According to the research report, the global proton exchange membrane fuel cells market size is expected to touch USD 31.35 Billion by 2032, from USD 7.15 Billion in 2022, growing with a significant CAGR of 15.93% from 2023 to 2032. The Asia-Pacific region is expected to be the fastest-growing market during this period, driven by increasing demand for fuel cell vehicles and government initiatives to promote the adoption of clean energy technologies.
Key Takeaways:
- North America held the highest market share in 2022.
- By Type, the high temperature segment held the maximum market share in 2022.
- By Application, the automotive segment has generated more than 30% of revenue share in 2022.
Proton exchange membrane fuel cells (PEMFCs) are a type of fuel cell that uses a polymer electrolyte membrane to transport protons between the anode and cathode. These fuel cells are becoming increasingly popular due to their high energy efficiency, low emissions, and ability to operate at low temperatures.
The global PEMFC market is expected to experience strong growth in the coming years, driven by factors such as increasing demand for clean energy sources, government incentives for the adoption of fuel cell technology, and advancements in fuel cell technology.
In terms of application, the transportation sector is expected to be the largest market for PEMFCs, with increasing demand for fuel cell vehicles and the development of hydrogen fueling infrastructure driving growth. Other key applications for PEMFCs include stationary power generation and portable power devices.
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Report Scope of the Proton Exchange Membrane Fuel Cells Market:
| Report Coverage | Details |
| Market Size in 2023 | USD 8.29 Billion |
| Market Size by 2032 | USD 31.35 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 15.93% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Type and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
The proton exchange membrane fuel cells report offers a comprehensive study of the current state expected at the major drivers, market strategies, and key vendors’ growth. The report presents energetic visions to conclude and study the market size, market hopes, and competitive surroundings. The research also focuses on the important achievements of the market, research & development, and regional growth of the leading competitors operating in the market. The current trends of the global proton exchange membrane fuel cells in conjunction with the geographical landscape of this vertical have also been included in this report.
The report offers intricate dynamics about different aspects of the global proton exchange membrane fuel cells market, which aids companies operating in the market in making strategic development decisions. The study also elaborates on significant changes that are highly anticipated to configure growth of the global proton exchange membrane fuel cells during the forecast period. It also includes a key indicator assessment that highlights growth prospects of this market and estimates statistics related to growth of the market in terms of value (US$ Mn) and volume (tons).
Key Players
- Altergy
- AVL
- Ballard Power Systems
- Cummins Inc.
- ElringKlinger AG
- Horizon Fuel Cell Technologies
- Infinity Fuel Cell and Hydrogen, Inc.
- Intelligent Energy Limited
- ITM Power PLC
- Loop Energy Inc.
- Nedstack Fuel Cell Technology BV
- NUVERA FUEL CELLS, LLC
- Plug Power Inc.
- PowerCell Sweden AB
- W. L. Gore & Associates, Inc.
Market Segmentation
By Type
- High Temperature
- Low Temperature
By Application
- Automotive
- Portable
- Stationary
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Research Methodology
The research methodology adopted by analysts for compiling the global proton exchange membrane fuel cells report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global proton exchange membrane fuel cells market.
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Proton Exchange Membrane Fuel Cells Market
5.1. COVID-19 Landscape: Proton Exchange Membrane Fuel Cells Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Proton Exchange Membrane Fuel Cells Market, By Type
8.1. Proton Exchange Membrane Fuel Cells Market, by Type, 2023-2032
8.1.1. High Temperature
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Low Temperature
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Proton Exchange Membrane Fuel Cells Market, By Application
9.1. Proton Exchange Membrane Fuel Cells Market, by Application, 2023-2032
9.1.1. Automotive
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Portable
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Stationary
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Proton Exchange Membrane Fuel Cells Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Type (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Type (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. Altergy
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. AVL
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Ballard Power Systems
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Cummins Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. ElringKlinger AG
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Horizon Fuel Cell Technologies
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Infinity Fuel Cell and Hydrogen, Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Intelligent Energy Limited
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. ITM Power PLC
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Loop Energy Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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