Proton Exchange Membrane Fuel Cell (PEMFC) Market Analysis

PEM Fuel Cell Market Analysis

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.
 

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.