The ‘Global Proton Exchange Membrane Fuel Cell Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global proton exchange membrane fuel cell market, assessing the market on the basis of its segments like type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Proton Exchange Membrane Fuel Cell Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
The growing need to strengthen and diversify energy infrastructures is accelerating the growth of the global proton exchange membrane fuel cell market. The major factors driving the growth of this market include the rising expenditures on improvement of hydrogen infrastructure and the rapid use of fuel cells in automotive and stationary applications. Proton exchange membrane fuel cells are increasingly being used in backup power systems, having applications in homes, computer systems, and utility substations, which is expected to accelerate the growth of this market. Fuel cell technology is also being used to power utility vehicles like airport movers, submarines, and wheelchairs, adding to the market growth.
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The high temperature type of proton exchange membrane fuel cells are expected to register a steady growth in the proton exchange membrane fuel cell market over the forecast timeline owing to their high energy efficiency and better heat management. Transportation applications are likely to witness robust market growth due to the benefits of zero carbon emissions and rising investments in hydrogen infrastructure, while portable power generation applications are likely to surge due to rising demand for personal electronics and consumer products. Furthermore, this technology has advanced uses in aeronautics like drinkable water on-board, heat for ice prevention, and deoxygenated air for fire retardation, which is aiding the market growth.
Proton Exchange Membrane Fuel Cell Industry Definition and Major Segments
A proton exchange membrane fuel cell is an electrochemical technology for energy conversion, which helps in conversion of the chemical energy liberated during the reaction of hydrogen and oxygen, into electrical energy. It operates at low temperatures and consists of a conductive electrolyte and two electrodes. These cells can vary their output in order to meet the shifting power needs.
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On the basis of type, the market is segmented into:
• Low Temperature
• High Temperature
Based on application, the market is classified into:
• Portable Power Generation
• Stationary Power Generation
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Proton Exchange Membrane Fuel Cell Market Trends
Rapid advancements in technology and better fuel efficiency is readily expanding the proton exchange membrane fuel cell market. The key trends propelling the growth of this market include the rising awareness about green energy and reduced carbon emissions and the growing shift towards electric vehicles. The increasing research and development activities coupled with the improvements in fuel transmission infrastructure are leading to the expansion of this market.
Proton exchange membrane fuel cell systems are expected to be replacing traditional combustion batteries and engines, which is likely to bolster the market. The energy-efficient and environment-friendly nature of these membrane fuel cells, unlike fossil-fuels has, captured the attention of a sizeable population owing to the rising awareness regarding environment protection.
The development of fuel cell and hydrogen (FCH) technology for internal energy sourcing and mitigating pollution is impacting the growth of the proton exchange membrane fuel cell market positively. The introduction of programmes by various governments to promote emission-free mobility are significantly generating lucrative opportunities for the growth of this market by aiming to deploy fuel cells and expand hydrogen fuel cell networks. The governments of various countries are introducing subsidies for fuel cell projects, thus promoting the expansion of this market.
Key Market Players
The major players in the global proton exchange membrane fuel cell market report are:
• Ballard Power Systems Inc.
• Plug Power Inc.
• Cummins Inc.
• Intelligent Energy Limited
• AVL List GmbH
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.