Global Polymer Electrolyte Fuel Cells Market - 2023-2030
Global Polymer Electrolyte Fuel Cells Market reached US$ 3.0 billion in 2022 and is expected to reach US$ 11.9 billion by 2030, growing with a CAGR of 18.8% during the forecast period 2023-2030.
One of the factors driving the growth of the polymer electrolyte fuel cells market is the trend toward cleaner and more sustainable energy sources. By generating electricity through the electrochemical reaction of hydrogen and oxygen, with water as the only waste, PEFCs provide a more environmentally friendly alternative to conventional power production systems.
The fuel cell stacks segment holds more than 2/3rd share of the market and globally, there is a rising focus on cutting greenhouse gas emissions and switching to greener energy sources. As they generate electricity through electrochemical processes involving hydrogen and oxygen, with water as the only waste, PEFCs provide a low-carbon alternative to traditional power production systems. The adoption of PEFCs and fuel cell stacks is being driven by the desire for renewable energy solutions.
Market Dynamics
Government Initiatives And Growing Private Investments
The introduction of government initiatives in important markets and rising private sector investment backing were the primary drivers of the PE fuel cell market's strong expansion during the previous two years. The first 100 retail hydrogen stations will be co-funded on a long-term basis under the Alternative and Renewable Fuel and Vehicle Type Programme, a government effort launched by the Californian Energy Commission in 2013. The private sector was thus encouraged to make investments in the fuel cell business.
The Californian Fuel Cell Partnership plans to have 1,000 hydrogen fueling stations and up to 1,000,000 fuel cell vehicles on the road by 2030. Input and agreement from more than 40 partners, including universities, automakers, energy corporations, government agencies, non-governmental organizations, and fuel cell type firms, are reflected in the aim.
Additionally, there is an increase in demand for fuel cell-powered vehicles on a global scale. In terms of stockpiles of fuel cell-powered automobiles, North Korea and the U.S. are the top two nations in the world. In 2021, North Korea and the US had 38% and 24%, respectively, of the global stock of fuel cell-based vehicles.
Growing Technological Innovation And Quick Acceptance
The PEFC market benefits from extending technical developments that are focused on increasing the efficiency, adaptability, and economic viability of fuel cell systems. Improvements in the study of materials, catalyst development, membrane Type, and system design all help to make PEFCs more efficient, more affordable, and more reliable. These developments provide possibilities for market expansion and broader use.
The improvement of PEFCs' power output, durability, and tolerance to a variety of operating circumstances may be achieved via the development of novel materials and manufacturing techniques. Given their increased dependability and adaptability in various settings, PEFCs may find a wider range of applications. The Increased development and rapid adoption of the most recent type boost the opportunities for the market.
High Cost Of Polymer Electrolyte Membrane Fuel Cell
High-performance polymer electrolyte membranes and certain components, such as platinum or other costly catalysts for electrode reactions, are needed for PEFCs. The price of these components may make a considerable difference in the total price of the fuel cell system. Additionally, the performance, longevity, and cost-effectiveness of PEMFCs are all being improved via intensive research and development activities. The price of PEMFC systems may reflect the significant investments required for these R&D initiatives.
According to the Royal Society of Chemistry, the two primary restrictions to the broad adoption of PEMFCs are their cost and the lack of a hydrogen infrastructure. A PEMFC stack now costs US$75 per kW in large-volume manufacturing, and since valuable platinum-group metals (PGMs) are used as catalysts, their CLs account for approximately 40% of the total cost. The final target is $30 per kW for light-duty FCEVs and $60 per kW for heavy-duty FCEVs for fuel cell electric vehicles to be cost-competitive.
COVID-19 Impact Analysis
The total demand for PEFCs has been influenced by the pandemic's effects on the economy. With the combination of decreased consumer spending and operational disruptions, industries that rely heavily on PEFCs, such as the automotive, aerospace, and power-generating sectors, saw a fall in activity. The growth and implementation of PEFCs in many applications have slowed as a consequence of the issue.
The pandemic has caused governments, corporations, and consumers to reassess their priorities. Resources and focus have been diverted from long-term sustainability measures in favor of immediate priorities including public health, emergency preparedness, and economic recovery. The degree of investment and support for the PEFC industry may have been changed with this change in priority.
Segment Analysis
The global polymer electrolyte fuel cells market is segmented based on type, power output, components, distribution channel, application, end-user and region.
Rising Government Initiative Encourages For Growth of Proton Exchange Membrane Fuel Cells (PEMFC)
The proton exchange membrane fuel cells (PEMFC) segment holds more than 30.1% share of the global polymer electrolyte fuel cells market. PEMFC demand is anticipated to increase as a result of growing government initiatives that encourage them and rising concerns about greenhouse gas emissions. PEMFCs are primarily designed for use in portable, stationary, and transportation fuel-cell systems.
The U.S. Department of Energy has given Cummins US$ 3 million. Proton exchange membrane fuel cell devices for heavy-duty applications will be purchased using these US$ 3 million. Proton exchange membrane fuel cells are being developed and put into use across north america thanks to funds provided by the US government.
The development of proton exchange membrane fuel cells is greatly aided by the strict laws about carbon emissions and Carbon Pollution Standards imposed by the U.S. EPA. Given the increasing preference of automobile manufacturers for fuel cell electric vehicles, the worldwide proton exchange membrane (PEM) fuel cells market is anticipated to develop.
Geographical Analysis
North America Growing territorial business Industry
The demand for polymer electrolyte fuel cells in North America is predicted to follow that in Asia-Pacific during the forecast period. Given the growing focus on the deployment of sustainable energy solutions in this country, the U.S. is predicted to lead the Polymer Electrolyte Fuel Cell Market in the coming years. The U.S. Department of Energy (DOE) expects that by the end of 2018, fuel cell Type will be cost-competitive with other solutions. The PE fuel cell market in the United States would thereafter definitely grow as a consequence.
North America has strict regulations regarding the environment and high goals for reducing emissions. In order to help businesses and organizations achieve their sustainability objectives, PEFCs provide a clean energy option by generating power with little to no greenhouse gas emissions. Demand for PEFCs in several industries, including transportation and stationary power generation, is driven by efforts to decarbonize and reduce reliance on oil and gas.
Competitive Landscape
The major global players include Ballard Power Systems, Plug Power Inc., SFC Energy AG, Hydrogenics Corporation, Nuvera Fuel Cells, Doosan Fuel Cell America, ElringKlinger AG, Intelligent Energy, Horizon Fuel Cell Technologies and Toshiba Energy Systems & Solutions Corporation.
Why Purchase the Report?
• To visualize the global polymer electrolyte fuel cells market segmentation based on type, power output, components, distribution channel, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of polymer electrolyte fuel cells market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global polymer electrolyte fuel cells market report would provide approximately 85 tables, 91 figures and 181 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Type
- 3.2. Snippet by Power Output
- 3.3. Snippet by Components
- 3.4. Snippet by Distribution Channel
- 3.5. Snippet by Application
- 3.6. Snippet by End-User
- 3.7. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1 Increasing Demand For Clean Energy
- 4.1.2. Restraints
- 4.1.2.1. Lack Of Hydrogen Refueling
- 4.1.3. Opportunity
- 4.1.3.1. Growing Technological Innovation And Quick Acceptance
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 7.1.2. Market Attractiveness Index, By Type
- 7.2. Proton Exchange Membrane Fuel Cells (PEMFC)*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Direct Methanol Fuel Cells (DMFC)
- 8. By Power Output
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output
- 8.1.2. Market Attractiveness Index, By Power Output
- 8.2. Up to 1 kW*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. 1 kW to 10 kW
- 8.4. Above 10 kW
- 9. By Components
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
- 9.1.2. Market Attractiveness Index, By Components
- 9.2. Fuel Cell Stacks*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Balance of Plant (BoP) Components
- 9.4. Electrolyte Materials
- 9.5. Catalysts and Electrodes
- 10. By Distribution Channel
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 10.1.2. Market Attractiveness Index, By Distribution Channel
- 10.2. Original Equipment Manufacturers (OEMs)*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Distributors and Resellers
- 10.4. Online Retailers
- 11. By Application
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.1.2. Market Attractiveness Index, By Application
- 11.2. Transportation*
- 11.2.1. Introduction
- 11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 11.3. Portable Power
- 11.4. Stationary Power Generation
- 11.5. Auxiliary Power Units (APUs)
- 12. By End-User
- 12.1. Introduction
- 12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 12.1.2. Market Attractiveness Index, By End-User
- 12.2. Automotive*
- 12.2.1. Introduction
- 12.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 12.3. Electronics
- 12.4. Power Generation
- 12.5. Residential and Commercial Buildings
- 12.6. Military and Defense
- 12.7. Others
- 13. By Region
- 13.1. Introduction
- 13.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 13.1.2. Market Attractiveness Index, By Region
- 13.2. North America
- 13.2.1. Introduction
- 13.2.2. Key Region-Specific Dynamics
- 13.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output
- 13.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
- 13.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 13.2.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.2.9.1. U.S.
- 13.2.9.2. Canada
- 13.2.9.3. Mexico
- 13.3. Europe
- 13.3.1. Introduction
- 13.3.2. Key Region-Specific Dynamics
- 13.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output
- 13.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
- 13.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 13.3.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.3.9.1. Germany
- 13.3.9.2. UK
- 13.3.9.3. France
- 13.3.9.4. Italy
- 13.3.9.5. Russia
- 13.3.9.6. Rest of Europe
- 13.4. South America
- 13.4.1. Introduction
- 13.4.2. Key Region-Specific Dynamics
- 13.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output
- 13.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
- 13.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 13.4.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.4.9.1. Brazil
- 13.4.9.2. Argentina
- 13.4.9.3. Rest of South America
- 13.5. Asia-Pacific
- 13.5.1. Introduction
- 13.5.2. Key Region-Specific Dynamics
- 13.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output
- 13.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
- 13.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.5.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 13.5.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 13.5.9.1. China
- 13.5.9.2. India
- 13.5.9.3. Japan
- 13.5.9.4. Australia
- 13.5.9.5. Rest of Asia-Pacific
- 13.6. Middle East and Africa
- 13.6.1. Introduction
- 13.6.2. Key Region-Specific Dynamics
- 13.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 13.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Output
- 13.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Components
- 13.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 13.6.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 13.6.9. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 14. Competitive Landscape
- 14.1. Competitive Scenario
- 14.2. Market Positioning/Share Analysis
- 14.3. Mergers and Acquisitions Analysis
- 15. Company Profiles
- 15.1. Ballard Power Systems
- 15.1.1. Company Overview
- 15.1.2. Type Portfolio and Description
- 15.1.3. Financial Overview
- 15.1.4. Recent Developments
- 15.2. Plug Power Inc.
- 15.3. SFC Energy AG
- 15.4. Hydrogenics Corporation
- 15.5. Nuvera Fuel Cells
- 15.6. Doosan Fuel Cell America
- 15.7. ElringKlinger AG
- 15.8. Intelligent Energy
- 15.9. Horizon Fuel Cell Technologies
- 15.10. Toshiba Energy Systems & Solutions Corporation
- LIST NOT EXHAUSTIVE
- 16. Appendix
- 16.1. About Us and Services
- 16.2. Contact Us
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