Fuel cell market projected to soar to $37.22b by 2034 on 14.8% CAGR

PEM fuel cells account for over 59% share.

The global fuel cell market is projected to reach $37.22b by 2034, expanding at a compound annual growth rate (CAGR) of 14.8%, according  to a report by Polaris Market Research.

Proton exchange membrane (PEM) fuel cells accounted for more than 59% of the market share and are deployed in hydrogen fuel cell vehicles, buses, trucks and trains.

Stationary power generation held the largest share in 2024 and is deployed across hospitals, telecommunications networks, industrial facilities and data centres.

The transportation segment comprises hydrogen-powered vehicles in heavy-duty logistics and public transport. Hydrogen refuelling infrastructure is expanding globally, according to the report.

Asia Pacific holds the largest share of the global market, with hydrogen infrastructure investments in Japan, South Korea and China. North America and Europe are also experiencing market growth with regulatory support and hydrogen infrastructure development.