Membrane Electrode Assembly Market Growth & Trends
The global membrane electrode assembly market size is expected to reach USD 44.51 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 23.8% from 2023 to 2030. Demand for fuel cells is growing rapidly, which is one of the main factors driving market revenue growth. The automotive industry is witnessing a growing interest in alternative-powered vehicles like fuel cell-powered vehicles (FCPV), battery electric vehicles, and hybrid cars. The aforementioned factors are expected to fuel the growth of the market.
Technological advancements and increasing demand for membrane electrode assemblies (MEA) from emerging countries as a result of rising electricity demand are likely to support market expansion. Increased emphasis on green technology by international organizations and governmental bodies will fuel demand for fuel cells for the production of electricity, providing a growth opportunity for membrane electrode industry players likePower Systems, W. L. Gore & Associates, Inc., Danish Power Systems, BASF SE, Giner Inc., FuelCells, etc.
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Report Attribute Details Market size value in 2023 — USD 10.01 billion Revenue forecast in 2030 — USD 44.51 billion Growth Rate — CAGR of 23.8% from 2023 to 2030 Base year for estimation — 2022 Historical data — 2018–2021 Forecast period — 2023–2030
Membrane Electrode Assembly Market Report Highlights
In terms of revenue, the PEMFC application segment accounted for a significant share in the market in 2022 and is further expected to witness steady growth over the forecast period
North America region is projected to grow at a substantial rate of 26.5% throughout the forecast period.
Electrolyzers in the application segment is emerged as the fastest growing segment with CAGR of25.9% over forecast period
U.S. is likely to display a substantial growth rate during the projected period
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