Global Fuel Cell Market: Trends, Growth Drivers, and Forecasts (2024–2030)
The global fuel cell market was valued at USD 7.35 billion in 2023 and is projected to experience substantial growth, with a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Several factors are driving this rapid expansion, with the increasing demand for unconventional energy sources being one of the primary contributors. As the world shifts away from traditional fossil fuels, there is growing interest in clean, sustainable energy alternatives such as hydrogen fuel cells, which offer a viable solution for both stationary and mobile power generation. This demand is further amplified by the recognition that fuel cells can provide a cleaner, more efficient means of energy production, making them an attractive option for industries and governments seeking to reduce their environmental impact. Another significant factor propelling the market's growth is the rise in private-public partnerships ai...