The global proton exchange membrane (PEM) hydrogen fuel cell market is poised for remarkable growth, with a projected valuation of USD 13,163 million by 2035, a significant increase from USD 3,956 million in 2024. This expansion is attributed to a compound annual growth rate (CAGR) of 11.9% and is fueled by various factors. Proton exchange membrane hydrogen fuel cells (PEMFCs) are highly efficient and versatile energy-conversion devices that generate electricity through the reaction between hydrogen and oxygen, producing water as the sole byproduct. They are predominantly used in transportation, stationary power generation, and portable power applications. The market's growth is facilitated by the transition to a hydrogen-based economy and the increasing demand for clean energy solutions to meet global sustainability goals. The market is driven by the escalating need for clean energy solutions, supported by governments worldwide through policies promoting hydrogen technologies. Technological advancements in PEMFC technology, such as improved membrane electrode assemblies (MEAs), are enhancing performance and lowering costs. Furthermore, the development of hydrogen infrastructure in countries like Japan, South Korea, and China plays a crucial role in market expansion, particularly in transportation and stationary power applications. The market is segmented by application and material, with the transportation sector, particularly fuel cell electric vehicles (FCEVs), dominating due to the fast refueling, long driving ranges, and zero-emission capabilities of PEMFCs. The membrane electrode assembly (MEA) segment is highlighted for its advancements in proton-conducting membranes like Nafion, which boost efficiency and durability. Regionally, North America, Asia Pacific, and Europe lead the market, with each region contributing to the market growth through different initiatives and investments in PEMFC technology and hydrogen infrastructure. The competitive landscape of the PEM hydrogen fuel cell market features key players like Air Liquide Energies, Ballard Power Systems, Hyundai Motor Company, Panasonic Corporation, and others. These companies are focusing on product innovation, strategic partnerships, and expansion activities to meet the increasing demand for efficient and durable PEMFCs across various applications. Collaborations between automakers, energy firms, universities, and research institutions are driving advancements in PEMFC technology and expanding its market presence.