The market for stationary fuel cells is transitioning toward maturity and wider adoption, buoyed by improving economics, government support, and growing demand for resilient, dispatchable power. In recent years, promises of imminent profitability and mass adoption have inspired optimism, though results have often fallen short of what the hype might suggest. Claims of earthshaking breakthroughs are giving way to persistent cost declines, product improvements, and business model innovations. These are making fuel cells viable in a growing range of markets and opening new opportunities for stakeholders that are prepared for the transition. Stationary fuel cells are becoming commercially established. Over 150,000 micro-combined heat and power (MCHP) units have been installed in Japan, where prices have fallen under the successful ENE-FARM subsidy. In the United States and South Korea, major energy players like Apple, Constellation Energy, and POSCO Energy have invested millions in fuel cell projects. Large global conglomerates are entering the market, too; GE, Doosan, and LG have each made significant investments and expect to realize returns in the medium term. Meanwhile, strong policy support in Japan and South Korea will drive broad adoption, as it will in other advanced economies in North America and Europe. According to Navigant Research, annual installed stationary fuel cell capacity is expected to grow worldwide from 262.6 MW in 2016 to 3,069.5 MW in 2025. This Navigant Research report analyzes the global market for stationary fuel cells for MCHP, prime power, large CHP, and uninterruptible power supply (UPS) applications. The study provides an analysis of key market and technology developments related to stationary fuel cells and covers proton exchange membrane, solid oxide, molten carbonate, phosphoric acid, alkaline, and direct methane fuel cells. Global forecasts for capacity and revenue, segmented by technology, application, and region, extend through 2025. The report also profiles the key players that are active in the global stationary fuel cell industry.