Pune, India, April 26, 2021 (GLOBE NEWSWIRE) -- The global proton exchange membrane fuel cell (PEMFC) market size is projected to grow from USD 2.10 billion in 2021 to USD 22.74 billion in 2028. The surging inclination of people towards zero-emission vehicles would affect growth positively. The Chinese government, for instance, announced its plans to develop 1,000 hydrogen refueling stations by 2030 and 300 by 2025. Fortune Business Insights™ published this information in a report, titled, “Proton Exchange Membrane Fuel Cell (PEMFC) Market, 2021-2028.” As per the report, the proton exchange membrane fuel cell market stood at USD 1.56 billion in 2020 and is set to exhibit a CAGR of 40.6% in the forecast period.
COVID-19 Pandemic to Impact Growth Backed by Shutdown of Manufacturing Plants
The COVID-19 pandemic has impacted the demand for proton exchange membrane fuel cells because of the closure of manufacturing plants, unavailability of skilled workforce, and loss of workforce. Also, the nationwide lockdown is hindering supply chains and causing losses in operational time. These factors are anticipated to affect growth negatively.
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Segments-
Transport Segment to Dominate Stoked by Enhancement of Hydrogen Infrastructure
Based on the application, the market for PEMFC is trifurcated into stationary, transport, and others. Amongst these, the transport segment generated 72.4% in terms of the proton exchange membrane fuel cell market share in 2020. This growth is attributable to the increasing investments by several countries to enhance their hydrogen infrastructure. At the same time, the replacement of fossil fuel to reduce emissions in the atmosphere would also help the segment to dominate.
Report Coverage-
The research report aims to analyze the market for PEMFC by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to assess their core competencies in each segment. Besides, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
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Drivers & Restraints-
Rising Enhancement of Energy Infrastructure to Accelerate Growth
The urgent need to improve and diversify the energy infrastructure is compelling numerous industries to adopt PEMFC. They are energy-efficient, reliable, and clean, unlike fossil fuel. At the same time, they do not generate toxic gases, such as nitrogen oxide, carbon dioxide, and sulfur oxide. The abundance availability of hydrogen is also expected to boost the proton exchange membrane fuel cell market growth in the near future. However, the surging demand for plug-in hybrid electric vehicles and battery electric vehicles may hamper growth.
Regional Insights-
Government Initiatives to Achieve Zero-emission Society Will Help Asia Pacific Lead
Regionally, Asia Pacific held USD 0.90 billion in terms of revenue in 2020 and is anticipated to remain at the forefront in the near future. This growth is attributable to the rising initiatives by governments to achieve a zero-carbon society. North America, on the other hand, is likely to grow exponentially on account of the increasing investment in research & development activities. Coupled with this, the high demand for fuel cell vehicles would augment the demand for PEMFC in this region.
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Competitive Landscape-
Key Players Aim to Strengthen Positions through Joint Ventures and R&D Activities
Most of the companies operating in the market for proton exchange membrane fuel cells are investing huge sums in capacity expansions and R&D activities. Some of the others are signing new agreements with local firms to co-develop novel products or create joint ventures to find new growth opportunities in the field of proton exchange membrane fuel cell. Below are the two latest industry developments:
- April 2021: Nanofilm Technologies signed an agreement with Temasek Holdings to develop a joint venture to explore more opportunities in the field of hydrogen energy. The newly developed company is called Sydrogen Energy and it would utilize the former’s unique materials surface solutions to vital components in electrolyzer systems and fuel cells.
- January 2021: Johnson Matthey is planning to commercialize its technologies for producing green hydrogen emitting zero carbon. It is also expanding the production capacity of catalyst coated membranes in its Swindon plant.
A list of prominent proton exchange membrane fuel cell companies presents in the market:
- Ballard Power Systems (Canada)
- Plug Power (United States)
- Hydrogenics (Canada)
- Nuvera Fuel Cells, LLC (United States)
- Horizon Fuel Cell Technologies (China)
- Nedstack Fuel Cell Technology (Netherlands)
- ITM Power (United Kingdom)
- AVL (Austria)
- ElringKlinger (Germany)
- Intelligent Energy (United Kingdom)
- W. L. Gore & Associates (United States)
- Pragma Industries (France)
- Umicore (Belgium)
- Shanghai Shenli Technology Co., Ltd. (China)
- Johnson Matthey (United Kingdom)
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Proton Exchange Membrane Fuel Cell Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Proton Exchange Membrane Fuel Cell Market (MW, USD Billion) Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Transport
- Stationary
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Proton Exchange Membrane Fuel Cell Market (MW, USD Billion) Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Transport
- Stationary
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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