Maverick Energy Group has expanded into the fuel cell and ground support equipment markets, marking a strategic shift for the company previously focused on traditional energy sectors. The move aligns with surging global demand for fuel cell technologies, as industry reports project the market to grow from around USD 9 billion in 2024 to USD 34 billion by 2033, at a compound annual growth rate of 15.3%.
Fuel cells, which generate electricity from hydrogen with water and heat as byproducts, are gaining traction in transportation, stationary power, and industrial applications. North America holds a leading position, with a projected 45.1% market share in 2024, driven by decarbonization efforts and federal funding for hydrogen infrastructure. Proton exchange membrane fuel cells dominate, capturing 60.2% of revenue in 2024 due to their high power density and suitability for vehicles.
The expansion comes amid recent industry developments, including Doosan Fuel Cells 20-year, USD 96.4 million agreement with KEPCO in November 2025 for hydrogen power systems in South Korea. While details on Mavericks specific initiatives in ground support equipment remain limited, the entry positions the company in a sector benefiting from government incentives for zero-emission technologies and clean energy infrastructure investments.
Bloom Energy leads the competitive landscape with large-scale solid oxide fuel cell deployments, while challenges persist around green hydrogen costs and supply scalability.