Hydrogen & Fuel Cells
Hydrogen and Fuel Cell Market by Company
Four Numbers That Frame the Sector
Bloom is an issuer print. The other three are IEA. No consultant hydrogen TAM.
Global H2 demand 2024
~100 Mt
Up 2% from 2023. IEA expects the total to exceed 100 Mt in 2025. Almost all of it is refining and chemicals.
IEA GHR 2025
Low-emissions share
<1%
Grew 10% in 2024 and is on track for 1 Mt in 2025. Still a rounding error on a 100 Mt market.
IEA GHR 2025
Bloom FY2025 revenue
$2.02B
+37% vs $1.47B in 2024. Q2 2026 printed $1.065B. FY2026 guide $3.9B-$4.2B.
Bloom FY2025 / Q2 2026
Electrolyzer capacity
>3 GW
2 GW at end-2024, more than 1 GW added through July 2025. China is 65% of the installed base.
IEA GHR 2025
Where 100 Million Tonnes Actually Go
Refining and chemicals. New uses (power, mobility, e-fuels) are the residual on the right, less than 1% of demand.
Low-Emissions Hydrogen: Today vs 2030
The 37 Mtpa announcement pile is not a forecast. The FID path is 4.2 Mtpa. Today is about 1 Mt.
Public Equities Landscape
Who is on the roster and why. Industrial gases are hydrogen incumbents inside a diversified P&L. Do not average them with Bloom.
| Company | Ticker | Role | 2025 print | Why it is here |
|---|---|---|---|---|
| Bloom Energy | BE | Stationary SOFC | $2.02B revenue | Flagship. On-site prime power for AI load. Gas is feedstock, not the business. |
| Plug Power | PLUG | PEM + electrolyzers + H2 network | ~$710M revenue | The hydrogen-economy ticker. Forklifts plus electrolyzers. Still trying to earn. |
| Ballard Power | BLDP | PEM stacks | n/a on this card | Mobility stacks. Truck volume, if any, is a Semi Trucks story. |
| FuelCell Energy | FCEL | MCFC / SOFC | n/a on this card | Stationary completeness. Distressed. Not a second Bloom. |
| Ceres Power | CWR.L | SOFC IP | n/a on this card | Licenses the ceramics Bloom manufactures. |
| Nel | NEL.OL | Alkaline / PEM electrolyzer | n/a on this card | European OEM. Announcement cycle treated it as the category leader. |
| ITM Power | ITM.L | PEM electrolyzer | n/a on this card | UK PEM peer. Capacity ran ahead of offtake. |
| thyssenkrupp nucera | NCH2.DE | Alkaline electrolyzer | n/a on this card | Chlor-alkali heritage. Large-project list, not a fuel-cell name. |
| Air Products | APD | Industrial hydrogen | n/a on this card | Grey and blue merchant H2. NEOM is the green option. Diversified gases. |
| Linde | LIN | Industrial hydrogen | n/a on this card | Dual-homed with AI Chips. Grey/blue incumbent here. |
| Air Liquide | AI.PA | Industrial hydrogen | n/a on this card | European pipeline networks. Same incumbent role as APD and LIN. |
| Chart Industries | GTLS | Liquefaction equipment | n/a on this card | Sells tanks and liquefiers into whatever color of H2 gets built. |
