Fairfield Market Research Fuel Cell Membrane Electrode Assembly Market Size, 2022-2029

Fuel Cell Membrane Electrode Assembly Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

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Industry: Energy & Natural Resources

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Fuel Cell Usage Increases as Pollution Becomes a Suffocating Concern

With rapid urbanization since last century, consumption of fossil fuel has significantly increased, thus translating into a higher pollution rate and has shifted attention towards clean energy and storage systems. Fuel cell being an efficient clean energy conversion system, their adoption worldwide is likely to increase in the coming years. This is expected to influence the growth of the global fuel cell membrane electrode assembly market, as environment safety along with efficient energy conversion has become crucial.

Commercial Vehicle Sector to Boost Demand for Global Fuel Cell Membrane Electrode Assembly Market

As regulations regarding vehicle emissions become stringent, manufacturers of commercial vehicles have been focusing on using alternative fuel sources rather than using traditional ones. Use of fuel cells in commercial vehicles such as trucks and buses can significantly reduce carbon emissions. Additionally, fuel cell membrane electrode assembly can be well suited in commercial vehicles due to high power density and energy generated by hydrogen. Considering this trend falls in practice worldwide, carbon emissions can go down by 2.57GT every year by end of 2040, according to a report by Auto Economic Times. Bloomberg NEF predicts that fuel cells driven commercial vehicles may account for 1.5% of sales of medium duty truck sales and 6.5% of sales of buses by end of 2040. Moreover, according to OICA commercial vehicle production is rising at a moderate pace across the globe. For instance, in 2020, commercial vehicle production in China was 52, 31,161 units, whereas in 2019 it was 43,60,472 units, a 870,689 units increase in an year. This factor coupled with growing production of commercial vehicles is likely to complement demand of fuel cell membrane electrode assembly.

Use of ML in Proton Exchange Membrane Fuel Cell – An Opportunity in the Offing

Application of Machine Learning (ML) in development of fuel cell membrane electrode assembly for proton exchange membrane fuel cell is being researched upon recently. According to a publication by Royal Society of Chemistry, use of ML in the energy sector, can significantly reduce the time of development. This can translate into an opportunity for fuel cell membrane electrode assembly manufacturers to deploy ML in their processes to enhance production in a cost-effective manner.

Fuel Cell Membrane Electrode Assembly in Aviation – A New Promising Industry

With environmental benefits of fuel cells along with effective energy conversion, manufacturers are seeking entry in the Aviation industry. Few companies are shaking hands to collaborate and develop advanced fuel cell membrane electrode assembly to achieve higher performance. For instance, HyPoint and BNB (BASF New Business GmbH) have entered into a strategic alliance to develop high performance hydrogen fuel cell membrane electrode assembly for the aviation industry. This example reveals the depth of innovations possible in the fuel cell membrane electrode assembly area that can be leveraged to deliver environmental and human benefits, keeping an eye on the potential for commercialization.

Possible Decrease is Use of FCEV Owing to Associated Limitations to Hinder Global Fuel Cell Membrane Electrode Assembly Market Growth

Fuel cell electric vehicles (FCEVs) are considered more efficient as compared to vehicles running on internal combustion and do not generate tailpipe emissions, but only emit air and water vapor. However, their use in passenger vehicles is being questioned due to cost and safety factors. According to Bloomberg NEF, by 2040, FCEVs will account for 1% of passenger vehicle fleet and to achieve even this number would need significant reduction in pricing required for generating green hydrogen.

Developed Economies to Showcase Potential for Growth of Fuel Cell Membrane Electrode Assembly

North America is expected to dominate the global fuel cell membrane electrode assembly market as businesses are focused on adopting the technology for internal consumption.  Adoption of fuel cell membrane electrode assembly for business operations can significantly reduce cost associated with electricity consumption, which is a major driving factor. However, the adoption of the fuel cell membrane electrode assembly technology is geographically limited, with US reflecting higher adoption rate (especially California), certain parts in Europe, China, South Korea and Japan. These regions favor infrastructure for hydrogen refueling with active plans to reduce costs. Manufacturers of fuel cell membrane electrode assembly can focus on enhancing their business operations across these countries in the future, considering the ongoing trend maintains its status quo.

3M, Ballard Power Systems Inc., HyPlat Ltd., Giner Inc., Fuel Cells Etc, YuanBo Engineering Co., Ltd., and Danish Power Systems are few of the manufacturers in the global fuel cell membrane electrode assembly market.

Key Elements Included In The Study: Global Fuel Cell Membrane Electrode Assembly Market

  • Fuel Cell Membrane Electrode Assembly Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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