Phosphoric Acid Fuel Cell Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Phosphoric Acid Fuel Cell Market grew at a CAGR of 13.4% between 2017-2021 and is estimated to be US$ 241.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 16.9% and is expected to reach a valuation of US$ 1,149.5 Mn by 2032 end.
Throughout the projected period, the market is anticipated to grow in response to the Demand for PAFCs increasing due to the increasing focus on responsive green technologies by governments and industrial players.
ChemView Consulting has analyzed that The global phosphoric acid fuel cell market is expected to witness remarkable growth during the forecast period due to increasing measures taken by key players to limit global carbon emissions and a shift towards clean energy sources. These efforts are expected to stimulate this market demand. PAFCs, like other such devices, include a cathode and an anode that is used to generate electricity by introducing fuel and oxygen at their terminals.
PAFC technology has long been established within the fuel cell industry and has been at the forefront of delivering independent grid-connected energy to users across the globe. Japan is estimated to be the leading country in deploying different types of fuel cells owing to government goals to transform its energy mix through low-carbon technology. Companies have supplied Japan with FC systems operating on PAFC technology to generate heat and power from renewable fuels.
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Segments Covered in Report
- Hydrogen Fuel
- Alcohol Fuel
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Phosphoric Acid Fuel Cell Market
- Based on the Application, at 40.0% of the market, Cogeneration had the greatest revenue share. Due to the increasing need for power generation and energy conservation, cogeneration systems have been widely used across numerous enterprises, industries, and governments. Cogeneration systems include heat and power (CHP), thermal energy storage, and heat pumps.
- Based on Region, the Asia Pacific market held a sizeable revenue share of 43.2% in 2021. The Asia-Pacific region is expected to contribute toward the growth of the fuel cell market. This is attributed to a huge consumer base, the rapid development of the hydrogen sector, and key players in the Region. Moreover, the presence of developing countries increases demand for fuel cells in transport applications and contributes to the growth of the fuel cell market in Asia-Pacific.
Key companies covered in the market study are DowDuPont, Panasonic Corp, Samsung Sdi Co Ltd, SFC Power, Hitachi Ltd, Johnson Controls, Delphi, Cmr Fuel Cells Plc, Bloom Energy, Ballard Power, GS Yuasa, Doosan, Polyfuel Inc, Sharp Corp, Toshiba Corp, Ultracell Corp, Fujikura Ltd
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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