Proton Energy Membrane Fuel Cell (PEMFC) Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Proton Energy Membrane Fuel Cell (PEMFC) Market grew at a CAGR of 21.3% between 2017-2021 and is estimated to be US$ 1,978.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 24.1% and is expected to reach a valuation of US$ 17,141.7Mn by 2032 end.
The need for PEMFC will be further fueled by the rise of commercial, medium, light, and heavy-duty vehicles with extremely low-harmful discharges. PEMFC offers a high power density and operates at low temperatures, allowing it to be combined in many applications, including stationary and transportation.
The U.S. government’s funding activities spurred the product’s development and implementation across North America. The U.S. EPA’s Carbon Pollution Standards and other stringent carbon emission rules will further fuel the expansion of the PEMFCs market.
BETTER FUEL EFFICIENCY AND LESS DEPENDENCY ON FOSSIL FUELS WILL DRIVE THE ADOPTION
Proton exchange membrane fuel cells are employed as a power source in a variety of fixed and mobile, as well as transportation-related, applications, which enables the global energy infrastructure to be strengthened and diversified. It offers a safe, dependable, and more energy-efficient way to meet the continuously expanding electricity needs.
Therefore, during the projection period, the demand for these fuel cells across various application sectors will be driven by improved fuel efficiency and a trend toward adopting zero-emission automobiles.
INCREASING DEMAND FOR OTHER ELECTRIC VEHICLES AND DIFFICULTY IN MANAGING BULK HYDROGEN STATIONS MAY HINDER GROWTH
The increasing demand for electric vehicles, including battery electric vehicles and plug-in hybrid electric vehicles, is the main factor that could limit the expansion of the proton exchange membrane fuel cell sector. Due to its numerous benefits, including improved efficiency, no polluting byproducts, cost-effectiveness, and energy security, the demand for these cars is growing significantly. This aspect could impede growth.
The expensive cost of manufacturing and supplying hydrogen fuel to service stations and the challenging management of bulk fueling stations are additional factors that could limit industry expansion. Additionally, the design and construction of new stations necessitate substantial investments based on various variables influencing market trends.
INCREASING FOCUS ON DIMINISHING CARBON FOOTPRINT AND CURBING OTHER HARMFUL EMISSIONS WILL FAVOR GROWTH
The primary fuel for the proton exchange membrane fuel cell, hydrogen, which is widely available, minimizes the economic dependency on the use of fossil fuels. Additionally, it doesn’t produce the harmful emissions that petrol and diesel-powered cars do, such as CO, CO2, SOx, NOx, and other substances. This reduces the demand for PEMFC and encourages the widespread use of fuel-cell electric vehicles (FCEVs).
Market Segments Covered in Report
By Region and Country:
Which application is increasing its demand in the anticipated time?
Automotive had the greatest revenue share in the market, with a share of 28.49%. Automobiles, forklifts, telecoms, backup power systems, and primary systems extensively use the product. The stationary category is anticipated to keep its top spot thanks to high efficiency and versatile products.
Which type is most preferred?
The high-temperature market accounted for the highest sales (50.68%). The German Federal Ministry of Education and Research’s KMU-NetC initiative’s UltraPress research team demonstrated a novel and advanced hot-pressing method using Ultrahigh-performance Concrete (UHPC) machines to produce bipolar plates in FCs in December 2020. This invention can significantly enhance their performance by reducing the cycle time and overall production costs of high-temperature proton exchange membrane fuel cells.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to significant companies in the area, the global proton exchange membrane fuel cell (PEMFC) market is competitive since the businesses placed a greater emphasis on R&D activities to create affordable fuel cell technology for the automobile industry.
Due to their tenacious investments in the proton exchange membrane FCs R&D operations with a bigger clientele, businesses like W. L. Gore & Associates, Inc. and Ballard Power hold a sizable part in the global industry. Some key tactics endorsed by the industry participants are product launches and mergers and acquisitions.
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Material, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 24.1%.
Better fuel efficiency and less dependency on fossil fuels will drive the adoption
Major global Proton Energy Membrane Fuel Cell (PEMFC) Market players are Intelligent Energy Limited; Plug Power Inc.; ITM Power PLC; Ballard Power Systems; PowerCell Sweden AB; Cummins Inc.; AVL; Nedstack Fuel Cell Technology BV; Horizon Fuel Cell Technologies; Altergy; Infinity Fuel Cell and Hydrogen, Inc.; Loop Energy Inc.; NUVERA FUEL CELLS, LLC; ElringKlinger AG; W. L. Gore & Associates, Inc.
Increasing demand for other electric vehicles and difficulty in managing bulk hydrogen stations may hinder growth.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Proton Energy Membrane Fuel Cell (PEMFC) market.
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