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Membrane Electrode Assembly Market Trends

Report ID: GMI8045
Published Date: Feb 2024
Report Format: PDF

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Membrane Electrode Assembly Market Trends

Ongoing global transition towards cleaner and more sustainable energy sources can impact the product demand. Increased research and development activities will result in improved performance, longer lifespans, and cost reductions, thereby stimulating the industry landscape. Investments in research and development by both public and private sectors can lead to breakthroughs in the technology.

Further, the adoption of fuel cells owing to emergence of new applications comprising fuel cell vehicles, stationary power generation, and portable electronics will contribute to the industry dynamics. For instance, the German government, formed a strategic alliance, the National Hydrogen and Fuel Cell Technology Innovation Programme, to support the fuel cell development, thereby augmenting the market growth.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of membrane electrode assembly reached USD 134.5 million in 2023 and is set to witness 2.9% CAGR from 2024 to 2032, owing to the growing requirement for clean energy technologies coupled with the ongoing R&D in fuel cell technology worldwide.

The gas diffusion layers segment is expected to register over 22% CAGR during 2024 to 2032, due to the ongoing R&D efforts on exploring new materials for improving efficiency and durability.

North America market size is projected to grow at 20% CAGR through 2032, attributed to the government policies and incentives at the federal, state, and local levels for promoting the adoption of fuel cell technologies in the region.

Ballard Power Systems, W. L. Gore & Associates, Inc., Danish Power Systems, BASF SE, Giner Inc., IRD Fuel Cells, Greenrity GmBH, Plug Power Inc., HyPlat Pty Ltd., and Cummins Inc. are some of the major membrane electrode assembly companies worldwide.