Company Spotlight | Published Date : 04-August-2026
Fuel Cell Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2026-2035)
The global fuel cell market reached 435.42 Megawatt in 2025 and is expected to grow at a CAGR of 9.00% during 2026-2035, reaching 1030.80 Megawatt by 2035.
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.
In July 2026, Plug Power secured a 50 MW electrolyser order for Orica’s Hunter Valley Hydrogen Hub, described as Australia’s largest renewable hydrogen project to reach a final investment decision.
In June 2026, FuelCell Energy outlined a USD 200 million expansion plan for its Torrington, Connecticut, manufacturing operations to support rising demand for distributed power systems.
In May 2026, SFC Energy received the largest order in its history, valued at approximately EUR 42.7 million, to supply mobile fuel cell systems for military and civilian applications in Ukraine.
In January 2026, FuelCell Energy partnered with Sustainable Development Capital LLP to pursue up to 450 MW of distributed fuel cell power projects serving data centres and other energy-intensive facilities.
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| Headquarters: | Kawasaki, Kanagawa, Japan |
| Establishment: | 2017 |
| Website: | https://www.global.toshiba/ww/products-solutions/energy.html |
| Parent Company: | Toshiba Corporation |
| Key Fuel Cell System: | H2Rex pure-hydrogen fuel cell system |
| Key Applications: | Buildings, industrial facilities, emergency power and distributed energy systems |
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.
| Headquarters: | Danbury, Connecticut, United States |
| Establishment: | 1969 |
| Website: | https://www.fuelcellenergy.com/ |
| Stock Ticker: | NASDAQ: FCEL |
| Key Technologies: | Carbonate fuel cells, solid-oxide fuel cells, hydrogen production and carbon capture |
| Key Applications: | Data centres, utilities, microgrids, industrial sites and distributed power |
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. In April 2026, FuelCell Energy highlighted the use of carbonate fuel cell waste heat to operate absorption chillers, allowing data centres to reduce the electricity required for cooling and achieve total system efficiencies exceeding 80%.
| Headquarters: | Chiyoda, Tokyo, Japan |
| Establishment: | 2014 |
| Website: | https://power.mhi.com/ |
| Parent Group: | Mitsubishi Heavy Industries Group |
| Fuel Cell Technology: | Solid oxide fuel cell systems |
| Key System: | MEGAMIE combined SOFC and micro gas turbine system |
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. In February 2026, Mitsubishi Heavy Industries demonstrated an integrated process combining solid oxide electrolysis and Fischer-Tropsch synthesis to produce liquid synthetic fuels from carbon dioxide, water and electricity.
| Headquarters: | Brunnthal, Germany |
| Establishment: | 2000 |
| Website: | https://www.sfc.com/ |
| Stock Ticker: | Frankfurt Stock Exchange: F3C |
| Key Fuel Cell Lines: | EFOY, EFOY Pro, EMILY and hydrogen fuel cell systems |
| Key Markets: | Defence, security, industrial, critical infrastructure and off-grid power |
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. In July 2026, SFC Energy received a CAD 3.1 million follow-up order for EFOY Pro 2800 fuel cells used in AI-enabled mobile surveillance towers across Canada and the United States.
| Headquarters: | Latham, New York, United States |
| Establishment: | 1997 |
| Website: | https://www.plugpower.com/ |
| Stock Ticker: | NASDAQ: PLUG |
| Key Fuel Cell Products: | GenDrive, ProGen and GenSure |
| Other Solutions: | Electrolysers, hydrogen production, storage, distribution and refuelling systems |
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. In June 2026, Plug Power completed the commissioning of a 5 MW electrolyser system at European Energy’s Måde power-to-X facility in Denmark.
| Headquarters: | Billerica, Massachusetts, United States |
| Establishment: | 2000 |
| Website: | https://www.nuvera.com/ |
| Parent Company: | Hyster-Yale Materials Handling, Inc. |
| Key Products: | E-Series and EN-125 fuel cell engines and HydroCharge mobile power systems |
| Key Applications: | Trucks, buses, port equipment, maritime vessels, generators and EV charging |
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. In May 2026, Nuvera’s HydroCharge hydrogen-powered mobile charging system became eligible for incentive programmes in California and Washington, including a base voucher valued at USD 260,000.
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