Report Highlights
The global market for proton exchange membrane (PEM) electrolyzer was valued at $60.2 million in 2023. The market is expected to grow from $83.7 million in 2024 to $507.6 million by 2029, at a compound annual growth rate (CAGR) of 43.4% from 2024 to 2029.
Report Includes
- 43 data tables and 45 additional tables
- An overview of the global market for proton exchange membrane (PEM) electrolyzers
- Analysis of global market trends, with revenue data for 2023, estimated figures for 2024, forecasts for 2025, 2027, and 2029, and projected CAGRs through 2029
- Identification of new opportunities, challenges and technological changes in the industry and a market share analysis by component, capacity, application and region
- Examination of PEM electrolyzer companies’ current and future strategies
- Analysis of R&D activity, product launches and regulatory elements
- Analysis of the key companies’ market shares, mergers & acquisitions, joint ventures, collaborations and other market strategies
- Profiles of the major market players, including Cummins Inc., ITM Power PLC, Ohmium, Plug Power Inc., and Siemens Energy
Report Scope
The report provides a comprehensive overview and analysis of the global proton exchange membrane (PEM) electrolyzer market and a detailed analysis of the market players’ products and key initiatives. Using 2023 as the base year, the report provides estimated market data for 2024, and the market values are forecast from 2024 through 2029. It also includes details about the electrolyzers’ different components and end-use applications. Estimated market values are based on the determined market penetration of PEM electrolyzers in the overall water electrolysis market. Projected revenue values are in constant U.S. dollars that have not been adjusted for inflation.
The global PEM electrolyzer market has been segmented into the following market segments:
- Component: electrolyzer stack, balance of plant.
- Capacity: below 500 kW, 500 kW to 2 MW, and above 2MW.
- Application: industrial, refining, automotive and transportation, and others (energy storage, power generation, and high-temperature heating).
- Region: North America, Europe, Asia-Pacific, and Rest of World.
Report Synopsis
| Report Metrics | Details | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Base year considered | 2023 | ||||||||||||
| Forecast period considered | 2024-2029 | ||||||||||||
| Base year market size | $60.2 Million | ||||||||||||
| Market size forecast | $507.6 Million | ||||||||||||
| Growth rate | CAGR of 43.4% from 2024 to 2029 | ||||||||||||
| Units considered | $ Millions | ||||||||||||
| Segments covered | By Component, Capacity, Application, and Region | ||||||||||||
| Regions covered | North America, Europe, Asia-Pacific, and Rest of World (RoW) | ||||||||||||
| Key Market Drivers |
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| Companies studied |
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Frequently Asked Questions (FAQs)
- Growing interest in green ammonia production.
- Government support facilitating market growth in Europe.
- Growing uptake of hydrogen for clean transportation.
- By component.
- By capacity.
- By application.
- By region.
Analyst Credentials
BCC Research Team possesses expertise and experience in life and physical science domains. They specialize in offering valuable business insights, including industry analysis, competitor intelligence, strategic and financial analysis, and opportunity assessment. The team has in-depth knowledge of various sectors, including healthcare, biotechnology, pharmaceuticals, IT, automation, advanced materials, and energy. They are proficient in qualitative and quantitative market intelligence providing clients with actionable insights. With a vast understanding of the competitive landscape, the team can support clients in making data-driven decisions to help them achieve a competitive edge in their respective markets.
Consulting Editor’s Credentials
Jason Chen has been an analyst and consultant for the polymer, composite, fibre, textile and energy industries for 19 years. He works as a researcher, writer and/or editor for the American Composites Manufacturers Association (ACMA), China Textile Academy (CTA), China Chemical Fiber Association (CCFA), International Fiber Journal, Filtration News, Platts Emission Daily, Vision Systems Design, Pesticide and Toxic Chemical News and MobileTex. He has a degree in Civil Engineering, Chemicals and Advanced Materials from Shantou University.
Report Highlights
The global PEM electrolyzer (PEMEL) market should grow from $737.6 million in 2022 to $4.3 billion by 2027 with a compound annual growth rate (CAGR) of 42.2% for the period of 2022-2027.
Report Includes
- 17 data tables and 26 additional tables
- An overview of the global market for proton exchange membrane electrolyzer (PEMEL) and membrane electrode assembly (MEA) components and related technologies
- Analyses of the global market trends, with market revenue (sales data) for 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
- Evaluation and forecast the PEM Electrolyzer market size in value and volumetric means, and corresponding market share analysis segmented by type, component, application, and region
- Identification of viable technology drivers through a holistic review of leading electrolyzer technologies for new and existing applications in hydrogen refuelling stations, refineries, and the chemicals industry
- Assessment of major driving factors, trends, opportunities and challenges in this innovation driven market, with emphasis on recent developments in the PEM electrolyzer industry
- Estimation of the actual market size and revenue forecasts for PEMEL and MEA components used as hydrogen generation systems, their regional and application segments markets
- Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
- Descriptive company profiles of the leading PEM electrolyzers manufacturers, including ITM Power, 3M, SGL, Siemens Energy, BASF and Toray
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