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Proton Exchange Membrane Fuel Cell (PEMFC) Market Trends

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

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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.

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.