The hydrogen fuel cell market is on the verge of a major inflection point, projected to nearly double in value over the next six years as global powers scramble to hit critical net-zero emission targets. The technology, which provides emissions-free electricity for everything from heavy-duty trucks to corporate data centers, is now being hailed as indispensable to the global energy transition.
A recent market analysis from DataM Intelligence forecasts the global market, valued at $3.64 billion in 2024, will expand significantly to reach an estimated $5.9 billion by 2030. This growth represents an 8.3% compound annual growth rate (CAGR) for the 2024–2031 period. The core drivers behind this accelerated trajectory are not just technological gains, but the convergence of multi-billion-dollar government subsidy programs, the essential scaling of hydrogen infrastructure, and the specific mandates to decarbonize high-emissions industries.
The robust market expansion is highly dependent on strategic, coordinated public investment across the world’s major economies. Nations including the United States, Japan, South Korea, the European Union, and China have collectively committed over $200 billion toward comprehensive national hydrogen strategies, earmarking significant resources for fuel cell deployment and infrastructure development.
The United States represented the largest share of the global market in 2024, accounting for 36% of global revenues. This domestic growth is being fueled by federal policy, notably the Infrastructure Law, which has dedicated over eight billion dollars to funding regional hydrogen production and distribution hubs. Analysts project the U.S. market will surpass $2.3 billion by 2030, contingent on continued industrial adoption and the successful rollout of refueling stations.
Across the Pacific, Japan remains a highly mature market, contributing 11% of global revenue in 2024. The country’s commitment is evidenced by the deployment of over 430,000 residential fuel cells and an extensive network of more than 165 hydrogen stations, one of the highest per capita figures globally, according to the report. These strategic national efforts aim to establish hydrogen as a key component of future energy security.
The transportation sector dominates market demand, contributing 46% of the 2024 market value. This segment is characterized by the increasing adoption of fuel-cell electric vehicles (FCEVs), particularly for high-utilization applications such as buses, long-haul trucks, and material handling equipment. Data indicates that the U.S. now utilizes over 50,000 fuel-cell-powered forklifts, with heavy-duty truck pilot programs seeing a 120% increase in activity between 2022 and 2024.
