Phosphoric Acid Fuel Cell Market Size, Share, Growth Analysis, By Application(Vehicles, Cogeneration, Others), By Region - Industry Forecast 2024-2031

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.