Market Overview:
The global Membrane Electrode Assemblies (MEA) market is exhibited robust growth in 2020 and is projected to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. The surge in demand for fuel cells is a key driver of the market's revenue growth. In recent years, there has been a significant adoption of alternative power vehicles, including hybrid cars, battery electric vehicles, and fuel cell-powered vehicles (FCPV), within the automotive industry. Consequently, the MEA industry is experiencing a boom.
MEA plays a critical role in facilitating the electrochemical reactions necessary for electron separation. On the cathode side, a fuel (such as methanol or hydrogen) diffuses through the anode and reacts with an oxidant. The resulting ions bond with the fuel and accept the previously separated electrons. Catalysts enable these reactions on each side, while the membrane allows protons to pass through while separating gases. This process maintains cell potential and draws current from the cell to generate power. A standard membrane electrode assembly consists of a polymer electrolyte membrane (PEM), two gas diffusion layers (GDL), and two catalyst layers, resulting in a 5-layer configuration.
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Major Drivers of Global Membrane Electrode Assemblies Market Growth:
The increasing focus on green technology by international organizations and government bodies is a significant driver of revenue growth in the global MEA market. This trend is expected to drive the demand for fuel cells for electricity generation. Consequently, manufacturers are prioritizing alternative power vehicles such as hybrid cars, battery-powered electric vehicles, and fuel cell-powered vehicles, which in turn fuels the market's need for membrane electrode assemblies.
Factors Restraining Global Membrane Electrode Assemblies Market Growth:
Several unfavorable factors hinder the growth of the global MEA market. The primary application for hydrogen is in fuel cells, which are highly combustible and challenging to store. As a result, the current infrastructure is inadequate for the development of fuel cells, necessitating extensive research and development efforts to reduce the cost of catalysts, namely membrane electrode assemblies (MEA). This factor acts as a barrier to the market's growth.
Opportunities for Players in the Global Membrane Electrode Assemblies Market: Technological advancements and the increasing demand for membrane electrode assemblies from emerging nations, driven by the rising need for electricity, are expected to support market expansion. The emphasis on green technology by international organizations and government bodies is also predicted to fuel the demand for fuel cells in electricity generation, providing an opportunity for industry players to expand their business.
Membrane Electrode Assemblies Market Growth:
Membrane electrode assemblies (MEAs) are a critical component of fuel cells and are used in a variety of applications such as portable power, stationary power, and transportation. The market for MEAs has been growing steadily over the past few years due to several factors.
One of the major factors driving the growth of the MEA market is the increasing demand for clean energy sources. Fuel cells, which use MEAs, are a clean and efficient energy source that can replace traditional fossil fuels. The growing demand for clean energy, especially in emerging economies, is expected to drive the demand for MEAs in the coming years.
In addition, the increasing adoption of fuel cells in various applications such as transportation and stationary power is also expected to drive the demand for MEAs. Fuel cells offer several advantages over traditional combustion engines such as higher efficiency, lower emissions, and lower noise levels. The growing adoption of fuel cells in these applications is expected to drive the demand for MEAs in the coming years.
Furthermore, the introduction of new and innovative MEAs with higher performance and lower costs is also expected to drive market growth. Manufacturers are investing in research and development to improve the performance of MEAs and reduce their costs, making them more competitive with traditional energy sources.
Top Lading Players:
- Ballard Power Systems Inc.
- du Pont de Nemours and Company
- Giner Inc.
- Greenerity GmbH
- HyPlat (Pty) Ltd.
- IRD Fuel Cell Technology A/S
- Johnson Matthey Plc
- The 3M Company
- Gore Associates, Inc.
- Wuhan WUT New Energy Co., Ltd.
Segments covered in the report:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- 3-Layer Membrane Electrode Assemblies
- 5-Layer Membrane Electrode Assemblies
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Electrolyzers, Polymer Electrolyte Fuel Cells
- Hydrogen/Oxygen Air Fuel Cells
- Direct Methanol Fuel Cells
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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