USD 1.8 Billion
Phosphoric Acid Fuel Cell Market Size, Share, Growth Analysis, By Application(Vehicles, Cogeneration, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55F2044 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
36
|Figures:
74
Phosphoric Acid Fuel Cell Market Insights
Global Phosphoric Acid Fuel Cell Market size was valued at USD 1.8 Billion in 2019 and is poised to grow from USD 2.16 Billion in 2023 to USD 9.11 Billion by 2031, at a CAGR of 19.75 % during the forecast period (2024-2031).
The fuel cell industry has long used PAFC technology, which was first developed to provide people all around the world with independent grid energy. Given the government's plans to switch the country's energy mix to low-carbon technologies, Japan is thought to be the country with the largest fuel cell deployment. Several businesses have given the nation FC systems based on PAFC technology to generate heat and power using various renewable fuels. The factors are projected to drive the demand of global phosphoric acid fuel cell market.
US Phosphoric Acid Fuel Cell Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Vehicles
Fastest Growth
Vehicles
Growth Rate
19.75% CAGR
Global Phosphoric Acid Fuel Cell Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Phosphoric Acid Fuel Cell Market Segmental Analysis
The global phosphoric acid fuel cell market is segmented based on Application and Region. Based on Application, the market is segmented as Vehicles, Cogeneration, and Others. Based on Region the global phosphoric acid fuel cell market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Phosphoric Acid Fuel Cell Market Analysis by Application
Owing to its great thermal and electrical efficiency, cogeneration, also known as combined heat and power (CHP), is the most common installation location for PAFC systems. During the projection period, the cogeneration sector is expected to lead the global phosphoric acid fuel cell market in terms of both Global Phosphoric Acid Fuel Cell Market size and volume. The implementation of CHP systems is supported by beneficial initiatives that certain regional governments have put in place. To install micro-CHP or m-CHP units, for instance, Japan has created Ene-Farm systems. By 2030, the government hopes to have a self-sustaining market for the technology and has distributed around 5.3 million of these systems.
Global Phosphoric Acid Fuel Cell Market Share By Method, 2021 (%)
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Phosphoric Acid Fuel Cell Market Regional Insights
Japan is expected to have the largest market share for global phosphoric acid fuel cells and see rapid expansion as a result of supportive government policies and ambitious long-term goals. Furthermore, the presence of well-known manufacturers and considerably increased investment from a number of companies are expected to further boost the phosphoric acid fuel cell market in the nation. Furthermore, a large amount of growth is anticipated in South Korea as a result of the national administration's use of modern technology. The nation is putting a lot of money into building and improving hydrogen infrastructure to accommodate the growing use of H2-based technology.
Global Phosphoric Acid Fuel Cell Market By Geography, 2022 - 2028
- Largest
- Fastest
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Phosphoric Acid Fuel Cell Market Dynamics
Phosphoric Acid Fuel Cell Market Driver
A rise in global energy demand
- The solid economic expansion is causing a significant increase in worldwide energy consumption. It is fueled by nations like China, the US, and India, which together account for more than 40% of the increase. The IEA also claims that between 1990 and 2016, the world's demand for electricity doubled, outpacing the growth in demand for other fuels. By 2040, the demand for electricity is projected to increase by two times the rate of the demand for energy, which is projected to increase by more than 25%. Due to India's goal of obtaining universal access to energy by 2025, the country's power consumption was expanding at a rate of about 5% annually as of 2020. Hence, rise in demand from one single country is projected to uplift the global phosphoric acid fuel cell market.
Phosphoric Acid Fuel Cell Market Restraint
The market being Capital Intensive
- Global Phosphoric acid fuel cell producers are placing more and more emphasis on creating batteries with higher energy efficiency and longer life. To provide environmentally sustainable and secure electricity solutions, technological developments are being made to reduce the cost of producing phosphoric acid fuel cells. Also, The global phosphoric acid fuel cell market growth is hindered owing to the requirement of high initial cost.
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Phosphoric Acid Fuel Cell Market Competitive Landscape
The global phosphoric acid fuel cell market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase global phosphoric acid fuel cell market share and profitability.
Phosphoric Acid Fuel Cell Market Top Player's Company Profiles
- Ballard Power Systems (Canada)
- Plug Power Inc. (United States)
- FuelCell Energy Inc. (United States)
- Bloom Energy Corporation (United States)
- Toshiba Corporation (Japan)
- Doosan Fuel Cell America (United States)
- SFC Energy AG (Germany)
- Horizon Fuel Cell Technologies (Singapore)
- Nedstack Fuel Cell Technology B.V. (Netherlands)
- Ceres Power Holdings plc (United Kingdom)
- AFC Energy plc (United Kingdom)
- Hydrogenics Corporation (Canada)
- PowerCell Sweden AB (Sweden)
- Nuvera Fuel Cells (United States)
- Fuji Electric Co., Ltd. (Japan)
- Intelligent Energy Holdings plc (United Kingdom)
- ElringKlinger AG (Germany)
- GS Yuasa Corporation (Japan)
- Aisin Seiki Co., Ltd. (Japan)
- Ceramic Fuel Cells Limited (Australia)
Phosphoric Acid Fuel Cell Market Recent Developments
- In August 2019, For the purpose of running the Daesan Hydrogen Fuel Cell Power Plant, Hanwa Energy, Korea East-West Power, and Doosan formed a joint venture firm called Daesan Green Energy. The power plant's Seosan Hanwa site will install 440 kWh worth of phosphoric acid fuel cells, with the plant's overall capacity exceeding 50 MW.
- In July 2019, Siemens ordered combined heat and power (CHP) units powered by hydrogen from the German company 2G Energy AG. The new unit will be built up in a portion of its pilot project in Dubai in order to provide decentralized energy and broaden the technical horizons.
- A research and development initiative called D2Service was launched in August 2019 by the German Aerospace Center (DLR) in collaboration with six other parties working in five different countries. The initiative aims to simplify the installation and maintenance of fuel cell-powered CHP systems. Additionally, the venture aims to efficiently combine the components and interfaces of various products so that maintenance can be done with less effort.
Phosphoric Acid Fuel Cell Key Market Trends
- In particular, in the residential and commercial sectors, phosphoric acid fuel cells are largely employed for stationary power applications in the form of micro-CHP systems and APUs. Government organizations all around the world have proposed a number of policies to encourage the use of sustainable energy sources like micro-CHP systems in the residential and commercial sectors.
Phosphoric Acid Fuel Cell Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Phosphoric Acid Fuel Cell Market Analysis, to meet the rapidly rising energy demand, several emerging economies have set various low-carbon power generating goals. Fuel cells use hydrogen or other fuels to turn them into clean energy for a variety of uses without creating any unwanted consequences. Similar to other similar devices, phosphoric acid fuel cells include a cathode and an anode that are used to introduce fuel and oxygen into the system in order to create electricity.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.8 Billion |
| Market size value in 2031 | USD 9.11 Billion |
| Growth Rate | 19.75% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Phosphoric Acid Fuel Cell Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Phosphoric Acid Fuel Cell Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Phosphoric Acid Fuel Cell Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Phosphoric Acid Fuel Cell Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Phosphoric Acid Fuel Cell Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Phosphoric Acid Fuel Cell Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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