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 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 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 phosphoric acid fuel cell market share and profitability. '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)'

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 phosphoric acid fuel cell market.

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.

Japan is expected to have the largest market share for 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.