Global hydrogen fuel cells market forecasts 8.3% annual growth

Some factors that will drive the growth are energy transition efforts and net-zero goals.

The hydrogen fuel cells market is projected to reach $5.9b by 2030, reflecting a compound annual growth rate of 8.3% from 2024 to 2031.

“The shift toward clean energy, net-zero targets, heavy-duty vehicle decarbonisation, and the scaling of hydrogen infrastructure is driving one of the fastest-rising markets in the alternative energy ecosystem,” DataM Intelligence 4 Market Research LLP said in its latest report.

Hydrogen fuel cells convert hydrogen and oxygen into electricity with zero carbon emissions. They are becoming critical components for various uses, including backing up power units, and for microgrids.

The US, Japan, South Korea, EU, and China have collectively committed over $200b in hydrogen strategies, of which a significant share directly supports fuel cell deployments.

In Japan specifically, the country accounted for 11% or $400m of global hydrogen fuel cell revenues in 2024, making it one of the most mature hydrogen fuel cell markets globally.

By 2030, Japan is projected to reach over $650m in hydrogen fuel cell revenues.