Global Proton Exchange Membrane Fuel Cell Market is valued at approximately USD 5.16 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 15.6% over the forecast period 2022-2029. The proton-exchange membrane fuel cells is a polymer electrolyte membrane fuel cells. It is a variety of fuel cell that is specially designed for transport applications, stationary fuel-cell applications, and portable fuel-cell applications. It offers a particular proton-conducting polymer electrolyte membrane and a lower temperature range. The growing concerns related to greenhouse gas emissions, increasing obligation for the adoption of clean vehicle fuel, and abundant supply of hydrogen are some of the prominent factors that are burgeoning the market demand across the globe.

The increasing number of government policies in order to develop H2-based fuels and hydrogen refueling stations for vehicles is acting as a catalyzing factor for market growth. For instance, in October 2020, the Canadian Advanced Air Mobility Consortium introduced the major initiative for Advanced Air Mobility (AAM) to boost the deployment of hydrogen and electric-powered vertical takeoff flights. AAM involves using zero-emission, hydrogen fuel cells, and vertical takeoff flights to provide transportation, emergency, and supply chain services for rural and urban areas. Similarly, in 2019, the South Korean government focused on establishing hydrogen refueling stations in line with its policy associated with hydrogen that promoted the usage of clean energy in the automobile industry. Therefore, these aforementioned factors are exhibiting a positive influence on the growth of the market. Moreover, the rising initiatives by the key market players, as well as the increasing investment related to planning and construction of new stations are presenting various lucrative opportunities over the forecasting years. However, the complicated management process of bulk fueling stations and the high cost of producing and delivering hydrogen fuel to service stations are hampering the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Proton Exchange Membrane Fuel Cell Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Europe dominated the market in terms of revenue, owing to the rising focus on using eco-friendly objectives to remove the rate of emission and rising sales and popularity of FCs vehicles. Whereas, the Asia Pacific is also expected to grow with the highest CAGR during the forecast period, owing to factors such as favorable government regulations in developed and developing countries, geographic expansion of key players, and growing investment in the development of hydrogen-based fuel in the market space.

Major market players included in this report are:

Intelligent Energy Limited

Plug Power Inc.

ITM Power PLC

PowerCell Sweden AB

Cummins Inc.

Nedstack Fuel Cell Technology BV

Horizon Fuel Cell Technologies

ElringKlinger AG

Infinity Fuel Cell and Hydrogen, Inc.

Loop Energy Inc.

Recent Developments in the Market:

In October 2020, BASF SE declared that Nuvera Fuel Cells, U.S. is utilizing the company's polyphthalamide (PPA) Ultramid Advanced N3HG6 in order to create some components in its latest generation of 45 kW fuel cell engine. This fuel cell engines are integrating into transit buses and delivery vehicles in China.
In September 2020, DuPont (China) entered a strategic collaborative agreement with Shanghai REFIRE Technology Co., Ltd. The aim of this agreement is to work on technological innovations in vehicle PEM fuel cell materials by developing in-depth cooperation in the fields of fuel cell systems and application solutions for component materials.
Global Proton Exchange Membrane Fuel Cell Market Report Scope:

Historical Data: 2019-2020-2021

Base Year for Estimation: 2021

Forecast period: 2022-2029

Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends

Segments Covered: Type, Material, Application, Region

Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World

Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:

High Temperature

Low Temperature

By Material:

Membrane Electrode Assembly

Hardware

By Application:

Automotive

Stationary

Portable

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

RoLA

Rest of the World