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Proton Exchange Membrane Fuel Cell (PEMFC) Market Size

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

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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.

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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

Proton Exchange Membrane Fuel Cell Market Report Attributes
Report Attribute	Details
Base Year:	2023
Proton Exchange Membrane Fuel Cell Market Size in 2023:	USD 3.06 billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.3%
2032 Value Projection:	USD 6.34 Billion
Historical Data for:	2019 to 2023
No. of Pages:	200
Tables, Charts & Figures:	290
Segments covered:	Application, Region
Growth Drivers:	Initiatives toward developing a hydrogen economy. Positive government outlook and incentive programs Growing adoption across transportation sector
Pitfalls & Challenges:	High initial investment

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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.

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.