Single User License: $5500
Member Price: FREE
Use code SUMMER at checkout for 50% OFF
Already a member? Login to access this report free.
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 |
|
||||||||||||
| Companies studied |
|
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
Related Reports
Hydrogen Storage: Materials, Technologies and Global Markets
The global market for hydrogen storage materials and technologies is expected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028.
Hydrogen Fueling Stations: Global Markets
The global market for hydrogen fueling stations was valued at $411.6 million in 2022. The market is estimated to increase from $453.6 million in 2023 to reach $976.4 million by 2028, at a compound annual growth rate (CAGR) of 16.6% from 2023 through 2028.
Green Hydrogen: Global Market Outlook
The goal is to provide an up-to-date analysis of the global green hydrogen market and future opportunities in the market. The report provides an overview of the global green hydrogen market and analyzes market trends. It also highlights major trends and challenges that affect the market and the vendor landscape. The scope of the study includes market drivers and restraints, the competitive landscape, and current and emerging technologies. And market forecasts in terms of volume for the period (2022-2027) are made for technology, power source, and geography in the study.
Hydrogen Fuel Cell: Global Markets
The global market for hydrogen fuel cells reached $6.6 billion in 2021. The market should grow from $7.5 billion in 2022 to $19.5 billion by 2027, at a compound annual growth rate (CAGR) of 21.0% during 2022-2027.
Recent Reports
Electric Vehicles and Fuel Cell Vehicles: Global Markets
The global market for electric vehicles and fuel cell vehicles was valued at $655.9 billion in 2023. The market is expected to grow from $758.0 billion in 2024 to $1.8 trillion by 2029, at a compound annual growth rate (CAGR) of 18.6% from 2024 to 2029.
Global Market for PEM Electrolyzer
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.
Solid State Batteries: Global Markets
The global market for solid state batteries is estimated to increase from $274.0 million in 2023 to reach $1.7 billion by 2029, at a compound annual growth rate (CAGR) of 36.7% from 2024 through 2029.
E-Bike: Global Markets
The global market for e-bikes is expected to grow from $44.9 billion in 2023 and projected to reach $77.6 billion by the end of 2028, at a compound annual growth rate (CAGR) of 11.6% from 2023 through 2028.
Global Electric Vehicle Insulation Market
The global market for electric vehicle insulation is expected to increase from $3.1 billion in 2023 to $9.1 billion by the end of 2028, with a compound annual growth rate (CAGR) of 24.4% during the forecast period of 2023-2028.
Top Trending Reports
Life Science Tools and Reagents: Global Markets
The global market for life science tools and reagents, including COVID-19 diagnostics was valued at $59.4 billion in 2023. This market is expected to grow from $53.2 billion in 2024 to reach $66.5 billion by the end of 2029, at a CAGR of 4.6% during the forecast period of 2024-2029.
Wearable Medical Devices: Technologies and Global Markets
The global market for wearable medical devices was valued at $35.6 billion in 2023. This market is estimated to grow from $45.0 billion in 2024 to $151.8 billion by the end of 2029, at a compound annual growth rate (CAGR) of 27.5% from 2024 through 2029.
Carbon Credits Market: Global Outlook
This report provides an up-to-date analysis of current and future markets for carbon credits and the carbon offsets industry. It presents a thorough and up-to-date global assessment of the market and business of carbon credits. The report also includes a competitive landscape, ESG analysis, and detailed company profiles of leading market players.
Biodegradable Polymers: Global Markets and Technologies
The global market volumes of biodegradable polymers is expected to grow from 1,286.0 kilotons in 2023 and is projected to reach 4,140.0 kilotons by the end of 2028, at a compound annual growth rate (CAGR) of 26.3% during the forecast period of 2023 to 2028.
Radiotherapy, Radiopharmaceuticals and Nuclear Medicine: Global Markets
The global market for radiation therapy products and radiopharmaceuticals is expected to grow from $17.5 billion in 2024 and is projected to reach $31.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 12.3% during the forecast period of 2024 to 2029.
Become A Member
BCC Research offers a comprehensive library of reports, granting members unlimited access to data, insights, and market intelligence for informed business decisions, while actively supporting members in their evolving journeys and prioritizing high-quality, relevant topics based on continuous engagement with the research community.
Find Out MoreCustom Consulting
BCC Research emphasizes the importance of organizations leveraging highly customized market insights aligned with specific strategic business objectives through direct engagement with primary sources and proprietary forecasting models for profitable decision-making in maximizing growth opportunities and minimizing risks.
Customize NowScorecard
The Venture Scorecard provides commercialization offices and decision makers with expert analysis, offering strategic insights crucial for aligning objectives with market realities at various stages of commercializing new products or evaluating investment opportunities, from opportunity assessment to growth planning.
Find Out MoreInnovation Spotlight
Our industry experts offer strategic guidance to maximize the market potential of commercialized products, patents, and IP by providing insights into market trends, competitive dynamics, and effective positioning, using the Innovation Spotlight service for enhanced exposure to thought leaders and the wider community.
Find Out More