Polymer Electrolyte Membrane Fuel Cells (PEMFCs) Market Size

PEM Fuel Cells Market Analysis

The Polymer Electrolyte Membrane Fuel Cells Market size is estimated at USD 3.58 billion in 2024, and is expected to reach USD 8.34 billion by 2029, growing at a CAGR of 18.43% during the forecast period (2024-2029).

Though COVID-19 negatively impacted the market in 2020, it has reached pre-pandemic levels.

• Major factors driving the market are increasing research & development (R&D) activities in the field of fuel cells, which has led to several technological advantages, such as high power density, less time to refuel, more extended storage durability, and more number of life-cycles of polymer electrolyte membrane fuel cells over its alternatives, such as Li-ion battery. This has been driving the adoption of polymer electrolyte membrane fuel cell-powered vehicles and is thus expected to drive the market during the forecast period.
• However, the current high cost of polymer electrolyte membrane fuel cell technology and the availability of other viable energy systems in the market is expected to hinder the market growth during the forecast period.
• The technological advancements in PEMFCs, such as reducing the share of platinum in the fuel cell, which in turn decreases its final cost, are expected to create several opportunities in the market during the forecast period.
• The Asia-Pacific dominated the global polymer electrolyte membrane fuel cells market in 2022, with China holding a significant share. The major factors attributing to the growth are the policies initiated by various governments in countries such as China and Japan to drive the use of clean energy.