Global Proton-Exchange Membrane Fuel Cell Market - 2023-2030
The Global Proton-Exchange Membrane Fuel Cell Market reached US$ 3.5 billion in 2022 and is expected to reach US$ 12.3 billion by 2030, growing with a CAGR of 17.1% during the forecast period 2023-2030.
One of the main factors affecting the Global Proton-Exchange Membrane Fuel Cell (PEMFC) business is the rising need for unconventional energy sources. The use of hydrogen as a fuel for fuel cells is one of the factors contributing to their rapid expansion. PEMFC is a sustainable fuel because the fuel cell's only byproduct is water. Governments worldwide have implemented incentive programs to encourage the use of PEMFC. It is a feasible solution for nations trying to lower carbon emissions because it is a sustainable substitute for traditional fuels.
Additionally, the U.S. and other developed economies are placing increasing emphasis on reducing emissions, and there is a tendency for technology to move in favor of cleaner technologies, which will promote market growth. Japan is one of the largest consumers of proton-exchange membrane fuel cells in the Asia-Pacific and the country initiated a program named “Ene farm program.” Under this program, the government will establish fuel cell systems for micro CHP applications, with 1.4 Million Units by 2020 and 5.3 Million Units by 2030.
Market Dynamics
Rising Demand For Clean Energy Alternatives
One of the key factors driving the demand for clean energy alternatives is the urgent need to reduce greenhouse gas emissions. Traditional energy sources, such as coal, oil and natural gas, are major contributors to carbon dioxide emissions and other pollutants.
The combustion of these fossil fuels for electricity generation and transportation harms air quality and exacerbates climate change. As a result, governments, organizations and individuals are actively seeking cleaner alternatives to help mitigate these environmental challenges.
Countries worldwide recognize the importance of investing in clean energy alternatives, including PEMFCs, to address environmental concerns and achieve their climate goals. Many governments have implemented policies and incentives to support the adoption and deployment of these technologies. These initiatives include financial incentives, tax breaks, research grants and subsidies to encourage the development and use of clean energy solutions.
High Production And Integration Cost
Catalyst materials are a major component adding to the high cost of PEMFCs. Furthermore, other components in, such as the proton-exchange membrane, bipolar plates and gas diffusion layers, contribute to the overall cost.
These components require specialized manufacturing processes and materials, which can add to the production cost of the fuel cell system. Streamlining manufacturing processes and finding cost-effective materials for these components are areas of ongoing research to reduce the overall system cost.
The proton-exchange membrane, typically made of a polymer material, is another significant cost driver. These membranes must have high proton conductivity and be chemically stable, often requiring expensive materials. Development efforts are underway to enhance the performance and reduce the cost of proton-exchange membranes.
COVID-19 Impact Analysis
The global supply chains for PEMFCs and their components were severely disrupted due to lockdown measures, travel restrictions and factory closures implemented to curb the spread of the virus. The disruption resulted in production delays, reduced availability of raw materials and increased lead times for fuel cell manufacturers. As a result, the PEMFC market experienced supply chain challenges and faced difficulties in meeting demand.
Segment Analysis
The Global Proton-Exchange Membrane Fuel Cell Market is segmented based on type, component, application, end-user and region.
Rising Investments In Fuel Cell Electric Vehicles (FCEVS) In Developing Countries
Transportation application holds most of the Global Proton-Exchange Membrane Fuel Cell Market share. Various developing countries are investing in fuel-cell electric vehicles thus boosting the transportation segment in the PEMFC market. For instance, in 2022, Along with other officials, Union Minister for Road Transport and Highways Shri Nitin Gadkari unveiled the Toyota Mirai, the world's most technologically advanced green hydrogen fuel cell electric vehicle (FCEV).
The world's most advanced fuel cell electric vehicle (FCEV), the Toyota Mirai, which runs on hydrogen, is being studied and evaluated on Indian roads and environmental circumstances as part of a pilot project being carried out by Toyota Kirloskar Motor Pvt Ltd and the International Centre for Automotive Technology (ICAT). This pioneering project in India intends to develop an ecosystem based on green hydrogen by raising awareness of the special benefits of green hydrogen and FCEV technology.
Geographical Analysis
Europe’s Companies Growing Investments And Collaboration To Boost The Clean Energy Solutions
European companies and organizations are actively collaborating to accelerate the development and commercialization of PEMFCs. Partnerships between fuel cell manufacturers, automotive companies, energy providers and research institutions foster knowledge exchange, technological advancements and market expansion.
For instance, on March 30th, 2023, The HyEkoTank project was launched in Lysaker, Norway, by eight project partners from three European nations (Norway, Sweden and the Netherlands), who also discussed the procedures the consortium will follow during the project's implementation period as well as the work to be done in the upcoming period. A project with a 36-month lifespan, the HyEkoTank is supported by the European Union through the Horizon Europe program.
The HyEkoTank consortium has recognized a need for efficient hydrogen PEM fuel cell technologies for maritime applications. The collaboration was established to combine considerable expertise and understanding in fuel cells, hydrogen and the marine sector and to offer a solution to refit fleets cost-effectively to cut their GHG emissions drastically.
Competitive Landscape
The major global players include Nedstack Fuel Cell Technology BV, AVL, PowerCell, 3M, Ballard Power Systems, PLUG POWER INC., Showa Denko K.K (SDK), W.L. Gore & Associates, Inc., Bing Energy Inc and Freudenberg SE.
Why Purchase the Report?
• To visualize the Global Proton-Exchange Membrane Fuel Cell Market segmentation based on type, component, application, end-user and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous proton-exchange membrane fuel cell market-level data points 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 Proton-Exchange Membrane Fuel Cell Market Report Would Provide Approximately 72 Tables, 70 Figures And 200 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 Component
- 3.3. Snippet by Application
- 3.4. Snippet by End-User
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Rising Demand for Clean Energy Alternatives
- 4.1.2. Restraints
- 4.1.2.1. High Production and Integration Cost
- 4.1.3. Opportunity
- 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. Planar *
- 7.2.1. Introduction
- 7.2.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Tubular
- 8. By Component
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 8.1.2. Market Attractiveness Index, By Component
- 8.2. Membrane Electrode Assemblies (MEA) *
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Stacks
- 8.3.1. Less than 5W Stacks
- 8.3.2. 5W to 100W Stacks
- 8.3.3. 100W to 1kW Stacks
- 8.3.4. 1kW to 10kW Stacks
- 8.3.5. PEM Fuel Cells for Drones, UAVs and Robotics
- 8.4. Module
- 8.4.1. Low-Temperature Proton Exchange Membrane Fuel Cell (60–80°C)
- 8.4.2. High-Temperature Proton Exchange Membrane Fuel Cell (110–180°C)
- 9. By Application
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 9.1.2. Market Attractiveness Index, By Application
- 9.2. Stationary *
- 9.2.1. Introduction
- 9.2.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Transportation
- 9.4. Portable
- 10. By End-User
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.1.2. Market Attractiveness Index, By End-User
- 10.2. Power Generation *
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Residential and Commercial
- 10.4. Military
- 10.5. Retail
- 10.6. Data Centers
- 10.7. Combined Heat and Power
- 10.8. Others
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. The U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. The UK
- 11.3.7.3. France
- 11.3.7.4. Italy
- 11.3.7.5. Russia
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. Australia
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. M Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Nedstack Fuel Cell Technology BV*
- 13.1.1. Company Overview
- 13.1.2. Product Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
- 13.2. AVL
- 13.3. PowerCell
- 13.4. 3M
- 13.5. Ballard Power Systems
- 13.6. PLUG POWER INC
- 13.7. Showa Denko K.K (SDK)
- 13.8. W.L. Gore & Associates, Inc
- 13.9. Bing Energy Inc
- 13.10. Freudenberg SE
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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