North America Proton Exchange Membrane Fuel Cell Market Size & Outlook
North America proton exchange membrane fuel cell market, 2018-2030 (US$M)
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North America proton exchange membrane fuel cell market highlights
- The North America proton exchange membrane fuel cell market generated a revenue of USD 1,187.6 million in 2023.
- The market is expected to grow at a CAGR of 19.9% from 2024 to 2030.
- In terms of segment, automotive was the largest revenue generating application in 2023.
- Portable is the most lucrative application segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 1,187.6 million |
| Market revenue in 2030 | USD 4,218.7 million |
| Growth rate | 19.9% (CAGR from 2023 to 2030) |
| Largest segment | Automotive |
| Fastest growing segment | Portable |
| 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, North America region accounted for 27.5% 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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North America 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 70.36% in 2023. Horizon Databook has segmented the North America proton exchange membrane fuel cell market based on automotive, stationery, portable covering the revenue growth of each sub-segment from 2018 to 2030.
The PEMFC market in North America is driven by significant support from the governments of countries such as the U.S. and Canada in the form of research & development funds.
These funds have led to advancements in fuel cell technologies and the development of cost-effective parts used in fuel cell systems. For instance, the Department of Energy (DOE) provides funds for fuel cell development through programs such as the Fuel Cell Technologies Office (FCTO).
In October 2023, the DOE initiated its first phase of the effort to create an American economy powered by clean hydrogen by selecting seven regional award bidders for a collective USD 7 billion in funding allocated by the Bipartisan Infrastructure Law for the development of hydrogen hubs in the region.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America proton exchange membrane fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into North America proton exchange membrane fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America proton exchange membrane fuel cell market size, by country, 2018-2030 (US$M)
North America Proton Exchange Membrane Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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