Fortune Business Insights™ provides the above information and much more in its new report, titled “Phosphoric Acid Fuel Cell Market Size, Share & Industry Analysis, By Application (Vehicles, Cogeneration, Others), and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 0.28 billion in 2018 and is expected to grow at 19.0% between 2019 and 2026.
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The global phosphoric acid fuel cell market size is projected to reach USD 1.12 billion by 2026, surging at a CAGR of 19.0% during the forecast period. Rising demand for clean energy worldwide is set to propel the growth of this market in the foreseeable future. According to the Current Policies Scenario of the International Energy Agency (IEA), global energy demand will increase unhindered at 1.3% annually till 2040. Nearly 50% of this energy demand is expected to be met by renewables, the IEA further states. Meeting this climbing demand for energy will require research into and development of sustainable solutions and phosphoric acid fuel cells (PAFCs) are foreseen to play a vital role in this regard. In particular, PAFC technology can be a game-changer in power generation as these cells are over 85% efficient when used for co-generation of electricity. Moreover, electricity is slated to emerge as the primary energy carrier by 2050 in terms of energy demand, as per the estimations of the International Renewable Energy Agency (IRENA). As a result, the demand for PAFCs is poised to spike in the power sector, making it one of the top phosphoric acid fuel cell market trends.
An Overview of the Impact of COVID-19 on this Market:
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- By Application
- By Country
- South Korea
- Rest of the World
Supportive Government Energy Policies to Fuel the Market in Japan
The phosphoric acid fuel cell market report presents an analysis of the market across the countries of Japan, the US, the UK, South Korea, Germany, and Rest of the World. Among these, Japan is anticipated to dominate the market share owing to the formulation of favorable energy policies and programs by the national government. In addition to this, the desire to reach long-term carbon reduction targets and presence of well-established players in the country will further drive the market here.
Rapid advancements in sustainable technologies will aid South Korea to strengthen its hold on the phosphoric acid fuel cell market share in the coming years. In the US, rising budgetary allocation for research and development into fuel cell technologies will accelerate the market growth in the country.
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- February 2020: The Defense Research and Development Organization (DRDO) of India, in collaboration with Larsen & Toubro, successfully showcased the effectivity of its Air Independent Propulsion (AIP) to the Indian Navy. The next R&D stage involves engineering of the Marinised Engineered AIP Energy Module (MAREEM) which will have phosphoric acid fuel cells as one of the central components.
- July 2019: Germany-based 2G Energy AG, a leader in combined heat and power (CHP) systems, received an order for a hydrogen-powered CHP system from Siemens. The system will be deployed by Siemens at its project site in Dubai to generate hydrogen using electrolysis powered by solar.
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