Canada Proton Exchange Membrane Fuel Cell Market Size & Outlook
Canada proton exchange membrane fuel cell market, 2018-2030 (US$M)
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Canada proton exchange membrane fuel cell market highlights
- The Canada proton exchange membrane fuel cell market generated a revenue of USD 201.8 million in 2023 and is expected to reach USD 840.4 million by 2030.
- The Canada market is expected to grow at a CAGR of 22.6% from 2024 to 2030.
- In terms of segment, automotive was the largest revenue generating application in 2023.
- Stationery is the most lucrative application segment registering the fastest growth during the forecast period.
Proton exchange membrane fuel cell market data book summary
| Market revenue in 2023 | USD 201.8 million |
| Market revenue in 2030 | USD 840.4 million |
| Growth rate | 22.6% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Stationery |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Automotive, Stationery, Portable |
| Key market players worldwide | Plug Power Inc, ITM Power PLC, Ballard Power Systems Inc, PowerCell Sweden AB, Cummins Inc, Oxford Instruments PLC, Intelligent Energy, Australian Vanadium Ltd, FuelCell Energy Inc, Horizon Oil Ltd |
Other key industry trends
- In terms of revenue, Canada accounted for 4.7% of the global proton exchange membrane fuel cell market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. proton exchange membrane fuel cell market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 840.4 million by 2030.
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Proton Exchange Membrane Fuel Cell Market Scope
Proton Exchange Membrane Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada proton exchange membrane fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to proton exchange membrane fuel cell market will help companies and investors design strategic landscapes.
Automotive was the largest segment with a revenue share of 72.2% in 2023. Horizon Databook has segmented the Canada proton exchange membrane fuel cell market based on automotive, stationery, portable covering the revenue growth of each sub-segment from 2018 to 2030.
The government of Canada introduced the Canadian Fuel Cell Commercialization Roadmap in 2003 to accelerate the commercialization of fuel cells and hydrogen technologies in the country. This roadmap was updated in 2008 and it was outlined as a major tool for Canada to achieve a low-carbon transition in the future.
Moreover, this roadmap emphasized the importance of fuel cells in transportation sector and stationary power generation applications. The provinces in Canada, including British Columbia, introduced the Clean Energy Vehicle (CEV) Program in November 2011.
This program has accelerated the deployment of these vehicles by taking actions such as providing incentives and making clean energy vehicles (CEVs) highly affordable. The province is also investing to improve the supporting infrastructure for these vehicles.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada proton exchange membrane fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into Canada proton exchange membrane fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada proton exchange membrane fuel cell market size, by application, 2018-2030 (US$M)
Canada Proton Exchange Membrane Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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