Restad forecasts $30 billion data center fuel cell market by 2030

Restad Energy forecast that investment in fuel cells for data centers will grow roughly tenfold to about $30 billion by 2030, according to digitaltoday.co.kr. The research firm put the 2025 figure at $2.8 billion.

The forecast landed alongside strong results from fuel cell maker Bloom Energy, which reported third-quarter revenue of $1.24 billion, up 138% year over year. The company posted net income of $250.3 million, reversing a $23.1 million net loss a year earlier, and raised its 2026 revenue outlook to $4.4-4.6 billion.

Oracle plans to procure up to 2.8 GW of Bloom Energy fuel cell systems, of which 1.2 GW is already under contract. Restad Energy estimates an industry backlog of roughly 9 GW, counting Oracle, AEP, Equinix and Brookfield among the buyers.

FuelCell Energy expects data center and related business to make up 75-85% of its business within 2-3 years, up from 25-30% now, CEO Jason Few's company said. Restad Energy also expects annual fuel cell production capacity to rise from about 1.8 GW to 4 GW by 2030.

Grid delays push operators toward on-site power

Restad Energy estimated in 2025 that connecting large power demand to the US grid can take 3-6 years. Bloom Energy CEO KR Sridhar said the company began supplying power at a Utah site in under two months after announcing its first project with Oracle, and it received fuel cell permits within three months of signing the Nevius project in New Jersey.