Membrane Electrode Assemblies Market Size, Share, Growth Analysis, By Component(Membranes, Gas Diffusion Layers, Gaskets, Others), By Application(Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Electrolyzers, Others), By Region - Industry Forecast 2024-2031

Global Membrane Electrode Assemblies Market size was valued at USD 0.42 billion in 2019 and is poised to grow from USD 0.51 billion in 2023 to USD 3.09 billion by 2031, growing at a CAGR of 22.1% in the forecast period (2024-2031).

The main fuel cell element that aids in creating the electrochemical reaction required to separate electrons is the Membrane Electrode Assembly (MEA). A fuel (such as hydrogen, methanol, etc.) enters the MEA from the anode side and diffuses through the membrane before meeting an oxidant (such as oxygen or air) at the cathode end. The oxidant forms a bond with the fuel and accepts the fuel's separated electrons. On each side, catalysts promote reactions, and the membrane permits proton passage while maintaining the separation of the gases. In this manner, the potential of the cell is preserved and current is extracted from it to produce electricity.

The rising focus on green technology by international organizations and governmental bodies is expected to raise demand for fuel cells for the production of energy, driving the revenue growth of the global membrane electrode assemblies market. Due to manufacturers' emphasis on alternative power vehicles including hybrid cars, battery-powered electric cars, and fuel cell cars, the market for membrane electrode assemblies is growing. According to the State of Climate Tech 2020 Report, a total of US$87.5 billion was spent throughout H2 2020 and H1 2021 (the second half of 2020 and the first half of 2021), with H1 2021 producing record investment levels in excess of US$60 billion, investment in climate technology is continuing to demonstrate robust development as an emerging asset class. This is an increase of 210 percent over the US$28.4 billion invested in the previous year. Today, climate technology makes up 14 cents of every $1 invested in venture capital.

A global emergency like the COVID-19 pandemic or the coronavirus has severely harmed a number of business and industrial activities worldwide. As a result of this exceptional circumstance, the global market has also been somewhat impacted, as several nations have seen a significant decline in the entire workforce across numerous industries. Fuel cells and electrolyzer output has been constrained as a result of the lack of competent personnel and protracted plant shutdowns, which has hampered industry expansion. For instance, the International Energy Agency (IEA) reported in June 2020 that before the COVID-19 crisis in 2019 and the early 2020s, the use of hydrogen fuel cell cars had increased significantly. However, due to a lackluster technology demonstration and delays in the schedules of low-carbon manufacturing projects, the industry's advancements are currently vulnerable.

US Membrane Electrode Assemblies Market is poised to grow at a sustainable CAGR for the next forecast year.