A proton exchange membrane (PEM) fuel cell is an electrochemical device that uses chemical energy from hydrogen and oxygen to generate electricity while emitting only water and heat as byproducts.  It functions at relatively low temperatures, typically between 60°C and 80°C, and uses a solid polymer membrane as the electrolyte.  The PEM fuel cell comprises of a membrane electrode assembly (MEA), where the electrochemical reaction occurs. PEM fuel cells are widely employed in transportation, portable power devices, and stationary power applications, helping to further worldwide efforts towards sustainable energy solutions.

According to SPER market research, ‘Global PEM Fuel Cell Market Size- By Type, By Application, By Material - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global PEM Fuel Cell Market is predicted to reach 13.93 billion by 2034 with a CAGR of 15.26%.

Drivers:

The growing demand for clean and efficient energy solutions across a wide range of industries is driving the PEM fuel cell market. Governments are supporting the adoption of hydrogen technologies by providing incentives, subsidies, and favourable legislation aimed at reducing carbon emissions.   The growing focus on fuel cell electric vehicles is also propelling industry growth.   Technological advancements, such as enhanced membrane durability and cost-effective catalysts, improve overall performance while cutting costs. Furthermore, the need for dependable, high-density power sources in transportation, portable electronics, and fixed power systems is driving the advancement of PEM fuel cells in a variety of applications.\

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Restraints:

The PEM fuel cell market has various major challenges that limit widespread use. One of the most major obstacles is the high cost of production, which is made worse by the use of expensive platinum-based catalysts. Furthermore, the shortage of hydrogen refuelling infrastructure hinders the implementation of fuel cell vehicles and stationary equipment.   Concerns concerning hydrogen storage, safety, and transportation further hinder industry growth.  The long-term reliability of PEM fuel cells is influenced by their endurance and moderate performance decline.

Asia Pacific dominates the PEM fuel cell industry, owing to strong government support, rapid industrialisation, and increased use of fuel cell electric vehicles (FCEV). Countries such as China, Japan, and South Korea are heavily investing in hydrogen infrastructure and offering incentives to promote clean energy technology. Major automakers in the region are developing advanced fuel-cell vehicles, which will enhance demand.  Some of the key market players are Altergy, AVL, Ballard Power Systems, Cummins Inc., Doosan Fuel Cell Co., Ltd., ElringKlinger AG, and others.

For More Information, refer to below link –

PEM Fuel Cell Market

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