Top Fuel Cell Companies

The fuel cell market is fundamentally supported by the global transition to clean, sustainable sources of energy. Countries are working to reduce greenhouse gas emissions and become less dependent on fossil fuels. In addition, the increasing investment in hydrogen infrastructure as well as the use of fuel cells within the transportation, stationary power generation and portable sectors also positively impact market growth.

Industry Overview

According to SkyQuest Technology “Fuel Cell Market By Fuel Type (Hydrogen, Methanol, Ammonia), By Size (Small-Scale, Large-Scale), By Type (PEMFCS, SOFCS, PAFCS, AFCS, MFCS, DMFCS), By Component (Stack, Balance Of Plant), By Application (Portable Power, Transportation), By End User (Residential, Commercial, Industrial), By Distribution Channel (Direct and Indirect Sales), By Region - Industry Forecast 2025-2032,” Global Fuel Cell Market is projected to grow at a CAGR of over 22.1% by 2032, on account of urgent need for automating quantified data. Fuel cells are likely to see greater usage if public subsidies and incentives to support renewables projects emerge. Improvements in the efficiency and cost associated with fuel cells, especially for proton exchange membrane (PEM) and solid oxide fuel cells (SOFCs), also support growth along with the increased commercialization of fuel cells. Additionally, the acceptance of fuel cells in electric vehicles, building backup power systems, and industrial uses growing, as are corporate commitments to carbon neutrality.

Top 10 Global Fuel Cell Companies

1. Ballard Power Systems Inc.

Ballard Power Systems is a Canadian company that specializes in proton exchange membrane (PEM) fuel cell technology. Founded in 1979, the company has established itself as a leading developer of clean energy solutions, especially for the heavy-duty transportation segments covering applications like buses and trams. Over the course of its history, the company has delivered over 400 MW of fuel cell products around the world. A major announcement made by Ballard in 2025 was the result of a strategic realignment to enhance its commercial focus and ability to generate positive cash flow as it transitions to new leadership.

2. World Energy

World Energy is an American company focused on the advancement of sustainable aviation fuel (SAF). During 2025, World Energy obtained approvals to allow for the conversion of its Southern California refinery into North America’s largest SAF production site, and ultimately the most advanced SAF hub globally. This development occurred as part of the global decarbonization of the aviation industry.

3. FuelCell Energy, Inc.

FuelCell Energy, Inc. is an American clean technology startup company established in 1969 that provides on-going power solutions around large scale always-on clean technologies, including emissions management. FuelCell Energy, Inc. maintains the world's largest fuel cell park in South Korea, generating 59 MW of electricity and downstream district heating. The company reported in 2025 that sales had increased by 97% over the previous year.

4. Plug Power, Inc.

Plug Power is a US-based company that produces hydrogen fuel cells and electrolyzer systems. Located in Latham, NY, the company produces products used in several areas, which are energy replacement technology for existing equipment and vehicles that are electrically driven. Plug Power had a noticeable rise of its stock in 2025 when investors became excited about the firm's potential role in the growing artificial intelligence market and demand for green hydrogen.

5. Toyota Motor Corporation

Toyota, founded in 1937, is a Japanese multinational firm orchestrated from Toyota City, Japan, that manufactures multiple automobile types. The company is the largest producer of automobiles in the world, roughly producing eight to ten million vehicles annually. In 2025, it was announced that Toyota has been working on multi rotor drone system for potential utility during unpaved road vehicle operation to improve driver situational awareness.

6. Cummins Inc.

Cummins is a multinational company, incorporated in Indiana, engaged in engineering, manufacturing, and distributing of diesel engines, electric vehicle components and power generation products. The company is also engaged in servicing engines and related products.

7. Doosan Fuel Cell (Doosan)

A subsidiary of Doosan Group, Doosan Fuel Cell uses fuel cells to generate electricity and heat by using hydrogen and oxygen. The company provides on-off renewable energy systems that can be designed to meet the needs of various industrial and residential processes, with 24/7 operation.

8. SFC Energy AG

SFC Energy AG is a German firm focused on hydrogen and direct methanol fuel cells for stationary, portable, and mobile hybrid power solutions. The company has sold over 75,000 fuel cells worldwide, operating in the clean energy and power management sectors.

9. Ceres Power Holdings plc

Based in the UK, Ceres Power focuses on solid oxide fuel cell (SOFC) technology development. The company licenses its technology to partners in multiple sectors, including automotive and energy. Ceres Power posted £51.9 million in 2024, about USD 65-70 million.

10. Nikola Corporation

Nikola is an American company that designs and manufactures hydrogen-electric vehicles and primarily focuses on Class 8 trucks. During Q2 2025, Nikola generated revenue of USD 31.3 million as part of the company's ongoing efforts to commercialize hydrogen-powered transportation solutions.

Other Leading Global Fuel Cell Companies

• Linde plc
• Air Products and Chemicals, Inc.
• Air Liquide
• Mitsubishi Power
• Bosch
• Toshiba Energy Systems & Solutions Corporation
• Nuvera Fuel Cells, LLC
• PowerCell Sweden AB
• Nedstack Fuel Cell Technology
• Hazer Group
• HiiROC
• Elcogen

Conclusion

In summary, the global fuel cell market is set for significant growth due to technological innovation, enabling government policy support, and increasing demand for sustainable energy solutions. The increasing focus on decarbonization from across transportation, industrial, and power generation sectors is establishing fuel cells as a core part of the energy transition globally. Ongoing innovation in electrolyzers for hydrogen production and storage technologies, coupled with growing investments from public and private entities, are also enhancing scalability and advanced economics of fuel cell systems. As countries transition to hydrogen-based infrastructure and various initiatives towards green energy, the fuel cell market will continue to be a forward motion towards a cleaner and more resilient energy future globally.