The Market Reports

Synopsis

The global market for Fuel Cell Stacks was estimated to be worth US$ 6388 million in 2024 and is forecast to a readjusted size of US$ 32110 million by 2031 with a CAGR of 27.8% during the forecast period 2025-2031.

The fuel cell stack is the heart of a fuel cell power system. It generates electricity in the form of direct current (DC) from electrochemical reactions that take place in the fuel cell. A fuel cell is an energy conversion device that continuously converts chemical energy in a fuel into electrical energy, as long as both the fuel and oxidant are available. It exhibits advantageous characteristics exceeding conventional combustion-based technologies that are currently applied in certain critical fields, such as electronic, housing power, power plants, passenger vehicles, as well as military applications. Operating with higher efficiency than combustion engines, fuel cells demonstrate an electrical energy conversion efficiency of 60% or more, with lower emissions. Water is the only product of the power generation process in hydrogen fuel cells, and thus there are no carbon dioxide emissions or air pollutants that create smog and cause health problems during operation.

Moreover, fuel cells emit low noise during operation, because they contain fewer moving parts. Fuel cells come in many varieties, but they all work in generally the same manner. In essence, a fuel cell consists of three adjacent segments, namely, the anode, electrolyte, and cathode. When hydrogen undergoes an oxidation reaction at the anode, it generates cations that migrate to the cathode through the electrolyte and free electrons that flow the external circuit. Contrarily, a reduction reaction occurs at the cathode, where oxygen is reduced to water by the cations and electrons (Ralph et al., 1998). The electrochemical reaction that occurs at the cathode is . Based on the type of electrolyte used, fuel cells can be categorized into alkaline fuel cells (AFCs), PEMFCs, phosphoric acid fuel cells (PAFCs), molten carbonate fuel cells (MCFCs), and solid oxide fuel cells (SOFCs).

One of the most promising uses of fuel cell stacks is in the automotive industry. A number of major industry players, including BMW and Toyota, have already revealed plans to develop fleets of hydrogen-powered cars as the fuel source looks set to offer an additional, sustainable solution to electric power. Electric vehicles are widely seen as a crucial way of reducing emissions and air pollution from road transport. However, accelerating uptake of electric power could risk adding pressure onto the grid, making it vital that vehicles are recharged at the right time of day. Fuel cell stacks could offer an alternative. As hydrogen cars produce electricity themselves, the vehicle doesn’t receive its power from a built-in battery that needs to be charged from an external power source. Like other e-cars, hydrogen vehicles can also recover braking energy, as the electric motors convert kinetic energy back into electric energy that is fed into the back-up battery.

This report aims to provide a comprehensive presentation of the global market for Fuel Cell Stacks, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Fuel Cell Stacks by region & country, by Type, and by Application.

The Fuel Cell Stacks market size, estimations, and forecasts are provided in terms of sales volume (MW) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Fuel Cell Stacks.

Market Segmentation

By Company

• Panasonic
• Plug Power
• Toshiba ESS
• Hyundai Mobis
• Ballard
• Toyota
• SinoHytec
• Cummins (Hydrogenics)
• Bloom Energy
• Elring Klinger (EKPO)
• Sunrise Power
• CHEM
• Symbio
• Bosch
• Nedstack
• Cellcentric

Segment by Type

• 10KW-100KW Fuel Cell Stacks
• Above 100KW Fuel Cell Stacks
• Below 5KW Fuel Cell Stacks
• 5KW-10KW Fuel Cell Stacks

Segment by Application

• Stationary
• Automotive
• Others

Segment by Region

• North America: United States, Canada, and Mexico
• Europe: United Kingdom, Germany, France, Spain, Italy, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
• Middle East & Africa: Saudi Arabia, South Africa, and Rest of MEA
• Latin America: Brazil, Argentina, and Rest of Latin America

*If you need a regional or country-specific version, or customized segmentation, we can tailor the report to your requirements.