AI Data Center Boom Fuels Fuel Cell Demand, Panama Canal Revenue Rises

The explosive growth of artificial intelligence data centers is creating a massive new market for natural gas-powered fuel cells, according to a new analysis from Rystad Energy. This trend presents a potential long-term demand driver for natural gas producers, including those in the Bakken formation.

Rystad Energy expects fuel cell revenues to grow from roughly $2.8 billion in 2025 to around $30 billion by 2030, driven by AI computing demand. Data center developers are increasingly turning to on-site fuel cells to bypass congested electricity grids, with US grid interconnection timelines now stretching three to six years. The research firm projects 10.4 GW of cumulative fuel cell demand from data centers between 2026 and 2030.

For oil and gas operators, a key detail is that these fuel cells can run on natural gas today, with the potential to transition to biogas, renewable natural gas, or hydrogen in the future. North America is expected to account for 91% of installed global on-site power generation capacity for data centers, thanks to grid delays, federal tax incentives, and an established domestic supply chain. Solid oxide fuel cells (SOFC), which account for about 53% of cumulative stationary deliveries, have become the dominant technology for this always-on power application.

"The question now is whether the supply chain can scale at the same pace as demand," said Lein Mann Bergsmark, Vice President of Clean Tech Supply Chain Research at Rystad Energy. Manufacturing capacity is expanding, with aggregate operational and planned output on track to reach 4 GW per year by 2030, up from 1.8 GW today.

In global shipping news, the Panama Canal expects its revenue to exceed a $5.2 billion forecast for fiscal 2026, according to Rigzone. The increase is attributed to the closure of the Strait of Hormuz, a critical alternative route for global energy shipments.

Meanwhile, maritime traffic continued to flow in both directions through the Strait of Hormuz on Friday, June 26, despite a reported ship attack, Rigzone separately reported. The strait remains a vital thoroughfare for oil tankers from the Middle East.

These developments highlight two macro trends relevant to Bakken operators: the emergence of new, large-scale demand sources for natural gas in the industrial power sector, and the ongoing volatility in global shipping lanes that can affect crude oil pricing and differentials. The fuel cell growth story, in particular, underscores a shifting demand landscape where reliable, on-site power generation could provide a stable outlet for natural gas production.