Proton Exchange Membrane Fuel Cell Market Size, Share & Trends Analysis Report By Type (High Temperature, Low Temperature), By Application (Stationary, Mobile), By Material, By Region, And Segment Forecasts, 2024 - 2030

Proton Exchange Membrane Fuel Cell Market Size, Share & Trends Analysis Report By Type (High Temperature, Low Temperature), By Application (Stationary, Mobile), By Material, By Region, And Segment Forecasts, 2024 - 2030

Proton Exchange Membrane Fuel Cell Market Growth & Trends

The global proton exchange membrane fuel cell market size is expected to reach USD 8.64 billion by 2030, registering a CAGR of 15.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising pressure across the globe to reduce carbon emissions through supporting energy safety is a factor supporting the growth of the PEMFC market. Government funding is being exchanged by business funding and which in turn displayed positive growth throughout the projected period. PEMFC is expected to emerge as the most dominant form of fuel cell owing to its ability to suit both transportation and stationary applications. It is a popular choice for transportation applications due to its unique characteristics that make it a suitable alternative to conventional power sources. Unlike other fuel cell technologies, PEMFCs can start quickly. This feature is crucial for applications in the transportation sector where quick startups are essential.

The market is likely to witness strategic alliances to expand end-user segments in emerging markets. Public-private partnerships are expected to be critical for attaining an economically viable technological shift. The introduction of sustainable technologies to replace the existing power generation technologies is anticipated to lead to high costs, which is projected to challenge the innovations carried out by key market players like Intelligent Energy Limited, Plug Power Inc., ITM Power PLC, Ballard Power Systems, PowerCell Sweden AB, Cummins Inc.

Proton Exchange Membrane Fuel Cell Market Report Highlights

• In terms of revenue, the portable segment accounted for a significant share of the market in 2022 and is further expected to witness steady growth over the forecast period
• Asia Pacific region is projected to grow at a substantial rate throughout the forecast period. Japan is expected to account for the maximum share in the Asia-Pacific region
• Automotive segment dominated the industry, accounting for 63.84% of total market revenue in 2022
• High-temperature segment accounted for the largest share of 59.39% in the market in 2022
• North America is likely to display a substantial growth rate during the projected period

Please note The report will be delivered in 2-3 business days upon order notification.