Middle East & Africa Proton Exchange Membrane Fuel Cell Market Size & Outlook
Middle East & Africa proton exchange membrane fuel cell market, 2018-2030 (US$M)
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MEA proton exchange membrane fuel cell market highlights
- The MEA proton exchange membrane fuel cell market generated a revenue of USD 9.9 million in 2023.
- The market is expected to grow at a CAGR of 18.1% 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.
- Country-wise, South Africa is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 9.9 million |
| Market revenue in 2030 | USD 31.8 million |
| Growth rate | 18.1% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Stationery |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, MEA region accounted for 0.2% of the global proton exchange membrane fuel cell market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 4,218.7 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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Middle East & Africa 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 69.7% in 2023. Horizon Databook has segmented the Middle East & Africa proton exchange membrane fuel cell market based on automotive, stationery, portable covering the revenue growth of each sub-segment from 2018 to 2030.
The fuel cell market in the region is underdeveloped, however, it is rising at a substantial pace owing to the growing investments in the deployment of fuel cell vehicles and hydrogen refueling infrastructure in countries such as South Africa and Egypt.
The growing number of hydrogen fueling stations is projected to surge the deployment of fuel cell vehicles in these countries. As of April 2024, Africa heavily relies on imported PEMFC raw materials, including platinum.
Domestic platinum reserves are expected to significantly decrease reliance on these imports, making the PEMFC technology more cost-competitive in the long run. Access to platinum reserves is expected to incentivize the development of a PEMFC manufacturing base within Africa.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa proton exchange membrane fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa proton exchange membrane fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA proton exchange membrane fuel cell market size, by country, 2018-2030 (US$M)
Middle East & Africa Proton Exchange Membrane Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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