Polymer Electrolyte Membrane Fuel Cells (PEMFCs) Market Industry Size, Share, Upcoming Trends, Business Growth, Competitive Landscape and Forecast to 2025

Polymer Electrolyte Membrane Fuel Cells (PEMFCs) Market - Growth, Trends, And Forecast (2019 - 2024)

There are vast opportunities offered including the use of PEM based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to increase vehicle efficiency and support the goals of reducing oil used and in turn, emissions from the transportation sector. This has resulted in the significant increase in the deployment of the PEM fuel cells in North America.

The market for polymer electrolyte membrane (PEM) fuel cells are expected to grow at a CAGR of 15.28% during the forecast period of 2019 - 2024.

There are vast opportunities offered including the use of PEM based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to increase vehicle efficiency and support the goals of reducing oil used and in turn, emissions from the transportation sector. This has resulted in the significant increase in the deployment of the PEM fuel cells in North America.

Asia-Pacific dominated the global PEMFC market in 2017, with China holding the major share. The major factors attributing to the growth are the policies initiated by various governments in countries, like China and Japan to drive clean energy usage.

The Polymer Electrolyte Membrane Fuel Cells (PEMFCs) market is highly competitive and consists of a number of major players. Top Companies like Ballard Power Systems, Plug Power Inc., Hydrogenics Corporation, ITM Power PLC, PowerCell Sweden AB, and Intelligent Energy Limited. among others

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Key Market Trends

Increasing Demand from Transportation Sector

- As the transportation sector accounts for one of the largest emitters of greenhouse gas (GHG) emissions, several countries in the region have been actively looking for the deployment of cleaner solutions, such as fuel cells based electric vehicles.
- The United States leads the global fuel cell electric vehicle (FCEV) deployed worldwide, as of April 2018, accounting for approximately 4500 FCEVs being registered in the country. California leads the deployment, where the Zero Emission Vehicle Program has significantly supplemented the sales of FCEVs, and is expected to remain the same in the coming years. As the demand for PEM fuel cells depends on the FCEVs deployed, the increasing deployment of FCEVs is expected to supplement the demand for PEMFCs.
- Automotive giants, such as Toyota and Hyundai, have also ventured into PEM stack cells technology, in a bid to reduce the overall production costs of FCEVs. Such collaborative efforts by the government and industry players are expected to result in significant cost reduction of PEMFC and FCEVs, and in turn, increase the demand for PEMFC in the country.
- In 2018, Hyundai Motor and Beijing-Tsinghua Industrial R&D Institute (BTIRDI), signed a memorandum of understanding (MOU), to establish a Hydrogen Energy Fund of value USD 100 million, to support the adopting of fuel cell vehicle in China, which is likely to drive the market for PEMFC in China, in coming years.
- Countries, such as Germany, the Netherlands, and France, have also been taking notable steps to promote the deployment of fuel cell electric vehicles (FCEVs) and fuel cells-based forklift and applications, such as data centers, in a bid to reduce oil consumption and GHG emission, which, in turn, is expected to supplement the demand for PEMFCs in the coming years.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features:The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools:Polymer Electrolyte Membrane Fuel Cells (PEMFCs) Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.

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