Global Membrane Electrode Assemblies Market

Membrane Electrode Assemblies Market Size, Share, Growth Analysis, By Component(Membranes, Gas Diffusion Layers, Gaskets, Others), By Application(Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Electrolyzers, Others), By Region - Industry Forecast 2024-2031

Report ID: SQSG20I2012 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 65 | Figures: 75

Membrane Electrode Assemblies Market Insights

Global Membrane Electrode Assemblies Market size was valued at USD 0.42 billion in 2019 and is poised to grow from USD 0.51 billion in 2023 to USD 3.09 billion by 2031, growing at a CAGR of 22.1% in the forecast period (2024-2031).

The main fuel cell element that aids in creating the electrochemical reaction required to separate electrons is the Membrane Electrode Assembly (MEA). A fuel (such as hydrogen, methanol, etc.) enters the MEA from the anode side and diffuses through the membrane before meeting an oxidant (such as oxygen or air) at the cathode end. The oxidant forms a bond with the fuel and accepts the fuel's separated electrons. On each side, catalysts promote reactions, and the membrane permits proton passage while maintaining the separation of the gases. In this manner, the potential of the cell is preserved and current is extracted from it to produce electricity.

The rising focus on green technology by international organizations and governmental bodies is expected to raise demand for fuel cells for the production of energy, driving the revenue growth of the global membrane electrode assemblies market. Due to manufacturers' emphasis on alternative power vehicles including hybrid cars, battery-powered electric cars, and fuel cell cars, the market for membrane electrode assemblies is growing. According to the State of Climate Tech 2020 Report, a total of US$87.5 billion was spent throughout H2 2020 and H1 2021 (the second half of 2020 and the first half of 2021), with H1 2021 producing record investment levels in excess of US$60 billion, investment in climate technology is continuing to demonstrate robust development as an emerging asset class. This is an increase of 210 percent over the US$28.4 billion invested in the previous year. Today, climate technology makes up 14 cents of every $1 invested in venture capital.

A global emergency like the COVID-19 pandemic or the coronavirus has severely harmed a number of business and industrial activities worldwide. As a result of this exceptional circumstance, the global market has also been somewhat impacted, as several nations have seen a significant decline in the entire workforce across numerous industries. Fuel cells and electrolyzer output has been constrained as a result of the lack of competent personnel and protracted plant shutdowns, which has hampered industry expansion. For instance, the International Energy Agency (IEA) reported in June 2020 that before the COVID-19 crisis in 2019 and the early 2020s, the use of hydrogen fuel cell cars had increased significantly. However, due to a lackluster technology demonstration and delays in the schedules of low-carbon manufacturing projects, the industry's advancements are currently vulnerable.

US Membrane Electrode Assemblies Market is poised to grow at a sustainable CAGR for the next forecast year.

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Membrane Electrode Assemblies Market size was valued at USD 0.42 billion in 2019 and is poised to grow from USD 0.51 billion in 2023 to USD 3.09 billion by 2031, growing at a CAGR of 22.1% in the forecast period (2024-2031).

The membrane electrode assemblies market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, Blue World and Tuco have decided to work together to develop and demonstrate a flexible methanol fuel cell solution for electric workboats in order to ensure long-range, zero harmful emissions, and a net-zero operation. In the maritime sector, the Blue World methanol fuel cell technology offers a green substitute, and depending on the type of boat, the adaptable fuel cell-powered solution can be used for propulsion or auxiliary power. It may be placed anywhere on the ship or in any accessible location thanks to its versatility. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. '3M Company', 'DuPont', 'W. L. Gore & Associates, Inc.', 'Giner, Inc.', 'Ballard Power Systems, Inc.', 'Johnson Matthey Plc', 'Freudenberg Performance Materials', 'HyPlat LLC', 'Nisshinbo Holdings Inc.', 'SERELECTRO', 'JX Nippon Mining & Metals Corporation', 'Toray Industries, Inc.', 'FuelCell Energy, Inc.', 'Advent Technologies Holdings, Inc.', 'Plug Power Inc.', 'Proton OnSite', 'Sunrise Power Co., Ltd.', '2B Technologies, Inc.', 'Nedstack Fuel Cell Technology B.V.', 'ITM Power Plc.'

A practical and essential technology for transforming energy systems to ones that are more efficient and emit less carbon dioxide is the use of fuel cells and electrolyzers. However, the accessibility of various resources and technologies has come close to enabling significant national contributions to the advancement of fuel cell technology. As a result, the government has funded a variety of collaborative technologies for research and development and demonstration projects through financing competitions. For instance, the National Hydrogen and Fuel Cell Technology Innovation Programme (NIP), a strategic alliance between the German government and the business sector, is the most important component of the German roadmap for fuel cells and provides a framework for further advancement in fuel cell technologies across a variety of applications.

Many automobile manufacturers are now focusing on new technologies connected to electric, hybrid, or fuel cell vehicles as a result of the implementation of numerous international requirements for decreasing greenhouse gas emissions. Consequently, a number of manufacturers are creating brand-new, environmentally friendly technology for the car industry. For instance, in October 2020, the Council of Scientific and Industrial Research (CISR) and the KPIT industry created an LT-PEMFC fuel cell stack that is suitable for use in automotive applications and successfully tested it on a hydrogen fuel cell (HFC) prototype vehicle. To support the operation of fuel cell vehicles, the business has contributed knowledge in stack engineering, including stack assembly, system integration, control software, electric powertrain, and other components.

In 2021, Asia Pacific had the biggest share in the market. Due to the widespread consideration of fuel cell and hydrogen technologies for accomplishing the aim, the market for membrane electrode assemblies is anticipated to grow in the Asia Pacific as a result of the increased demand for electric cars and different frameworks for boosting renewable energy.

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Global Membrane Electrode Assemblies Market

Product ID: SQSG20I2012