Proton Exchange Membrane Fuel Cell (PEMFC) Market to Reach USD 47.60 Billion by 2026; Increasing Government Guidelines will Boost Growth, says Fortune Business Insights
Key Companies Covered in PEMFC Market Research Report Are Ballard Power Systems, Plug Power, Hydrogenics, Nuvera Fuel Cells, LLC, Horizon Fuel Cell Technologies, Nedstack Fuel Cell Technology, ITM Power, AVL, ElringKlinger, Intelligent Energy, W. L. Gore & Associates, Pragma Industries, Umicore, Shanghai Shenli Technology Co., Ltd., Johnson Matthey.
Pune, Dec. 06, 2019 (GLOBE NEWSWIRE) -- The global Proton Exchange Membrane Fuel Cell (PEMFC) Market is projected to reach USD 47.60 billion by 2026, exhibiting a CAGR of 65.5% during the forecast period. The increasing popularity and sales of fuel cell vehicles are one of the key drivers enabling the growth of the market. The increasing proclivity of major car manufacturers such as Hyundai, Toyota, Nissan and others towards fuel cell electric vehicles (FCEV) will boost the Proton Exchange Membrane Fuel Cell (PEMFC) Market trends. In addition, increasing government initiatives and policies to curb carbon emissions is expected to create lucrative sales opportunities for the market. For instance, In January 2018, the Ministerial Council on Renewable Energy of Japan announced new strategies to guide the country in achieving a carbon-free economy by 2050. In addition, the policy sets a target to position 40,000 FCEVs and 800,000 by the year 2020 and 2030.
According to the report, published by Fortune Business Insights in a report titled, “Proton Exchange Membrane Fuel Cell (PEMFC) Market Size, Share & Industry Analysis, By Application (Transport, Stationary, Others), and Regional Forecast, 2019-2026” The report offers superior insights into the global Proton Exchange Membrane Fuel Cell (PEMFC) Market. It covers all the aspects such as market potential, supply and demand, profitability, and growth restraints. It is considered to be a trustworthy source of information as it contains authentic data. The researchers and analysts have prepared it with an advanced research procedure and extracted from genuine primary and secondary sources of market statistics and data. The readers are provided with a clear picture of the current market scenario and future situations of the market based on market drivers, revenue, shares, tendencies, technology, advancements and innovations, prevailing factors, and others.
Escalating Need for Clean Energy Alternatives to Spur sales prospects
The increasing demand for electric vehicles to curb carbon emissions along with the integration of clean fuel vehicles for the diminution of carbon footprints by vehicles will strengthen the market in the foreseeable future. PEMFC uses air & pure oxygen as an oxidant and is fuelled with pure hydrogen resulting in the emission of zero harmful chemicals but heat and water vapors. In addition, the introduction of policies by the government for the promotion of clean energy alternatives will further bolster the growth of the market. For instance, The European Union introduced the Climate and Energy Framework that set several objectives to promote clean energy alternatives and diminish carbon release. The policy targets the union countries to cut the regional GHG emissions by 40% and increase renewable energy mix to 32% by 2030.
Increasing Government Guidelines to Favor Propitious Opportunities
The increasing implementation of several policies by the government for the development of hydrogen-based fuels and will aid the Proton Exchange Membrane Fuel Cell (PEMFC) Market growth. The growing adoption of proton exchange membrane fuel cells in vehicles with various power ratings owing to their ability to serve the power requirement of light, medium, and heavy-duty vehicles is expected to further bolster the growth of the market. For instance, In January 2019, the South Korean government announced its targets to build about 1,200 hydrogen refueling stations along with an aim to deploy 6.2 million fuel cell vehicles by 2040. In addition, the agreement between the Hangzhou district government and Nuvera Fuel Cells will support the growth of the market. For instance, in December 2018, Nuvera Fuel Cells signed an agreement with the Hangzhou district government in the Zhejiang province, China, to scale up its manufacturing capacity by setting up a new PEMFC unit in the region. The contract aims to fast track the production and sales of FC stacks with the main target to power FC heavy-duty vehicles.
List of the Major Companies in the Global Proton Exchange Membrane Fuel Cell (PEMFC) Market are:
Ballard Power Systems
Plug Power
Hydrogenics
Nuvera Fuel Cells, LLC
Horizon Fuel Cell Technologies
Nedstack Fuel Cell Technology
ITM Power
AVL
ElringKlinger
Intelligent Energy
W. L. Gore & Associates
Pragma Industries
Umicore
Shanghai Shenli Technology Co., Ltd.
Johnson Matthey
Industry Developments
October 2018: Hydrogenics declared to deliver a large-scale electrolysis system to support the fuelling station infrastructure in Germany. The device will assist in producing hydrogen at the location to help FCEVs to be deployed as the primary transit vehicles.
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Source: GlobeNewswire PR
(December 6, 2019 - 9:59 AM EST)
