USD 1.8 Billion
Report ID: SQSG55F2002 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 36 | Figures: 74
Global Phosphoric Acid Fuel Cell Market size was valued at USD 1.8 Billion in 2021 and is poised to grow from USD 2.16 Billion in 2022 to USD 9.11 Billion by 2030, at a CAGR of 19.75 % during the forecast period (2023-2030).
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.
Global Market Size
USD 1.8 Billion
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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.
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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.
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Phosphoric Acid Fuel Cell Market Driver
A rise in global energy demand
Phosphoric Acid Fuel Cell Market Restraint
The market being Capital Intensive
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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
Phosphoric Acid Fuel Cell Market Recent Developments
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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.
|Market size value in 2021||USD 1.8 Billion|
|Market size value in 2030||USD 2.16 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Phosphoric Acid Fuel Cell Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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