Global Proton Exchange Membrane (PEM) Electrolyzer Market to Reach $2.30 Billion by 2031 - Exclusive DeepTech M-A-P™ Analysis by BIS Research

Global PEM electrolyzer market expected to benefit from the growing demand for green hydrogen, which would promote market expansion

FREMONT, Calif., March 10, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled PEM Electrolyzer Market - A Global and Regional Analysis. 

According to this study, the global proton exchange membrane (PEM) electrolyzer market was valued at $95.9 million in 2021 and is projected to reach $2.30 billion by 2031.

The following factors are responsible for the increase in demand for the PEM electrolyzer:

• rising adoption of fuel cell electric vehicles (FCEVs)
• prevailing research and development initiatives for technological advancements in PEM electrolyzer
• increasing demand for green hydrogen

The detailed study is a compilation of 90 market data tables and 15 figures spread through 278 pages.

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Analyst's Take on the Market Projection

According to Sachin Singh, Lead Analyst, BIS Research, "PEM electrolysis has gained growth in recent years due to a growing emphasis on environmentally friendly and low-carbon technology. PEM electrolysis is gaining popularity among companies as there is zero carbon emission, and it uses electricity as a feedstock. This electricity is generated by renewable energy sources such as wind and solar, which are abundant and produce no greenhouse gases. Furthermore, due to a number of technical and performance advancements in proton exchange membrane electrolyzer, the market is anticipated to expand quickly during the forecast period."

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Platinum Expected to be the Leading Material Type in the PEM Electrolyzer Market

The study by BIS Research suggests that among different material types, platinum is anticipated to lead the market during the forecast period 2022- 2031.

Platinum group metal (PGM) catalysts, particularly platinum and iridium, are essential for proton PEM electrolyzer and PEM fuel cells. The uncertainty in the iridium demand outlook is high, reflecting a wide range of possible outcomes for hydrogen producers' growth rates and technological choices.

Companies' plan for green hydrogen projects indicates that demand for other PGM, such as platinum and palladium, will skyrocket over the next decade. Meeting just the EU's goals for green hydrogen production could result in PGM demand for electrolyzers being several times higher than the current global supply by 2030.

However, as iridium is a scarce material, increasing annual PEM electrolyzer production appears unfeasible. Various organizations and players are working to come up with solutions to solve the issue of iridium scarcity and price.

Major Existing Industry Leaders in the PEM Electrolyzer Market

The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Plug Power Inc., Nel ASA, Cummins Inc., ITM Power PLC, Hitachi Zosen Corporation, Elogen, Siemens Energy, Ningbo Vet Energy Technology Co., Ltd., and more.

Recent Developments in the Global PEM Electrolyzer Market

• In July 2022, Plug Power Inc. signed a contract with an international energy company, Irving Oil, to supply a 5-megawatt (MW) containerized proton exchange membrane (PEM) electrolyzer system for the production and distribution of hydrogen at its Saint John, New Brunswick refinery in Canada.
• In April 2022, Ohmium received an investment of around $45 million from one of its investors, Fenice Investment Group. The fund was expected to support the growth of the company and help it to increase the hydrogen manufacturing capacity from 500 MW to 2 GW annually by the end of 2022.
• In March 2022, Elogen received an order of 1 MW proton exchange membrane (PEM) electrolyzer from Communauté d'Agglomération Pau Béarn Pyrénées. Elogen would design and produce this PEM electrolyzer and would deliver it in the first half of 2023 to the Lescar wastewater treatment site.

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BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals. 

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management. 

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