According to a market report, published by Sheer Analytics and Insights, The global proton exchange membrane fuel cell (PEMFC) market was valued at $1.2 billion in 2021 and it is expected to reach $30.9 billion at a CAGR of 34% between 2022 and 2032. A proton-conducting polymer electrolyte membrane is the key component of a proton exchange membrane fuel cell (PEMFC), which is a type of hydrogen-based fuel cell. This fuel cell's electrodes are made of platinum. The electrochemical reaction between hydrogen and oxygen is used by PEMFC to convert the chemical energy released into electrical energy. The main benefit that will propel the adoption of PEMFC over the predicted period is the reaction's only water-based waste in the fuel cell. The fuel cell is regarded as the most ideal solution for the transportation sector as a result of this feature. In addition, the factors that hinder market expansion are crucial because they can be recognized to create new strategies for seizing the profitable chances that are available in the constantly expanding industry. These factors are driving the market growth.
Chinese suppliers and manufacturers have been a major source of dependence for industry participants in the chemicals and materials sector. However, due to the adoption of tight regulations like nationwide lockdowns to limit the virus's spread over a previous couple of years, industries had to endure huge losses in operating time and blockades in supply chains. The disease's spread has therefore changed the market for proton exchange membrane fuel cells. Due to the market's immaturity, the reduction in overall employment, the lack of a competent labor force, and protracted factory closures have hampered the production of FCEVs and slowed the expansion of the industry.
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Furthermore, in contrast to PEM electrolysis, which uses electricity, PEMFCs produce it. They are a serious competitor to replace the outmoded alkaline fuel-cell technology used on the Space Shuttle. PEMFCs are built using membrane electrode assemblies, which have layers for the electrolyte, catalyst, and gas diffusion. The PEMFC is a great option for mobile applications of all sizes, including mobile phones, because of its tiny size in vehicles and other mobile applications. Due to its potential for having a positive environmental impact, such as the decrease of greenhouse gas emissions, PEM fuel cells are mostly used in transportation. Moreover, players in the PEM fuel cell materials market are seeing value capture potential as a result of enhanced control systems in automobiles.
On the other side, 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. Additionally, the design and construction of new stations necessitate substantial investments based on a variety of variables influencing market trends.
According to the study, key players dominating the global proton exchange membrane fuel cell market are Ballard Power Systems (Canada), Ceres Power Holding (U.K), Cummins (U.S), Doosan Fuel Cell (U.S), Horizon Cell Technologies (Singapore), ITM Power (U.K), Johnson Matthey (U.K), List PrivatStiftung (Austria), NACCO Industries (U.S), Pragma Industries (France), Plug Power (U.S), SFC Energy (Germany), Umicore (Belgium), Shanghai Shen-Li High Tech Co. (China), among others.
The Global Proton Exchange Membrane Fuel Cell Market Has Been Segmented Into:
The Global Proton Exchange Membrane Fuel Cell Market – by Material Type:
The Global Proton Exchange Membrane Fuel Cell Market – by Application Type:
The Global Proton Exchange Membrane Fuel Cell Market – by Regions:
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