Proton Exchange Membrane Fuel Cell Market to Grow Worth USD 22.74 Billion | Exhibiting CAGR of 40.6%

Fortune Business Insights
Fortune Business Insights

The global proton exchange membrane fuel cell market size to hit USD 22.74 billion value by 2028, at CAGR of 40.6% during forecast period. Shift towards fuel cell electric vehicles to aid market growth: Fortune Business Insights™

Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The global Proton Exchange Membrane Fuel Cell Market is set to gain traction from the rising shift of automotive manufacturers towards the adoption of fuel cell electric vehicles. They are aiming to collaborate with renowned companies to develop efficient systems. This information is published by Fortune Business Insights™ in a new study, titled, “Proton Exchange Membrane Fuel Cell (PEMFC) Market, 2021-2028.” The study further mentions that the PEMFC market is projected to grow from USD 2.10 billion in 2021 to USD 22.74 billion in 2028 at a CAGR of 40.6% in the forecast period. In 2020, the market stood at USD 1.56 billion.

Industry developments:

December 2020: A group of scientists working with the UltraPress research project developed a unique hot pressing process. It operated through an ultra-high-performance concrete (UHPC) tool. It will be used to produce bipolar plates in fuel cells.

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Report Highlights:

Report Coverage


Forecast Period


Forecast Period 2021 to 2028 CAGR


2028 Value Projection

USD 22.74 billion

Base Year


Market Size in 2021

USD 2.10 billion

Historical Data for


No. of Pages


Segments covered

Fuel Type, By End-User, Application and Region

Growth Drivers

Reduced Economic Dependence on Fossil Fuel to Boost Growth

Transport Segment Generated 72.4% Share in 2020

Drivers & Restraints-

Reduced Economic Dependence on Fossil Fuel to Boost Growth

The ability of proton exchange membrane fuel cells to reduce the economic dependence on fossil fuel is set to affect growth positively. This is because PEMFC primarily operates on hydrogen which is abundantly available. Besides, it does not generate toxic emissions, such as NOx, SOx, CO2, and CO that is otherwise emitted by diesel/petrol-powered vehicles. These factors are expected to propel the proton exchange membrane fuel cell (PEMFC) market growth in the upcoming years.

Also, several automakers are striving to unveil state-of-the-products to cater to the high demand. In April 2019, for instance, Bosch joined hands with Powercell Sweden to co-develop polymer-electrolyte membrane fuel cells. However, the high cost of providing hydrogen fuel to service stations may hamper growth.

COVID-19 Pandemic: Loss of Workforce & Shutdown of Facilities to Obstruct Growth

The COVID-19 pandemic has negatively impacted a wide range of industries across the globe and the proton exchange membrane fuel cell (PEMFC) industry is not an exception. Nationwide lockdowns and deployment of stringent norms by regulatory bodies has resulted in huge losses for companies. Shutdowns of manufacturing plants, unavailability of skilled workforce, and loss of workforce have also hindered growth. Our reports would provide in-depth information about the current market scenario.

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Transport Segment Generated 72.4% Share in 2020

Based on the application, the market for PEMFC is segregated into stationary, transport, and others. Out of these, the transport segment earned 72.4% in terms of the proton exchange membrane fuel cell (PEMFC) market share in 2020. This growth is attributable to the increasing usage of PEMFC in vehicles as they lead to zero carbon emissions, unlike fossil fuels. The segment will remain in the leading position throughout the forthcoming years.

Report Coverage-

The research report provides intelligent insights on new product developments, R&D activities, and future technologies. It also offers accurate information about recent investments, developments, and untapped geographies. At the same time, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of prominent companies operating in the proton exchange membrane fuel cell (PEMFC) industry.

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Regional Insights-

Goal to Achieve Zero-carbon Society will Bolster Growth in Asia Pacific

Geographically, Asia Pacific held USD 0.90 billion in terms of revenue in 2020. The region is anticipated to remain in the dominant position because of the rising government initiatives to improve the hydrogen infrastructure. Japan is expected to contribute to the majority of growth on account of the rising inclination of the government towards achieving a zero-carbon society.

On the other hand, North America is expected to showcase exponential growth in the PEMFC industry backed by the increasing investments in R&D activities and favorable government targets. California, for instance, is planning to introduce commercial vehicles operating in fuel cells to reduce its dependence on fossil fuel.

Competitive Landscape-

New Product Development & Expansions — Major Strategies of Key Companies

The global market houses multiple PEMFC vendors. They are majorly focusing on research and development activities to create innovative solutions. A few others are investing huge sums in expanding their production capacities to increase sales.

Below are latest Industry Developments:

November 2020: Nuvera Fuel Cells, LLC announced the commercial availability of Nuvera® E-45 fuel cell engine. It would allow seamless integration into commercial heavy- and medium-duty vehicle applications, such as electric buses and delivery vans. It can also be used in Class 8 vehicles including long-haul trucks and yard tractors.

A list of renowned proton exchange membrane fuel cell manufacturers present in the global 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 Contents:

  • 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


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