By Product Type :

The product type segment is categorized into 3-layer membrane electrode assemblies, 5-layer membrane electrode assemblies, and others. In 2022, the 3-layer membrane electrode assemblies segment accounted for the highest market share of 42.58% in the overall membrane electrode assemblies market. 3-layered membrane electrode assemblies are composed of polymer electrolyte membrane combined with catalyst layers applied to the anode and cathode. The 3-layered membrane electrode assemblies ensure superior performance and durability. These benefits make 3-layer membrane electrode assemblies an ideal solution for applications such as polymer electrolyte fuel cells, electrolyzers, and others. The leading manufacturers of membrane electrode assemblies are expanding their manufacturing facilities to ensure the rising demand for fuel cells. For instance, Ballard Power Systems, a leading manufacturer of membrane electrode assemblies based in Canada expanded the MEA production capacity by 6 times to meet projected growth in fuel cell electric vehicle demand. Thus, the production activities related to 3-layered membrane electrode assemblies to ensure enhanced cell performance is fueling the market growth.

However, the 5-layer membrane electrode assemblies segment is projected to be the fastest-growing segment during the forecast period. This is due to the increasing new developments associated with 5-layer membrane electrode assemblies at the global level, which is spurring segmental growth.

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By Application :

The application segment is categorized into electrolyzers, polymer electrolyte fuel cells, hydrogen/oxygen air fuel cells, direct methanol fuel cells, and others. In 2022, the electrolyzers segment accounted for the highest market share in the membrane electrode assemblies market. The key technical features associated with membrane electrode assemblies include performance at 0.8 V in 300 mA cm−2, platinum group metal (PGM) total loading (both electrodes) at 0.125 mg PGM cm−2 electrode area, durability with cycling at 5000 hours, performance-rated power (150 kPaabs) at 1000 mW cm−2, and others. These properties make membrane electrode assemblies an ideal solution for electrolyzers. For instance, in December 2022, Linde Engineering, headquartered in India announced the development of a 24 MW PEM Electrolyzer Plant. The new electrolyzer will produce hydrogen to produce 20,500 tonnes of ammonia per year which can be transformed into the range of 60,000 and 80,000 tonnes of green fertilizer. Thus, the development of new electrolyzer manufacturing plants will foster the demand for membrane electrode assemblies to ensure superior performance properties. This, in turn, is driving the market growth.

However, the hydrogen/oxygen air fuel cells segment is expected to be the fastest-growing segment during the forecast period. This growth is attributed to factors such as increasing investment in new hydrogen/oxygen air fuel cell plants, increasing government initiatives, and others.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 36.05% and was valued at USD 147.08 million, and is expected to reach USD 455.99 million in 2030. In Asia Pacific, China accounted for the highest market share of 22.16% during the base year of 2022. This is due to the development of new electronic manufacturing facilities, renewable energy plants, and others, which are fostering the membrane electrode assemblies market growth in the Asia Pacific region. For instance, in October 2021, Foxconn, a leading Taiwanese multinational electronics contract manufacturer, announced its plans for the development of electric vehicles plant in India by the end of 2024. Hence, the development of new electric vehicle facilities in the region is driving the demand for fuel cells, electrolyzers, and others. This, in turn, is supplementing the market growth.

Furthermore, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 15.8% during 2023-20230. Key trends such as the presence of key players in the North American region, the development of new hospitals, and others are boosting market growth in the North American region.