Proton Energy Membrane Fuel Cell (PEMFC) Market

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.

Market Dynamic

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 Type:

• High Temperature
• Low Temperature

By Material:

• Membrane Electrode Assembly
• Hardware

By Application:

• Automotive
• Portable
• Stationary
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The Asia Pacific region accounted for 46.5% of the market. During the projected period, demand for H2 power farms will increase due to favorable government policies in developed nations and eco-friendly goals to reduce the rate of emission. Governments of industrialized countries are likely to place more focus on expansion.
• A significant increase in economic activity is anticipated in Europe due to the rising FCEV manufacturing. The area has historically been one of the top makers of autos and will remain so in the years to come. The development of the automotive industry will be aided by the presence of significant automakers in the area, which will increase demand for PEMFC during the anticipated period. Market companies are anticipated to be able to expand their product portfolios thanks to ongoing projects within the European Union.

Competition Analysis

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:

• 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
• ElringKlinger AG
• Infinity Fuel Cell and Hydrogen, Inc.
• Loop Energy Inc.
• NUVERA FUEL CELLS, LLC
• L. Gore & Associates, Inc.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.