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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. Customers nowadays are rapidly shifting towards zero-emission vehicles and hence, automakers are investing huge sums in developing efficient vehicles to cater to the rising demand. The Government of China recently announced its plans to develop 1,000 hydrogen refueling stations by 2030 and 300 by 2025. Fortune Business Insights™ provided this information in a new report, titled, “Proton Exchange Membrane Fuel Cell (PEMFC) Market Size, Share & COVID-19 Impact Analysis, By Application (Transport, Stationary, Others) and Regional Forecast, 2021-2028.” As per the report, the market stood at USD 1.56 billion in 2020. It would exhibit a CAGR of 40.6% in the forecast period between 2021-2028.
Johnson Matthey to Surge Production Capacity of Catalyst Coated Membranes
In January 2021, Johnson Matthey (JM), a provider of sustainable technologies based in London, is planning to commercialize technologies to produce zero carbon ‘green’ hydrogen. It is set to broaden the production capacity of catalyst coated membranes. As per one of the company officials, “This is an important step on our journey to commercializing this novel technology. It would help us to strengthen our position in the field of green hydrogen.” Such initiatives by well-known companies would help in surging the demand for PEMFC.
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Increasing Demand for Clean and Energy-efficient Solutions to Favor Growth
The rising usage of PEMFC in a wide range of applications, such as mobile, stationary, and transportation is expected to propel the proton exchange membrane fuel cell market growth in the near future. These cells help in diversifying and strengthening the energy infrastructure. It not only provides a more energy-efficient and clean solution, but also caters to the high demand for power. Hence, the urgent need for better fuel efficiency is anticipated to boost the demand for PEMFC in the forthcoming years. However, the high demand for electric vehicles may hinder growth.
Key Players Focus on Capacity Expansions and R&D Activities to Intensify Competition
The global market PEMFC is diversified with the presence of various companies. Most of them are conducting research and development activities, while a few others are expanding their production capacities to fulfil the unmet demand. W.L. Gore & Associates and Ballard Power Systems are the leading players in the market for PEMFC.
Fortune Business Insights™ lists out prominent PEMFC providers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market for PEMFC can be segmented in the following way:
Value (MW, USD Billion)