Fuel Cell Stack Market to Grow at 13.0% CAGR Through 2029

Boston, June 23, 2025 (GLOBE NEWSWIRE) — According to the latest study from BCC Research, the “Global Fuel Cell Stack Market” is projected to reach $2.4 billion by the end of 2029, at a compound annual growth rate (CAGR) of 13.0% during the forecast period of 2024 to 2029.

This report provides a comprehensive analysis of the global fuel cell stack market, covering technologies, end-use industries, and regional trends across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. It includes insights into technological innovations, regulatory developments, competitive dynamics through Porter’s Five Forces, and patent activity for investors. An ESG chapter highlights environmental, social, and governance considerations.

This report is particularly relevant today as the world accelerates its shift toward clean energy, driven by increasingly strict regulations and climate goals. Fuel cell technology plays a key role in reducing carbon emissions and supporting environmental sustainability. The report offers a clear view of the current fuel cell stack market, highlights future opportunities, and includes a five-year forecast to help industry players plan strategies. It also examines regional economic factors to support both new and established companies in making informed decisions.

The factors driving the market’s growth include:

Fuel-Cell Vehicles: The demand for fuel-cell electric vehicles (FCEVs) is rising as countries push for cleaner transportation. These vehicles emit only water vapor, making them a strong alternative to gasoline and diesel cars. This trend is driving the need for fuel cell stacks, which power these vehicles.

Government Support: Governments worldwide are offering tax breaks, subsidies, and funding to promote fuel cell technology. These incentives lower costs for manufacturers and buyers, helping fuel cells gain traction in the transportation and energy sectors.

Better Technology: Fuel cell technology is advancing rapidly. New designs are more efficient, last longer, and cost less to produce. These improvements make fuel cells more practical for a wide range of uses, from vehicles to stationary power systems.

Clean Energy Demand: As the world moves toward greener energy, fuel cells are gaining attention for their ability to produce clean electricity. When powered by renewable hydrogen, they offer a sustainable solution for reducing carbon emissions in various industries.

Backup Power for Data Centers: Data centers need reliable backup power, and fuel cells are becoming a preferred option. They provide clean, uninterrupted energy during outages and are more environmentally friendly than traditional diesel generators, especially as digital infrastructure expands.

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Report Synopsis

Report Metric	Details
Base year considered	2023
Forecast period considered	2024-2029
Base year market size	$1.1 billion
Market size forecast	$2.4 billion
Growth rate	CAGR of 13.0% for the forecast period of 2024-2029
Segments covered	Technology, End Use Industry, and Region
Regions covered	North Americas, Europe, Asia-Pacific, and the Rest of World
Countries covered	U.S., Canada, Mexico, U.K., Germany, France, Italy, China, South Korea, Japan
Market drivers	Demand for fuel-cell electric vehicles. Supportive government regulations and incentives. Technological advances in fuel cell technology. Growing demand for clean energy sources. Increasing demand of fuel cells for backup power in data centers.

Interesting facts:

1. Top Countries for Fuel Cell Vehicles

According to the International Energy Agency, Technology Collaboration Programme update report in 2023, South Korea, China, the U.S., and Japan had the most fuel cell vehicles on the road. Together, they accounted for about 92% of all such vehicles globally.

2. Asia-Pacific Leads the Market

The Asia-Pacific region had the largest share (68%) of the global fuel cell stack market in 2023. One reason for this is the increasing use of FCEVs in South Korea and China.

3. Growing Investments in Hydrogen

In 2020, 60% of hydrogen energy investments were for clean (eco-friendly) hydrogen. By 2024, that grew to 75%, showing a seven-fold increase in investment over four years.

Emerging startups

• TerraLIX Co. Ltd: TerraLIX is a South Korean startup that specializes in advanced hydrogen fuel cell modules that feature air-cooled and water-cooled systems. Its technology utilizes metal separator plates to ensure high performance and durability in fuel cell stacks.

• Unilia Fuel Cells Inc.: is a provider of fuel cell stack technology in Canada. In May 2022, the company introduced its Electra hydrogen fuel cell stack, with a power rating scalable to 130KW and a power density of 4.4KW/L.

• HydroBorPEM: HydroBorPEM produces efficient composite membrane fuel cell stacks for hydrogen fuel cell vehicles. The startup synthesizes composite membranes that exhibit enhanced physical and chemical properties compared to traditional Nafion membranes.

The report addresses the following questions:

1. What is the projected market size and growth rate?

• The projected market size in 2029 is $2.4 billion, and the market’s CAGR is 13.0% during the forecast period.

2. What are the key factors driving the growth of the market?

• Increasing demand for fuel-cell electric vehicles.
• Supportive government regulations and incentives.
• Technological advances in fuel cell technology.
• Growing demand for clean energy sources.
• Uptick in demand for fuel cells for backup power in the data centers.

3. What segments are covered in the market?

• Technology
• End-Use Industry

4. Which segment of the end-use industry market will be dominant through 2029?

• The transportation segment will be the dominant segment through the forecast period.

5. Which region has the largest market share?

• The Asia-Pacific region holds the largest share of the global market.

Market leaders include:

• ADVENT TECHNOLOGIES
• BLOOM ENERGY
• BALLARD POWER SYSTEMS
• DOOSAN FUEL CELL CO. LTD.
• FUELCELL ENERGY INC.
• NEDSTACK FUEL CELL TECHNOLOGY
• NUVERA FUEL CELLS LLC.
• PLUG POWER INC.
• POWERCELL SWEDEN AB
• ROBERT BOSCH GMBH

Related reports include:

Hydrogen Fuel Cell: Global Markets: The report analyzes the global hydrogen fuel cell market by product type, technology, application, and region. It focuses on fuel cells used in stationary, portable, and mobile applications like CHP, power units, and vehicle propulsion. Market size is given in both value and volume, with the report offers insights into key players, emerging technologies, and industry trends.

Electric Vehicles and Fuel Cell Vehicles: Global Markets: This report provides a detailed analysis of the EV and FCEV markets by propulsion type, vehicle type, and power source, excluding industrial and low-speed electric vehicles. It includes market dynamics, regulatory insights, a patent analysis, and an evaluation of the impact of the Russia-Ukraine war. It also features analysis across major regions and profiles top manufacturers.

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