Fuel Cell Market Size

Fuel Cell Market size was over USD 9.25 billion in 2024 and is anticipated to reach USD 166.22 billion by the end of 2037, growing at around 24.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of fuel cell is assessed at USD 11.09 billion.

The growth of the market can be attributed to the increasing use of hydrogen energy in the world. Fuel cells use hydrogen as a byproduct to stop the discharge of dangerous substances. Using hydrogen results in only two by-products, heat and water, which lessen combustion reactions and environmental damage. In 2021, the world's demand for hydrogen increased by 5% to 94 Mt, primarily owing to increased activity in the chemical and refining industries. Moreover, the consumption of hydrogen was 91 Mt in 2019.

 In addition to these, factors that are believed to fuel the market growth of fuel cells include the need to reduce the use of fossil fuels and greenhouse gas emissions. Fuel cells use hydrogen and eradicate the chances of emission of carbon, as the final by products are water and heat. The activities in various industries contributed significantly to increasing the greenhouse gas levels in the atmosphere. According to the United States Environmental Protection Agency, the second-largest portion of greenhouse gas emissions is caused by electricity. Our use of fossil fuels, primarily coal and natural gas, accounts for about 60% of our electricity.