Fuel cells have been used extensively across a number of industries. Some of the more recent industries, which are using fuel cells of date, are smart grids and electric vehicles industries. One of the key requirements of a fuel cell is how much energy it can store and how safe it can store the energy. In this respect, there are different types of fuel cells, which are available depending on the application for which they are needed.
Proton Exchange Membrane (PEM) fuel cells
have the advantage of being able to store more energy than standard fuel cells, are more durable and have no carbon residue whatsoever which reduces the environmental impact. In addition to this, the Proton Exchange Membrane (PEM) fuel cells are also easier to design and hence the manufacturing cost for the same is minimal.
Governments around the world are trying to invest in clean energy, however the complete shift to clean energy will take decades. During this period, Proton Exchange Membrane (PEM) fuel cells form an alternative in terms of not polluting the environment whilst still being efficient. There are certain challenges to the Proton Exchange Membrane (PEM) fuel cells market, the main one being the ability to find a suitable catalyst for the cells. Currently, the cost of the catalysts make the Proton Exchange Membrane (PEM) fuel cells extremely expensive thereby restricting their adoption. A suitable catalyst at a lower price will increase the adoption of these cells.
North America is as of date the leading adopter of the fuel cells and will continue to be so till the end of the forecast period. The APAC an European markets have invested heavily in smart grid technology however, because of the high investment in R&D in North America, it is this region which will be the highest contributor till the end of the forecast period.
The Proton Exchange Membrane (PEM) fuel cells Market can be segmented as