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Proton Exchange Membrane Fuel Cell Market Trends

Report ID: GMI5957
Published Date: Nov 2024
Report Format: PDF

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Proton Exchange Membrane Fuel Cell Market Trends

Growing adoption across regions with abundant renewable energy resources that need flexible, large-scale energy storage solutions along with increasing deployment as backup power solutions for critical infrastructure, including telecommunications towers, and data centers, will drive the business scenario. The fuel cells provide reliable, on-demand power with no emissions, which is crucial for emergency or off-grid operations. Moreover, increasing requirement for more efficient and sustainable alternatives to traditional lead-acid batteries and internal combustion engines will augment the product demand.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for proton exchange membrane fuel cell was reached USD 4.3 billion in 2024 and is estimated to grow at a 9.2% CAGR from 2025 to 2034, driven by efforts to establish a hydrogen economy.

The stationary segment is anticipated to exceed USD 1.4 billion by 2034, due to ongoing R&D, fuel flexibility, and energy conversion efficiency.

The Asia Pacific market is estimated to reach USD 6.8 billion by 2034, led by the rising demand for renewable energy integration and low-emission devices.

Key players in the industry include Air Liquide Energies, Ballard Power Systems, Cummins, Doosan Fuel Cell, Hyundai Motor Company, Nedstack Fuel Cell Technology, Nuvera Fuel Cells, Panasonic Corporation, Plug Power, Robert Bosch, SFC Energy, and TW Horizon Fuel Cell Technologies.