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Proton Exchange Membrane Fuel Cell (PEMFC) Market Size - By Application (Stationary, Portable, Transport), Growth Drivers, Regional Insights & Global Forecasts, 2024 – 2032

  • Report ID: GMI5957
  • Published Date: Jun 2023
  • Report Format: PDF

PEM Fuel Cell Market Size

PEM Fuel Cell Market size valued at USD 3.06 billion in 2023 and is estimated to grow at over 8.3% CAGR from 2024 to 2032. A PEMFC (Proton Exchange Membrane Fuel Cell) is a type of fuel cell that operates at relatively low temperatures and uses a solid polymer electrolyte membrane. It is also known as a polymer electrolyte fuel cell.

PEM Fuel Cell Market

PEMFCs are widely used in various applications, including transportation, portable power, and stationary power generation. Surging demand for renewable energy adoption in power grids along with extensive applicability of reliable & low emission devices will drive the business trends.

The COVID- 19 pandemic has affected overall industry operations, with the first and second waves resulting in critical lockdowns, halted production facilities, and supply chain network disruption. However, the adoption of multiple vaccination efforts, in addition to the enforcing of some strict global travel guidelines, has resulted in the industry's operations recovering to usual phase.

PEM Fuel Cell Market Trends

PEMFC’s rapid start-up and response times, allowing for quick & efficient power delivery coupled with growing investments in the development of fuel cell infrastructure will complement to the market growth. For instance, in January 2023, Ballard Power Systems signed an agreement with Adani Enterprises Limited to construct a hydrogen fuel cell mining truck powered by 120kW PEM fuel cell technology of Ballard Power Systems.

PEM Fuel Cell Market Analysis

 PEM Fuel Cell Market Share, By Application

Stationary fuel cell market is set to expand at 6.1% CAGR through 2032, owing to high energy conversion efficiency and fuel flexibility in line with ongoing research and development efforts.  Enhancements in catalysts, membrane materials, and stack designs have increased their lifespan, reducing maintenance costs in conjunction with rising deployment of PEM fuel cell for stationary applications will foster the industry dynamics. For instance, in January 2023, Ballard Power Systems received an order from CrossWind for deployment of PEM fuel cell system for 1 MW stationary offshore wind project in Netherlands. The project aims to produce green power sufficient to supply more than 1 million Dutch residences.

Transport PEM fuel cell market size is anticipated to grow significantly over coming years. Government initiatives, such as research funding, tax incentives, and subsidies, will encourage industry growth and investment in PEMFC technology for mobility sector. Moreover, increasing demand for fuel cell electric vehicles as an alternative to existing vehicles coupled with new product launched with advancement in technology will stimulate product adoption. For instance, in April 2022, Doosan Fuel Cell Co., Ltd in partnership with Ballard Power Systems & HyAxiom announced the launch of PEM fuel cell for mobility applications in South Korea. The collaboration aims to provide turnkey zero emission hydrogen solutions for transportation applications such as refueling stations and fuel cell electric buses.

 PEM Fuel Cell Market Size, By Region

Europe PEM fuel cell market will record 11.7% CAGR till 2032. Expansion of sustainable transportation system and efforts to reduce dependence on fossil fuels will fuel the business statistics. Moreover, the governments worldwide are providing support and financial incentives to promote the adoption of fuel cells. These measures include research and development grants, tax incentives, subsidies and directives for fuel cell installations which supports the manufacturers and encourages investment in commercialization of fuel cell technologies. For instance, in July 2022, the government of UK launched national clean-hydrogen subsidy scheme, which will employ a Contracts for Difference (CfD) model to assist fund green and blue hydrogen projects while it seeks to increase hydrogen production capacity by 2030. The market for fuel cell in the North America is expected to register 7% CAGR during the forecast period.

PEM Fuel Cell Market Share

Eminent companies operating in the PEM fuel cell market include:

  • Cummins Inc
  • Ballard Power Systems
  • Nedstack Fuel Cell Technology BV
  • Panasonic Corporation
  • Doosan Fuel Cell Co., Ltd.
  • SFC Energy AG
  • Robert Bosch GmbH
  • TW Horizon Fuel Cell Technologies
  • Air Liquide Energies
  • Hyundai Motor Company.

PEM Fuel Cell Industry News

  • In May 2023, Nedstack Fuel Cell Technology BV entered into a partnership with RWTH Aachen University’s Chair of Production Engineering of E-Mobility Components and AE Driven Solutions GmbH for industrialization of PEM fuel cell technology in Europe. The partnership also aims to contribute to the EU’s target of net-zero emission by 2050. The participants will influence the development of advanced PEM fuel cells and serve the Europe’s hydrogen economy. The collaboration will enable the organizations to build strong position across the region and in the fuel cell industry.
  • In April 2022, Cummins Inc. secured an order to supply its PEM fuel cell systems to Scania for heavy duty transport applications. These fuel cell systems set to be utilized in 20 fuel cell electric vehicles delivered by HyTrucks. The project aims to provide vehicles with heavier payloads, shorter refueling times and longer driving ranges. The company has substantially contributed to carbon free vehicle development and enhanced its portfolio across the market.

This PEM fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & USD Million’ from 2023 to 2032 for the following segments:

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Market, By Application

  • Stationary
  • Portable
  • Transport

The above information has been provided for the following regions and countries:

  • North America
    • U.S
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Austria
    • Asia Pacific
    • Japan
    • South Korea
    • China
    • India
    • Philippines
    • Vietnam
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
  • Latin America
    • Brazil
    • Peru
    • Mexico


Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

PEM fuel cell market size was valued at USD 3.06 billion in 2023 and will be valued at more than USD 6.34 billion by 2032, says this GMI report.

Stationary fuel cell market share will observe over 6.1% CAGR from 2023 to 2032, owing to high energy conversion efficiency and fuel flexibility along with new research and development efforts.

Europe PEM fuel cell industry will grow at an 11.7% CAGR between 2023 and 2032, due to the expansion of sustainable transportation systems and efforts to lower fossil fuel dependency.

Cummins Inc, PLUG POWER INC., Ballard Power Systems, NUVERA FUEL CELLS, LLC., Panasonic Corporation, Nedstack Fuel Cell Technology BV, Doosan Fuel Cell Co., Ltd., Robert Bosch GmbH, SFC Energy AG, Air Liquide Energies, TW Horizon Fuel Cell Technologies, and Hyundai Motor Company.

Proton Exchange Membrane Fuel Cell Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 12
  • Tables & Figures: 290
  • Countries covered: 20
  • Pages: 200
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