Fuel cell stack market projected to reach $2.4 billion by 2029 with 13.0% CAGR growth

From GlobeNewswire: 2025-06-23 11:59:00

The Global Fuel Cell Stack Market is projected to reach $2.4 billion by 2029, with a 13.0% CAGR from 2024 to 2029. The report covers technologies, end-use industries, and regional trends, highlighting the role of fuel cell technology in reducing carbon emissions and supporting environmental sustainability.

Factors driving market growth include the rising demand for fuel-cell vehicles, government support through tax breaks and incentives, advancements in fuel cell technology, increasing demand for clean energy, and the use of fuel cells for backup power in data centers.

Top countries for fuel cell vehicles include South Korea, China, the U.S., and Japan. The Asia-Pacific region leads the market, with 68% of the global fuel cell stack market share in 2023. Investments in hydrogen energy have shown a significant increase, particularly in clean hydrogen.

Emerging startups in the fuel cell industry include TerraLIX Co. Ltd, Unilia Fuel Cells Inc., and HydroBorPEM, each specializing in different aspects of fuel cell technology. The market report provides insights into the projected market size, key growth drivers, market segments, dominant industry segments, and market leaders.

Key market leaders in the fuel cell industry include Advent Technologies, Bloom Energy, Ballard Power Systems, and FuelCell Energy Inc. Related reports on hydrogen fuel cells and electric vehicles provide additional market analysis and insights. BCC Research’s market research reports offer unbiased analysis to help businesses make informed decisions in the fuel cell industry.



Read more at GlobeNewswire: Fuel Cell Stack Market to Grow at 13.0% CAGR Through 2029