PEM Fuel Cell Materials Market
PEM Fuel Cell Materials Market (Material: Membrane Electrode Assembly and Hardware; and Application: Portable Power Generation, Stationary Power Generation, and Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Manufacturers Gain Situational Awareness to Plan Supply Chains during Coronavirus Outbreak
Stakeholders in the chemicals and materials industry have been heavily dependent on Chinese suppliers and manufacturers. This has led to disruptions in supply chain for stakeholders in the global chemicals and materials sector during the COVID-19 outbreak. Companies in the PEM fuel cell materials market are increasing efforts to gain real-time situational awareness about their supply chains to tide over uncertainties in demand for products and services.
Manufacturers in the PEM fuel cell materials market are assessing their links in supply chains, especially in countries that are struggling to lower their coronavirus case. They are becoming transparent about the management’s analysis of the current and future impact of liquidity in the upcoming financial year.
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Thermal Management in Fuel Cell Systems Helps Improve Waste Heat Efficiency
PEM (proton exchange membrane) fuel cells are paving the way for innovations in automotive applications. However, technical challenges with respect to cost, power density of PEM fuel cells, and their durability are raising concerns in manufacturing activities. As such, advancements in improving fuel transmission infrastructure are being taken into consideration by companies in the PEM fuel cell materials market. Companies are increasing their R&D muscle to deploy thermal management in fuel cell systems to make sure high temperature operations improve waste heat efficiency.
The PEM fuel cell materials market is predicted to advance at an explosive CAGR of ~58% during the assessment period. This is evident since hydrogen technology is being highly publicized for lowering road emissions in vehicles.
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Reliable Performance in Fuel Cell Stacks Pave Way for Zero Road Emissions
Electrical powertrains are gaining popularity for its low to no local emissions. Companies in the PEM fuel cell materials market are collaborating with other small companies a competitive edge. Bosch— a Germany-based multinational engineering and technology company has partnered with startup PowerCell Sweden to enable mass production of systems.
The hydrogen technology is gaining prominence to electrify heavy trucks. However, manufacturers are increasing efforts to tackle its steep manufacturing costs. In order to achieve this, manufacturers on focusing their attention on mass manufacturing of the fuel cell stack comprised of proton-exchange membrane fuel cells (PEMFC). They are making sure that each individual fuel stack performs reliably and contributes toward smooth functioning of the fuel transmission infrastructure. Moreover, improved control units in vehicles are translating into value grab opportunities for manufacturers in the PEM fuel cell materials market.
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PEM Fuel Cells Maximize Fuel Efficiency, Durability, Range of Automobiles
The PEM fuel cell materials market is expected to reach the revenue mark of US$ 19 Mn by 2030. This signals that individuals and automotive companies are becoming conscious about creating clean energy for transportation applications. The hydrogen technology is being used to maximize efficiency, sustainability, and vehicle range of automobiles. Better fuel efficiency, durability, and operating range of PEM fuel cell systems is grabbing the attention of environment conscious vehicle owners and automotive companies.
PEMs are emerging as an effective choice from available fuel cells, whilst having the potential to replace traditional combustion engines and batteries. Transportation and material handling applications are creating business streams for manufacturers in the PEM fuel cell materials market.
Specialized Fuel Cell Developers to Make Hydrogen Technology Accessible to Masses
Companies in the PEM fuel cell materials market are investing billions of dollars to make zero emission hydrogen fuel cells a more cost efficient technology for consumers and stakeholders in the value chain. The PEM fuel cell technology is gaining popularity for reducing the use of toxic materials during vehicle manufacturing.
In order to gain a competitive edge in the PEM fuel cell materials market, manufacturers are teaming up with specialized fuel cell developers, scientists, and engineers to make hydrogen technology a believable reality for car and vehicle owners. For instance, Ballard Power Systems Inc.— a developer of PEM fuel cell products, is focusing on practical and commercial advantages of PEM fuel cells to make the hydrogen technology accessible for masses.
Among various strategies, companies in the PEM fuel cell materials market are proactively communicating with lenders and other stakeholders to facilitate rescheduling of debts and alternative financing sources. The PEM fuel cell technology is acquiring prominence in medium and heavy-duty truck applications. However, steep manufacturing costs of this technology are hindering growth of the market. Hence, companies should increase their production volume of mobile fuel cells in order to bring down manufacturing costs. Manufacturers should unlock growth opportunities in China, North America, and Europe, owing to growing inclination toward clean energy technology. Commercial advantages of fuel cell-electrical powertrains such as cost reduction and durability are grabbing the attention of environmentally conscious vehicle owners.
PEM Fuel Cell Materials Market: Overview
- According to Transparency Market Research’s latest research report on the global PEM fuel cell materials market for the forecast period of 2020 to 2030, increase in usage of PEM fuel cells in automobile and power generation industries is expected to boost the global PEM fuel cell materials market during the forecast period
- Companies around the world have been investing significantly in R&D of PEM fuel cell materials since the last few materials, as the cost of these materials is high. The cost of PEM fuel cell materials has decreased by more than 60% over the last 10 years. The cost of PEM fuel cell materials is expected to decline further in the near future. This decrease in the prices of PEM fuel cell materials is estimated to boost the PEM fuel cell materials market during the forecast period.
- In terms of revenue, the global PEM fuel cell materials market is projected to reach US$ 19 Mn by 2030, expanding at a CAGR of ~58% during the forecast period
Rise in Government Initiatives to Promote Fuel Cell Projects: Key Driver of PEM Fuel Cell Materials Market
- Rise in awareness about green energy and implementation of stringent government rules and regulations regarding the emission of greenhouse gases and carbon are compelling companies to implement effective and pollution-free energy generation methods. Governments across the world are promoting fuel cell projects by providing funding and subsidies to fuel cell manufacturers. For instance, the Government of China has introduced a new policy to offer subsidies to the entire fuel cell value chain. According to the policy, funding is provided to a city or cluster of cities that meet criteria such as technical parameters on power and power density of fuel cells; and achievement of a minimum number of vehicles per city or city cluster (least 1,000 vehicles). According to the policy, US$ 220 Mn is offered depending on the criteria the city or the city cluster meet. Furthermore, the city or cluster of city gets additional US$ 3 Mn to develop the refueling infrastructure. These subsidies are likely to support the introduction of 37,500 to 60,000 vehicles between 2020 and 2023. These government initiatives are expected to propel the demand for fuel cells.
- The PEM fuel cell materials market directly depends on the sale of PEM fuel cells. Thus, rise in government initiatives to promote fuel cell projects is anticipated to boost the demand for PEM fuel cell materials during the forecast period.
Increase in Demand for Fuel Cell in Automobile Applications to Augment PEM Fuel Cell Materials Market
- Fuel cell uses the chemical energy of hydrogen or another fuel to produce electricity. The use of hydrogen as fuel helps produce electricity, water, and heat. Thus, fuel cells can be used in diverse applications, ranging from utility power stations to automobiles.
- Fuel cells can operate at higher efficiencies compared to combustion engines. Fuel cells have lower emissions than combustion engines. They also do not emit CO2 and other greenhouse gases. Thus, fuel cells do not emit no air pollutants that cause health issues.
- Awareness about pollution caused by automobiles has been increasing since the past few years. Thus, focus on green fuel for vehicles has been rising. Fuel cells provide emission-free power solution. Thus, sales of fuel cell operated vehicles has increased over the past few years. Currently, PEM fuel cells are the focus of research for fuel cell vehicle applications.
- Demand for fuel cells is expected to increase in the near future due to their environmental benefits. Thus, rise in demand for fuel cells in automobile applications is estimated to drive the PEM fuel cell materials market during the forecast period.
PEM Fuel Cell Materials Market: Competition Landscape
- Detailed profiles of manufacturers of PEM fuel cell materials have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- The global PEM fuel cell materials market is consolidated. The global PEM fuel cell materials market is in the development phase. Key players operating in the global PEM fuel cell materials market are
- BASF SE
- Giner Inc.
- Hydrogenics USA
- Robert Bosch GmbH
- Asahi Chemical Industry
- Dow Chemical Company
- Ballard Advanced Materials Corporation.
PEM Fuel Cell Materials Market: Key Developments
- Key providers of PEM fuel cell materials such as BASF SE, 3M, ABB, Dow Chemical Company, and Ballard Power Systems are focusing on geographical expansion to capture untapped markets. They are also focusing on development of cost effective PEM fuel cell materials. Major developments in the global PEM fuel cell materials market are highlighted below:
- In October 2020, BASF SE announced that Nuvera Fuel Cells, U.S. is using its polyphthalamide (PPA) Ultramid Advanced N3HG6 to manufacture several components in its latest generation of 45 kW fuel cell engine. The fuel cell engines would be integrated into transit buses and delivery vehicles in China over the next three years. Components such as thermostat housing, check valve, ejectors, as well as exhaust pipes require stable material properties across varying temperatures.
- In September 2020, DuPont (China) signed a strategic cooperation agreement with Shanghai REFIRE Technology Co., Ltd. The agreement states that both companies would work on technological innovations in vehicle PEM fuel cell materials by developing in-depth cooperation in the fields of fuel cell systems and application solutions for component materials.
- In the global PEM fuel cell materials market report, we have discussed individual strategies, followed by company profiles of manufacturers of PEM fuel cell materials. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global PEM fuel cell materials market.
PEM Fuel Cell Materials Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global PEM fuel cell materials market to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the PEM fuel cell materials market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the PEM fuel cell materials market will progress during the forecast period of 2020 to 2030.
The report offers intricate dynamics about the different aspects of the PEM fuel cell materials market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the PEM fuel cell materials market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the PEM fuel cell materials market, and estimate statistics related to the market progress in terms of value (US$ Mn).
This study covers a detailed segmentation of the PEM fuel cell materials market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the PEM fuel cell materials market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on PEM Fuel Cell Materials Market
The report provides detailed information about the PEM fuel cell materials market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the PEM fuel cell materials, so as to help them make successful strategies and take target-driven decisions.
- Which material of the PEM fuel cell materials market will emerge as a major revenue generator for the market during the forecast period?
- How are key market players successfully earning revenue out of the advantages of PEM fuel cell materials?
- What will be the Y-o-Y growth of the PEM fuel cell materials market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the PEM fuel cell materials market?
- Which application is expected to have maximum potential for PEM fuel cell materials during the forecast period?
Research Methodology – PEM Fuel Cell Materials Market
The research methodology adopted by analysts for combining the PEM fuel cell materials market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the PEM fuel cell materials market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the PEM fuel cell materials market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the PEM fuel cell materials market.
PEM Fuel Cell Materials Market – Segmentation
TMR’s research study assesses the global PEM fuel cell materials market based on material, application, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the PEM fuel cell materials market.