary
| Fuel Cell Technology Market Report Attributes | Details |
| Fuel Cell Technology Market Size (2024) | USD 5.5 Billion |
| Fuel Cell Technology Market Size (2030) | USD 21 Billion |
| CAGR | 25 % |
| Base Year | 2024 |
| Forecast Period | 2025-2030 |
| Key Segments Covered |
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| Regions Covered |
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US Fuel Cell Technology Market Size
The US held a largest share in the global fuel cell technology market and is expected to grow at a CAGR of 24 % during the forecast period 2025 – 2030.
Growth Drivers
- Strict emissions regulations and decarbonization targets.
- Government incentives and national hydrogen strategies.
- Advances in fuel cell efficiency and cost reduction.
- Expanding hydrogen infrastructure and green hydrogen investment.
Opportunities
- Growth in fuel cell transport, marine, and off-grid power.
- Distributed and backup power for remote areas.
- Large-scale adoption in Asia-Pacific.
- Public-private partnerships driving innovation and scaling.
Key Insights from Fuel Cell Technology Market Analysis
Proton exchange membrane fuel cell (PEMFC) segment dominated the Fuel Cell Technology Market by Fuel Cell Type in 2024
Proton exchange membrane fuel cell (PEMFC) segment led the fuel cell technology market by fuel cell type in 2024, led by its applicability across transportation, stationary, and portable power applications. PEMFCs are popular due to their high efficiency, fast start-up, small package, and zero-emission operation, thereby becoming the preferred option for fuel cell electric vehicles (FCEVs), buses, and backup power systems. For instance, in 2024, the Asia Pacific accounted for almost 58% of the world PEMFC market with significant deployments in China, Japan, and South Korea underpinning extensive public transport and industrial decarburization efforts.
Hydrogen Fuel Segment held the largest market share in 2024, accounting for a significant share in Fuel Cell Technology market by Fuel Type
Hydrogen fuel segment contributed the highest market share in the fuel cell technology market by fuel type in 2024, driven by an increase in strategic partnerships and investments in infrastructure. For instance, Toyota and Shudao established a hydrogen joint venture in Chengdu, China, in 2024 to promote the speeding up of hydrogen fuel cell manufacturing, sales, and after-sales services, with the goal of expanding the use of hydrogen-powered vehicles and supporting infrastructure in the region.
Asia-Pacific will hold the largest market share in Fuel Cell Technology Market in the forecast period (2025-2030)
Asia-Pacific will hold the largest market share in the fuel cell technology market during the forecast period (2025–2030), propelled by robust government policies, large-scale investments in hydrogen infrastructure, and strong demand for clean transportation solutions. Countries such as Japan, South Korea, and China are leading this growth through aggressive national hydrogen strategies, generous subsidies for fuel cell vehicles, and rapid expansion of hydrogen refueling networks. For example, in 2024, Toyota and Hyundai-Kia accelerated the rollout of fuel cell electric vehicles and buses across the region, while China expanded its fleet of hydrogen-powered commercial vehicles and invested heavily in hydrogen corridors for long-distance logistics. These initiatives, combined with a focus on green hydrogen production and public-private partnerships, are positioning Asia-Pacific as the global hub for fuel cell innovation and large-scale deployment.
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