<img src="https://ml.globenewswire.com/Resource/Download/d0c282b6-d496-45a8-a941-33fa5c3e824c?size=2" nborder="0" align="left" hspace="5" vspace="5" title="BCC Logo 1200-630.png" alt="BCC Research LLC"/>“The global market is projected to grow from $5.4 billion in 2025 to $13.1 billion by 2031 at a 17.3% CAGR, as data centers, heavy-duty transport and national hydrogen strategies drive demand for reliable low-emission power.”Boston, Sept. 02, 2026 <a href="https://www.globenewswire.com" target="_blank">(GLOBE NEWSWIRE)</a> -- The global hydrogen fuel cell market is projected to grow from $5.4 billion in 2025 to $13.1 billion by 2031, at a compound annual growth rate (CAGR) of 17.3% over the forecast period 2026–2031, according to <a href="https://www.globenewswire.com/Tracker?data=bR9Sepa2mnsmkz4UpjlRhysoMziGee5HW9SKhbFiLuclz4cScTJDyvScTre2N0kkSpeXktLdSgqxv2qw3Cj8Fekox8J4WnoQbWSg0nzvFNdE_hzmBLiKV38rrdVjpmfGcwFpJa5S7UDKXdKtS0fE5CGmWHWuVu_DsBmbKY-tpGcL0pv7e3eQiVapYR0Ep4-zvDUbl4K4N5rqqmjuNDZ5a9RLkpiGA14iv1H1tLHe7_H9Cc-oI0Rsae6Liiw_xMo0uSc9O2Qkt-qFFLhl-UBJ6BY_EmXTZo0giYK19mH89_g=" rel="nofollow" target="_blank" title="Hydrogen Fuel Cell: Global Markets">Hydrogen Fuel Cell: Global Markets</a> (EGY186C). BCC Research identifies surging data center energy requirements, accelerating decarbonization mandates, and expanding hydrogen infrastructure as the primary structural forces reshaping this market. Key Findings • The global hydrogen fuel cell market is forecast to reach $13.1 billion by 2031, growing at a 17.3% CAGR from 2026 to 2031. The primary catalyst is the dramatic rise in stationary fuel cell deployments as data centers, industrial operators, and utilities seek reliable, zero-emission on-site power capable of supporting always-on operations. • Asia-Pacific is the dominant region, commanding a 52.3% share of the global market, underpinned by China's state-backed hydrogen refueling infrastructure buildout, Japan and South Korea's national hydrogen roadmaps, and India's emerging green hydrogen policy framework — collectively creating the world's most integrated hydrogen deployment ecosystem. • Explosive data center growth is creating a structural demand pull for stationary fuel cells. The U.S. Department of Energy has projected domestic data center energy consumption could double or triple by 2028. Fuel cells, operating at efficiencies of up to 60% — nearly double conventional combustion engines at 33–35% — are increasingly deployed as primary and backup on-site power sources. • Global FCEV sales grew 13.7% in 2025, with heavy-duty truck sales rising 54.2%, signaling a decisive shift in transport electrification toward hydrogen in long-haul and commercial applications where battery range limitations constrain BEV competitiveness. Regulatory decarbonization mandates across the EU, U.S., and Asia are reinforcing this trajectory. • Emerging technologies stand to materially reduce system costs and expand addressable applications. Key innovations include Solid Oxide Fuel Cells (SOFCs) with advanced electrolyte materials, Protonic Ceramic Fuel Cells (PCFCs) with perovskite electrolytes, non-precious metal catalysts (NPMCs) reducing platinum dependency, and high-specific-power air-cooled fuel cell stacks purpose-built for UAV deployment. • The competitive landscape features both established industrial conglomerates and pure-play fuel cell specialists, including Bloom Energy, Plug Power Inc., FuelCell Energy Inc., Ballard Power Systems, Cummins Inc. (Accelera), Doosan Fuel Cell Co. Ltd., Toshiba Corp., KYOCERA Corp., Mitsubishi Heavy Industries Ltd., and Nedstack Fuel Cell Technology. Market Drivers Three converging forces are accelerating hydrogen fuel cell adoption beyond the pace of prior cycles. First, the AI-driven infrastructure buildout is fundamentally altering energy procurement strategies. Hyperscalers and colocation operators facing grid reliability constraints are turning to stationary fuel cells as dispatchable, low-emission on-site generation — a demand pattern that did not exist at scale five years ago. Second, coordinated policy architecture across major economies — including the U.S. Inflation Reduction Act tax credits, the EU Green Deal, and national hydrogen roadmaps in Japan, South Korea, and India — is systematically de-risking capital deployment for both manufacturers and end users. These are not transient subsidies but multi-decade structural commitments. Energy security considerations further reinforce this dynamic. Nations seeking to reduce dependence on imported fossil fuels are investing in domestic green hydrogen production integrated with fuel cell deployment, aligning commercial incentives with strategic objectives. China's state-directed expansion of hydrogen refueling networks and cross-region heavy-duty truck corridors is simultaneously creating scale effects that lower adoption barriers globally. Investment Considerations Investors evaluating the hydrogen fuel cell space should weigh a 17.3% CAGR against meaningful execution risks. Insufficient hydrogen refueling infrastructure remains a structural bottleneck — station closures in Germany, Austria, California, and Denmark illustrate the challenge of scaling demand without prior infrastructure density. High platinum catalyst costs continue to pressure PEMFC system economics, though NPMCs and nanotechnology-enhanced membranes represent credible cost-reduction pathways. Competition from BEVs limits FCEV penetration in light-duty passenger segments, while U.S. tariffs on fuel cell components and power electronics represent a near-term margin headwind for domestic manufacturers. Companies best positioned to capture growth are those with diversified application exposure across stationary power and heavy-duty transport, vertically integrated supply chains that reduce platinum exposure, and established relationships with policy-driven procurement channels — attributes visible across leaders such as Bloom Energy, Ballard Power Systems, and Cummins Inc. (Accelera). About the Report <a href="https://www.globenewswire.com/Tracker?data=bR9Sepa2mnsmkz4UpjlRhysoMziGee5HW9SKhbFiLudN1GIUOybcKK7AEJiTvkDnRbdhFXheF8Eqf3YPZ5QmIqW5pssjLG6fBaA-zsREgZJrGyef89NOhl40_5GhRrRYaikBoIhI2069qwjozjJon1vJmIrvZUtnyaF-JP-QoPdzdRk4z_VOq0y5WTeJWC6n2dVEKNxFBQfPVIgAhgRQrgVleId8e-GBwsIwG7PiK2FBqs_1yfVNrcc4v5lAsGjhKc2xzO-eVN3Kps28ceoOR7WoezMW56vBgGOapPh3cDLcUk5Xs_kXdROaCxHh25pK" rel="nofollow" target="_blank" title="Hydrogen Fuel Cell: Global Markets">Hydrogen Fuel Cell: Global Markets</a> (EGY186C) provides comprehensive market sizing, segmentation by fuel cell type and application, regional analysis, competitive intelligence, and forecasts through 2031. About BCC Research BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts assess growth trends, identify and evaluate new and changing market opportunities, and provide critical information and innovative decision support tools to help inform the strategic decision-making process. For media inquiries, email <a href="https://www.globenewswire.com/Tracker?data=v1SxlGaTPoyY7Nk7msAuHCWBaOZZuV6_HZSyj2vkWuKn9HStN-sVG3gEt53IA-ykWYp8w6JUghqZUG1Np6F3LAvk8f7ZZaLw3W000J6wHPY=" rel="nofollow" target="_blank" title="press@bccresearch.com">press@bccresearch.com</a> or visit our <a href="https://www.globenewswire.com/Tracker?data=5HKA3rkSdmGQNk_LemzzEYXcG1q_LbDgu86QoZW47hLMickPQsoU5fy-9sYugA5ae1EacCsfVxYIpJbtu4oH0YQS84Kmwh2gEFhhnv1LtPSA8vXWlpgPHMCY6dTThQT2GXt341qbH7DDvC5bkyo9vtK1mQDqtHf458j6xtdVSdEuPK7r8TOisT3uZZLtwAwz" rel="nofollow" target="_blank" title="media page">media page</a> for access to our market research library. Any data and analysis extracted from this press release must be accompanied by a statement identifying <a href="https://www.globenewswire.com/Tracker?data=i2jSay5Gfd3t4bLMEFVArKgh93zZnetCcNxO2NtC4bH_wPqACQ0ijoF1gZx95BkiGoKdMTiFM7qN8fdlVkOz5zNO3HHTpCS9io9tjAacec8poW46-BUrn7MAIMxR7q64UTYvnGv22fqP5n1wfPEbJHg-OoBUou5qIy4mbMnvW4o4a97BDbcuVOne2pRGsHT1" rel="nofollow" target="_blank" title="BCC Research LLC">BCC Research LLC</a> as the source and publisher. <pre>CONTACT: BCC Research LLC
50 Milk St., Ste. 16, Boston, MA 02109
press@bccresearch.com | +1 781-489-7301
www.bccresearch.com</pre> <img alt="" src='https://ml.globenewswire.com/media/MzZhZmE2YjAtMGRiNi00ODJiLWI1ZTUtNWI3YzA2NmFjNWRlLTEwOTM4MjItMjAyNi0wOS0wMi1lbg==/tiny/BCC-Research-LLC.png' referrerpolicy='no-referrer-when-downgrade' />

Hydrogen Fuel Cell: Global Markets to Reach $13.1 Billion by 2031, Driven by Data Center Power Demand and Accelerating FCEV Adoption

Latest news from the world of business and finance – both local and global

MONEY FM 89.3 is Singapore's first and only Business and Personal Finance station, featuring local and international business and financial news.

MONEY FM 89.3

Discover newsletters from our DJs on LinkedIn