Polymer Electrolyte Fuel Cells Market Opportunities, Challenges, and Growth Forecast by 2024-2031 | Ballard Power Systems, Plug Power Inc., SFC Energy AG

Polymer Electrolyte Fuel Cells Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Polymer Electrolyte Fuel Cells market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.

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What is the projected growth rate (CAGR) of the Global Polymer Electrolyte Fuel Cells market from 2024 to 2031, and what is the market value expected to change by 2031?

Global Polymer Electrolyte Fuel Cells Market reached Value of US$ 3.0 billion in 2022 and is expected to reach US$ 11.9 billion by 2031, growing with a CAGR of 18.8% during the forecast period 2024-2031.

What is Polymer Electrolyte Fuel Cells Market?

Polymer Electrolyte Fuel Cells (PEFCs) are a type of fuel cell that uses a solid polymer membrane as the electrolyte to facilitate the electrochemical reaction between hydrogen and oxygen. They are known for their high efficiency, quick start-up times, and suitability for various applications, including vehicles and portable power systems. PEFCs operate at relatively low temperatures, making them compact and versatile, with the potential for clean energy solutions. These cells play a significant role in advancing sustainable technologies and reducing greenhouse gas emissions.

Growth Driver

The demand for clean energy is driving the integration of renewable sources like wind, solar, and hydroelectric power into Proton Exchange Membrane Fuel Cells (PEFCs). This approach efficiently utilizes surplus electricity to produce hydrogen, enabling on-demand power generation and supporting a sustainable energy system. In the U.S., renewable energy grew 42% from 2010 to 2020, with solar becoming the fastest-growing source, contributing 3.3% of all electricity generation in 2020.

Key Players:

Profiles of some of the major players in the global Polymer Electrolyte Fuel Cells market, which include Ballard Power Systems, Plug Power Inc., SFC Energy AG, Hydrogenics Corporation, Nuvera Fuel Cells, Doosan Fuel Cell America, ElringKlinger AG, Intelligent Energy, Horizon Fuel Cell Technologies, and Toshiba Energy Systems & Solutions Corporation.

Industry Development:

On April 12, 2023, Toshiba Corporation, along with Toshiba Energy Systems & Solutions Corporation (ESS), initiated a Virtual Power Purchase Agreement (VPPA) for its Smart Community Center in Kawasaki, Japan. This agreement, in conjunction with feed-in tariff (FIT) non-fossil certificates, ensures that the Center's energy requirements are fully met by renewable electricity sources.

On August 24, 2022, Toyota Motor North America partnered with the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) to develop, install, and evaluate a 1-megawatt (MW) proton exchange membrane (PEM) fuel cell power generation system at NREL's Flatirons Campus in Colorado.

On March 18, 2021, Ballard Power Systems announced that its fuel cell electric vehicles had traveled over 75 million kilometers, with nearly 80% of this distance covered by vehicles operating in China. Ballard Power Systems provides proton exchange membrane (PEM) fuel cell products and technology for commercial heavy and medium-duty applications.

The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Polymer Electrolyte Fuel Cells market.

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Market Segments:

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.

By Type: Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC)

By Power Output: Up to 1 kW, 1 kW to 10 kW, Above 10 kW

By Components: Fuel Cell Stacks, Balance of Plant (BoP) Components, Electrolyte Materials, Catalysts and Electrodes

By Distribution Channel: Original Equipment Manufacturers (OEMs), Distributors and Resellers, Online Retailers

By Application: Transportation, Portable Power, Stationary Power Generation, Auxiliary Power Units (APUs)

By End-User: Automotive, Electronics, Power Generation, Residential and Commercial Buildings, Military and Defense, Others

Regional Break out:

☞ North America - US, Canada, Mexico

☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe

☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific

☞ South America- Brazil, Argentina, Colombia, Rest of South America

☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel

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