Fuel Cell Market for Data Centers
Analysis based on 6 articles · First reported Jun 25, 2026 · Last updated Jun 27, 2026
The market for fuel cells in data centers is projected to grow tenfold by 2030, driven by AI computing demand and US grid congestion. This growth presents significant opportunities for companies like Bloom Energy, but also introduces risks related to the supply chain of critical minerals like Scandium, largely controlled by China. Investors should monitor these supply chain constraints and geopolitical risks.
Rystad Energy projects a tenfold increase in fuel cell market revenues for data centers, from $2.8 billion in 2025 to $30 billion by 2030, driven by the surging demand for AI computing and prolonged US grid interconnection timelines. Data center developers are increasingly adopting on-site fuel cells as a reliable power source, with North American Cobalt Inc. expected to account for 91% of global capacity. Bloom Energy dominates the solid oxide fuel cell (SOFC) market, but its reliance on Scandium, a critical metal primarily controlled by China, poses a significant supply chain risk. This concentration could create bottlenecks if demand outpaces manufacturing capacity or if geopolitical factors disrupt Scandium supply. Competitors are exploring alternative chemistries to mitigate this dependency. The event also notes that companies like Iris Energy are repurposing existing infrastructure for AI data center use, highlighting the broader market shift.
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