Membrane Electrode Assemblies Market to Hit US$ 1,257.91 Million By 2030 | [Updated Research]
Consegic Business Intelligence predicts 15.2% CAGR growth for membrane electrode assemblies market (2023-2030), driven by their use in direct methanol fuel cells, and major participants includes are Giner Inc., Greenerity GmbH, HyPlat (Pty) Ltd., IRD Fuel Cell Technology A/S, Johnson Matthey Plc, 3M, L. Gore & Associates, Inc.
New York, Aug. 31, 2023 (GLOBE NEWSWIRE) — The global Membrane Electrode Assemblies Market is expected to witness significant growth at a remarkable CAGR of 15.2% during the forecast period of 2023-2030. The factors such as the increasing development of new electric vehicle manufacturing facilities, rising investment in new renewable energy projects, and others are accelerating the demand for membrane electrode assemblies, which, in turn, is boosting the market growth. In addition, the rising development of a new range of Membrane electrode assemblies product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the membrane electrode assemblies market is poised for strong expansion and is expected to reach USD 1,257.91 Million by 2030. The market, which was valued at USD 408.00 Million in 2022, is predicted to grow at a compound annual growth rate of 15.2% during the period 2023-2030. The report highlights the increasing adoption of membrane electrode assemblies in electrolyzers, which is augmenting global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the membrane electrode assemblies market.
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The membrane electrode assemblies are frequently utilized in electrolyzers’ electricity to convert water into hydrogen and oxygen, which in turn elevated product gas purity. The international players in the electrolyzers industry are developing new manufacturing facilities in host countries. Thus, the rising adoption of membrane electrode assemblies in electrolyzers ensures the seamless process of converting electricity into hydrogen. This, in fostering market growth.
In addition, electric vehicles employ products such as hydrogen/oxygen air fuel cells, electrolyzers, and others. These products deploy membrane electrode assemblies to ensure superior physical, chemical, and mechanical characteristics. Factors including the availability of a wide range of models, eco-friendliness, along with the accessibility of subsidies and tax rebates are driving the adoption of electric vehicles at the global level. For instance, according to the International Energy Agency, the adoption of electric cars in the United Kingdom reached 312 thousand units in 2021, depicting a substantial growth of 78.3% in comparison to 175 thousand units in 2020. Henceforth, the bolstering electric vehicle industry at the global level is boosting the demand for hydrogen/oxygen air fuel cells, electrolyzers, and others. This, in turn, is projected to create a lucrative opportunity for market growth during the projected forecast period.
Global Membrane Electrode Assemblies Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||USD 1,257.91 Million|
|By Product Type||3-Layer Membrane Electrode Assemblies, 5-Layer Membrane Electrode Assemblies, and Others|
|By Application||Electrolyzers, Polymer Electrolyte Fuel Cells, Hydrogen/Oxygen Air Fuel Cells, Direct Methanol Fuel Cells, and Other|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Ballard Power Systems Inc., Giner Inc., Greenerity GmbH, HyPlat (Pty) Ltd., IRD Fuel Cell Technology A/S, Johnson Matthey Plc, 3M, L. Gore & Associates, Inc., Wuhan WUT New Energy Co., Ltd., and FuelCellsEtc|
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Key Market Takeaways
- The global membrane electrode assemblies market size is estimated to exceed USD 1,257.91 million by 2030 with an astonishing CAGR of 15.2% during the forecast period (2023-2030).
- Asia Pacific accounted for the highest market share at 36.05% and was valued at USD 147.08 million in 2022, and is expected to reach USD 455.99 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 22.16% during the base year of 2022.
- Based on product type, the 3-layer membrane electrode assemblies segment accounted for the highest share contribution to the membrane electrode assemblies market statistics in 2022.
- In the context of application, the electrolyzers segment is expected to contribute significant shares to the growth of membrane electrode assemblies market statistics during the forecast period.
- North America is expected to boost the market demand for membrane electrode assemblies due to the increasing investments in new renewable energy projects in countries such as the U.S. and Mexico.
Global Membrane Electrode Assemblies Market Segmentation Details:
Based on Product Type, the 3-layer membrane electrode assemblies segment contributed the largest shares to the market growth in 2022. 3-layered membrane electrode assemblies are manufactured from polymer electrolyte membranes combined with catalyst layers applied to the anode and cathode. The 3-layered membrane electrode assemblies ensure superior performance and durability properties. Hence, due to the above benefits, the adoption of 3-layered membrane electrode assemblies is increasing in polymer electrolyte fuel cells, electrolyzers, and others, thereby accelerating the market growth.
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Based on Application, the electrolyzers segment accounted for the largest market share in the year 2022. The prominent technical features associated with membrane electrode assemblies include durability with cycling at 5000 hours, performance at 0.8 V in 300 mA cm−2, and others. These properties make membrane electrode assemblies an ideal solution for electrolyzers. Therefore, the rising adoption of membrane electrode assemblies in electrolyzers, owing to the above features is benefiting the market growth.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the increasing adoption of membrane electrode assemblies in various applications. For instance, in October 2021, Foxconn, a leading Taiwanese multinational electronics contract manufacturer, announced its plans for the development of electric vehicles plant in India by the end of 2024. Hence, the development of new electric vehicle facilities in the region is driving the demand for fuel cells, electrolyzers, and others. This, in turn, is supplementing the market growth.
Ballard Power Systems Inc., Giner Inc., Greenerity GmbH, and HyPlat (Pty) Ltd., are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of membrane electrode assemblies. Further, the membrane electrode assemblies market is expected to grow steadily due to rising demand from electrolyzers, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of membrane electrode assembly manufacturing facilities is expected to increase the competition in the market.
- In May 2023, Advent Technologies, a fuel cell manufacturer in Greece opened a manufacturing facility in Massachusetts, the United Kingdom. The new manufacturing facility will scaled-up roll to roll production for Ion-Pair membrane electrode assemblies. Hence, the development of new manufacturing facilities for membrane electrode assemblies will boost market growth in the upcoming years.
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List of Major Global Membrane Electrode Assemblies Market:
- Ballard Power Systems Inc.
- Giner Inc.
- Greenerity GmbH
- HyPlat (Pty) Ltd.
- IRD Fuel Cell Technology A/S
- Johnson Matthey Plc
- L. Gore & Associates, Inc.
- Wuhan WUT New Energy Co., Ltd.
Global Membrane Electrode Assemblies Market Segmentation:
- By Product Type
- 3-Layer Membrane Electrode Assemblies
- 5-Layer Membrane Electrode Assemblies
- By Application
- Polymer Electrolyte Fuel Cells
- Hydrogen/Oxygen Air Fuel Cells
- Direct Methanol Fuel Cells
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Frequently Asked Questions in the Membrane Electrode Assemblies Market Report
- What was the market size of the membrane electrode assemblies industry in 2022?
- In 2022, the market size of membrane electrode assemblies was USD 408.00 million.
- What will be the potential market valuation for the membrane electrode assemblies industry by 2030?
- In 2030, the market size of membrane electrode assemblies will be expected to reach USD 1,257.91 million.
- What are the key factors driving the growth of the membrane electrode assemblies market?
- The increasing adoption of membrane electrode assemblies in electrolyzers is bolstering market growth.
- What is the dominating segment in the membrane electrode assemblies market by product type?
- In 2022, the 3-layer membrane electrode assemblies segment accounted for the highest market share of 42.58% in the overall membrane electrode assemblies market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the membrane electrode assemblies market?
- Asia Pacific accounted for the highest market share in the overall membrane electrode assemblies market.
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