Top 6 Companies Leading the Global Fuel Cell Market in 2025

The global fuel cell market is attained a volume of 399.47 Megawatt in 2024 and expected to grow at a CAGR of 9.00% during the forecast period of 2025-2034 to reach a volume of 945.69 Megawatt by 2034.

Fuel cells are used as electricity sources for primary power, backup power, or combined heat and power. The fuel cell industry is closely linked with other industries such as vehicle and telecommunication industries, and as a result these are used in laptop batteries, phone batteries, car batteries. There has also been an increase in the number of fuel cell powered forklifts. Since the demand for such appliances and vehicles is increasing, the fuel cell market is growing. The United States is the largest producer of fuel cells and a leading global exporter as well.

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Top 6 Fuel Cell Companies Worldwide | Best Brands

1. Toshiba Energy Systems & Solutions Corporation

Toshiba has been in the technology industry for over 140 years. Even though it has only recently ventured into the fuel cell industry, it is making huge strides in the market. The company produces H2Rex, which is a pure hydrogen fuel cell system. H2Rex is a pollution free generator, which emits only water out.

2. FuelCell Energy, Inc.

FuelCell Energy is a global leader with environmentally responsible power solutions. The company designs, manufactures, undertakes project development, installs, operates, and maintains megawatt-scale fuel cell projects. It has a line of SureSource products which delivers clean power efficiently and economically. Two of its products, SureSource 1500 and SureSource 3000, have been recognised as “Ultra-Clean” under the 2007 California Air Resources Board.

3. Mitsubishi Power

Mitsubishi has been a leading industrial firm for over 130 years. Its sister company named Mitsubishi Power provides electricity and power through various sources, such as gas turbines, steam turbines, and fuel cells. The products MEGAMIE 250kW class, and MEGAMIE 1000kW class, which is under contemplation, classify as fuel cells.

4. SFC Energy AG

SFC Energy AG is a leading provider of hydrogen and direct methanol fuel cells for stationary and mobile hybrid power solutions. Its fuel cell product portfolio includes the EFOY product line and the SFC product line, while also providing services and solutions for drives, motors, and telemetry. SFC Energy AG has sold over 50000 fuel cells to date.

5. Plug Power Inc.

Plug Power is the first company to commercialize fuel cells. Plug Power has proven hydron and fuel cell products. The ProGen engines and GenDrive fuel cells are used in electric vehicles such as forklifts, while the GenSure product line is a source of backup power.

6. Nuvera Fuel Cells, LLC

Nuvera is a manufacturer of heavy-duty, zero-emissions engines. These engines are used in the industrial vehicles and other transportation markets. The E-Series fuel engines deliver power, efficiency, and durability to demanding transportation applications. Nuvera has partnered with Hyster, Yale and other competitive truck companies to produce environment friendly forklifts.