Global Hydrogen and Fuel Cells Market Growth 2025-2031

The global Hydrogen and Fuel Cells market size is predicted to grow from US$ 7255 million in 2025 to US$ 33040 million in 2031; it is expected to grow at a CAGR of 28.7% from 2025 to 2031.

Hydrogen and Fuel Cells use hydrogen as a chemical element, and are made into batteries that store energy. The basic principle is the reverse reaction of electrolysis of water, hydrogen and oxygen were supplied to the cathode and anode, hydrogen diffusion through the cathode and the electrolyte reaction, the release of electrons through the external load to reach the anode.

Traditionally, North American market develops significantly due to commercialization and adoption of electric vehicles. However, Asia Pacific emerges as a growing market in terms of shipment in 2024. Growing demand for new energy vehicles and power systems in APAC market triggers the market demand. The hydrogen and fuel cells market, by type, is segmented into air-cooled type and Water-cooled Type, and air-cooled system accounted for the largest market share in 2023. Growing demand for clean energy generation and reliance on hydrogen and fuel cells-based public transportation systems in developed regions is driving market growth. Moreover, advantages offered by air-cooled system, such as structure is simple, light weight, the price is relatively cheap are likely to drive the demand for air-cooled system during the forecast period. Power based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, hydrogen and fuel cells technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.

LP Information, Inc. (LPI) ' newest research report, the “Hydrogen and Fuel Cells Industry Forecast” looks at past sales and reviews total world Hydrogen and Fuel Cells sales in 2024, providing a comprehensive analysis by region and market sector of projected Hydrogen and Fuel Cells sales for 2025 through 2031. With Hydrogen and Fuel Cells sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Hydrogen and Fuel Cells industry.

This Insight Report provides a comprehensive analysis of the global Hydrogen and Fuel Cells landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Hydrogen and Fuel Cells portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Hydrogen and Fuel Cells market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Hydrogen and Fuel Cells and breaks down the forecast by Type, by Application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Hydrogen and Fuel Cells.

This report presents a comprehensive overview, market shares, and growth opportunities of Hydrogen and Fuel Cells market by product type, application, key manufacturers and key regions and countries.

Segmentation by Type:
Air-Cooled
Water-Cooled

Segmentation by Application:
Stationary
Transportation
Portable

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, its market penetration.
Panasonic
Plug Power
Toshiba ESS
Ballard
SinoHytec
Cummins (Hydrogenics)
Nedstack
Hyundai Mobis
Toyota Denso
Elring Klinger
Bosch/Powercell
Symbio
Pearl Hydrogen
Sunrise Power
Hyster-Yale Group

Key Questions Addressed in this Report

What is the 10-year outlook for the global Hydrogen and Fuel Cells market?

What factors are driving Hydrogen and Fuel Cells market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Hydrogen and Fuel Cells market opportunities vary by end market size?

How does Hydrogen and Fuel Cells break out by Type, by Application?

Please note: The report will take approximately 2 business days to prepare and deliver.