Proton Exchange Membrane Fuel Cell Market Size, Share & Trends Analysis Report By Type (High Temperature, Low Temperature), By Material (Membrane Electrode Assembly, Hardware) By Application, By Region, And Segment Forecasts, 2022 - 2030

Proton Exchange Membrane Fuel Cell Market Size, Share & Trends Analysis Report By Type (High Temperature, Low Temperature), By Material (Membrane Electrode Assembly, Hardware) By Application, By Region, And Segment Forecasts, 2022 - 2030

Proton Exchange Membrane Fuel Cell Market Growth & Trends

The global proton exchange membrane fuel cell market size is expected to reach USD 19.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.6% from 2022 to 2030. The growing pressure across the globe to reduce carbon emissions through supporting energy safety is a factor supporting the growth of the proton exchange membrane fuel cell (PEMFC) market. Government funding is being exchanged for business funding, which displayed growth throughout the projected period.

The growing need to adopt clean fuel automobiles to reduce carbon emissions and rising sales and popularity of FCs vehicles are some of the factors driving the market growth. Since the product is fueled with hydrogen resulting in zero emission of harmful chemicals. Thus, the rising implementation of several policies mentioned by the government for the development of hydrogen-based fuel will assist the PEMFC market.

The characteristics of the product, such as durability, minimal design challenges, quick response non-corrosiveness, and absence of carbon, are boosting the market demand and growth. The product’s preferences and applications in automotive, and portable devices, have contributed to the market growth.

The United States is the key economic contributor to the PEMFC market. Favorable government initiatives, heavy investments in research and development activities, the development of large-scale companies, and technological advancements have led to the noteworthy growth of the PEMFC market over the historic period.

Proton Exchange Membrane Fuel Cell Market Report Highlights

• In terms of revenue, the portable segment accounted for a significant share in 2021 and is further expected to witness steady growth over the forecast period
• Asia Pacific is projected to grow at a substantial CAGR throughout the forecast period. Japan is expected to account for the maximum share in Asia Pacific
• The automotive segment dominated the industry, accounting for 27.95% of the total revenue share in 2021
• The high-temperature segment accounted for the largest share of 50.68% in 2021
• North America is likely to display a substantial growth rate during the projected period