Phosphoric Acid Fuel Cell Market

Global Phosphoric Acid Fuel Cell Market Analysis and Opportunity Assessment by Component, Type, Application, Region, and Country – Forecast 2022 – 2032

The market is expected to generate an incremental $ opportunity of US$ 908.3 Mn between 2022 and 2032

Category: Chemicals & Materials

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ID: CVC-00332

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Format: PDF+Excel Dataset

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Published Date: October 2022

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Pages: 280

Phosphoric Acid Fuel Cell Market Size Analysis

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 Demand for PAFCs is increasing due to increasing focus on responsive green technologies by governments and industrial players.

Market Dynamic

THE PHOSPHORIC ACID FUEL CELL MARKET EXPANSION IS PRIMARILY DRIVEN BY THE INCREASE IN WORLDWIDE ENERGY DEMAND

The increasing use of phosphoric acid fuel cells (PAFCs) is a growing trend in the power generation market as these devices help to reduce dependence on traditional fuels such as gas and coal. This factor will spur demand for PAFCs, normally used at a higher temperature of about 220° C.

Moreover, they are easily installed in stationary environments owing to their easy processing of poisonous gases like carbon monoxide and carbon dioxide, which will boost the market growth. Overall, PAFCs generally operate at a higher temperature of about 220° C, which enables them to handle up to 1.0% CO to deliver high output ratings ranging from a few kWs to MWs.

FAVORABLE GOVERNMENT REGULATION & COMPETITION FROM FUEL CELLS WILL CREATE SOME CHALLENGES FOR FOR PHOSPHORIC ACID FUEL CELL

Fuel cells are energy efficient and emission-free, producing only water as a by-product. This restricts the growth of the global phosphoric acid fuel cell market due to their limited applications because stationary fuel cell applications have been mostly restricted to the transportation, marine, and aerospace industry. These technologies include: PEMFC, MCFC, AFC, SOFC, and phosphoric acid fuel cell. Henceforth, PEMFCs are environment-friendly as the ones that burn pure hydrogen produce only water as a by-product; hence, the growth of this market can be limited owing to high competition from SOFCs.

THE RISE IN ELECTRIFICATION PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

In the upcoming years, there are expected to be many opportunities for the adoption of Phosphoric Acid Fuel Cell systems due to the worldwide increase in rural electrification projects; phosphoric acid fuel cells are broadly installed in various commercial establishments such as hospitals, buildings, hotels, and electric utilities to deliver cogeneration solutions. The devices offer small and large-scale combined heat and power (CHP) capacities to provide uninterrupted power and fulfill additional energy requirements. It generates waste heat with elevated temperatures that are efficiently incorporated into CHP systems for providing space heating, water heating, and low-pressure steam.

COVID-19 Impact

The abrupt coronavirus outbreak has had a negative impact on the expansion of utility applications. In several projects, the installation of Phosphoric Acid Fuel Cell systems was declining in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion.

However, it is anticipated that the adoption of batteries and, therefore, the Phosphoric Acid Fuel Cell systems will expand due to the growing installation of Phosphoric Acid Fuel Cell systems in operational projects and the growing government focus on upgrading the electricity sector. The market value might soon catch up to the pre-COVID-19 value during the projection period.

Phosphoric Acid Fuel Cell Market

Market Segments Covered in Report

By Component:

  • Positive
  • Negative

By Type:

  • Hydrogen Fuel
  • Alcohol Fuel
  • Other

By Application:

  • Vehicles
  • Cogeneration
  • Others

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)

Segment-Wise Analysis

What are the key segemet for phosphoric acid fuel cell market by Component ?

Based on component, the phosphoric acid fuel cell market can be bifurcated into positive electrode and negative electrode. Positive electrodes exchange a proton in the charge-discharge reaction. This results in a small change in size, leading to a high level of mechanical stability. Negative electrode in the phosphoric acid fuel cell have an active material – hydrogen. However, it is not physically possible to utilize hydrogen directly. Therefore, hydrogen is stored in the phosphoric acid fuel cell as a metal hydride, which serves as the negative electrode. Concentration of electrolyte is the primary contributor to the resistance of phosphoric acid fuel cell.

Why is the Vehicles segment expected to expand the fastest during the forecast period?

The use of Phosphoric Acid Fuel cells in large vehicles is projected to grow at the highest CAGR during the forecast period. The expansion of this segment is attributed to the rising demand for fuel-efficient and environment-friendly vehicles, owing to stringent emission norms across the globe.

This is owing to the availability of large-scale capacities with high electrical efficiencies in bulk. Owing these qualities, PAFC technology found application in a wide range of heavy-duty vehicles such as buses, trucks and cars. Moreover, other applications include bulk use of Auxiliary Power Units (APU) which is required for certain large vehicles. These factors are expected to drive the market for PAFC in large vehicles during the forecast period.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

  • In 2021, the Asia Pacific market held a sizeable revenue share of 43.2%. 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.
  • The U.S. is the main driver of regional growth in North America, which has the second-largest proportion of the Phosphoric Acid Fuel Cell systems market. Energy storage has become a key component of all energy planning in the United States due to the expansion of utilities and businesses. Industry leaders place a high priority on the security of these energy storage systems.

Competition Analysis

Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide. These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for the Phosphoric Acid Fuel Cell in the worldwide industry, market players in the Phosphoric Acid Fuel Cell Market can anticipate attractive growth prospects in the future.

Some of the key developments that have taken place in the Phosphoric Acid Fuel Cell Market include:

  • In July 2019, Siemens ordered a combined heat and power (CHP) system fuelled by hydrogen from the German company 2G Energy AG. Siemens will install the system at its project site in Dubai to produce hydrogen using solar-powered electrolysis.
  • In February 2020, With the help of Larsen & Toubro, the Indian Defense Research and Development Organization (DRDO) was able to demonstrate to the Indian Navy the effectiveness of its Air Independent Propulsion (AIP). The Marinised Engineered AIP Energy Module (MAREEM), one of the primary components of which will be phosphoric acid fuel cells, is currently through the next stage of research and development.

A list of some of the key suppliers present in the market are:

  • Johnson Controls
  • DowDuPont
  • Hitachi Ltd
  • Johnson Controls
  • Delphi
  • Cmr Fuel Cells Plc
  • Panasonic Corp
  • Samsung Sdi Co Ltd
  • SFC Power
  • Bloom Energy
  • Ballard Power
  • GS Yuasa
  • Doosan
  • Polyfuel Inc
  • Sharp Corp
  • Toshiba Corp
  • Ultracell Corp
  • Fujikura Ltd

Report Coverage and Highlights

  • 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.
Research Scope Details
Forecast period 2022-2032
Historical data available for 2017-2021
Market analysis USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032
Key regions covered North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa
Key countries covered US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt
Key segments covered By Component, Type, Application, and Region
Customization scope Available upon Request
Pricing and purchase options Available upon Request

 

  • Report Includes

    Market Size Data

    • Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
    • Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
    • Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
    • Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
    • Incremental dollar opportunity generated in the forecast period would be indicated
    • Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted

    Market Background

    • Macroeconomic factors that impact the market developments
    • Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
    • Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
    • Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
    • Trade analysis and analysis of key supply and demand hubs
    • Identification of hotbed opportunities existing in the market
    • Porter’s and PEST analysis to understand the business environment of the geography
    • Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth

    Pricing Analysis

    • Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
    • Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
    • Cost teardown analysis and key factors impacting pricing

    Value Chain Analysis

    • Country-wise list of raw material suppliers
      • Raw material price trends and buyers’ sentiment
      • Overview of Intelligent Sourcing Technique
      • Raw material procurement requirements
      • Vendor selection criteria
    • Country-wise list of product manufacturers
    • Country-wise list of distributors/traders
    • Country-wise list of end-users
      • End-Users/Customers consumption mapping
      • Key End-Users/Customers client list
    • Country-wise list of other key channel partners
    • Average profitability margins
    • Regional value chain dynamics

    Competition Analysis

    • Market shares and production capacities of key players
    • Tier structure analysis of market
    • Comprehensive competition dashboard representing the top 10-15 players in the market
    • Individual company profiles of top 15 to 20 manufacturers
      • Business Overview
      • Product Portfolio
      • Key Financials
      • Recent Developments
      • SWOT Analysis
      • Strategies

Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific

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Frequently Asked Questions

In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 16.9%.

Rising demand for clean energy worldwide is set to propel the growth of this market in the foreseeable future.

Major global Phosphoric Acid Fuel Cell Market players 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

Market growth is constrained by the high capital investment needed to deploy Phosphoric Acid Fuel Cell systems. & Alternative cells are also impacting the market growth.

The Asia Pacific region is expected to account for the largest market revenue share in the Global Phosphoric Acid Fuel Cell market.

  1. Executive Summary
    • Global Market Snapshot
    • Key Success Factors
    • Strategic Analysis and Recommendations
  2. Market Overview
    • Market Taxonomy
    • Market Definitions
  3. Research Methodology
    • Preliminary Investigation & Research Design
    • Secondary Research & Primary Research
    • Data Analysis & Econometric Modelling
    • Expert Data Validation
  4. Key Emerging Trends Analysis
    • Supply-Side Trends
    • Demand-Side Trends
  5. Global Phosphoric Acid Fuel Cell Market Value (US$ Mn) and Volume (Tons) Analysis
    • Global Market Value (US$ Mn) Analysis, 2017 – 2032
    • Incremental $ Opportunity Index, 2022-2032
    • Global Market Volume (Tons) Analysis, 2017 – 2032
  6. Global Phosphoric Acid Fuel Cell Market Pricing Analysis
    • Regional Level Pricing Analysis and Forecast
      • Manufacturers Level Pricing
      • Distributor Level Pricing
    • Global Pricing Analysis Benchmark
    • Cost Breakdown Analysis
  7. Cross-Sectional Analysis
    • Cross Analysis of Application W.R.T. Type
  8. Supply Vs. Demand Analysis
    • Regional Supply Vs. Demand Gap Assessment
    • Top Producing Countries Analysis
  9. Market Background
    • Macroeconomic Factors
    • Forecast Factors
    • Market Dynamics
      • Driver
      • Restraint
      • Opportunity
    • Supply Chain Analysis
      • List Raw Material Suppliers
      • List of Manufacturers
      • List of Distributors
      • List of End-Users
      • End-Users Consumption Analysis
      • Average Profitability Margin Analysis
    • Covid-19 Impact Assessment
      • Economy/Cluster Projections
      • Covid-19 Economic Assessment
      • Impact on Target Market
      • Recovery Scenario
    • Regulatory Framework
      • Regulations of Key Countries
      • Potential Impact of Regulations
    • Porter’s Five Forces Analysis
    • Technology Landscape
  10. Global Phosphoric Acid Fuel Cell Market 2017 – 2032 By Component
    • Introduction
    • Key Market Trends
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Component [Value (US$ Mn) and Volume (Tons) Analysis]
      • Positive
      • Negative
    • Market Attractiveness Analysis by Component
  11. Global Phosphoric Acid Fuel Cell Market 2017 – 2032 By Type
    • Introduction
    • Key Market Trends
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Type [Value (US$ Mn) and Volume (Tons) Analysis]
      • Hydrogen Fuel
      • Alcohol Fuel
      • Other
    • Market Attractiveness Analysis by Type
  12. Global Phosphoric Acid Fuel Cell Market 2017 – 2032 By Application
    • Introduction
    • Key Market Trends
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Application [Value (US$ Mn) and Volume (Tons) Analysis]
      • Vehicles
      • Cogeneration
      • Others
    • Market Attractiveness Analysis by Application
  13. Global Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2017 – 2032 by Region
    • Introduction
    • Key Market Trends
    • Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Region [Value (US$ Mn) and Volume (Tons) Analysis]
      • North America
      • Latin America
      • Europe
      • Asia-Pacific
      • Middle East
      • Africa
    • Market Attractiveness Analysis by Region
  14. North America Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2022-2033
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • U.S.
        • Canada
      • By Component
      • By Type
      • By Application
    • Market Attractiveness Analysis
      • By Country
      • By Component
      • By Type
      • By Application
  1. Latin America Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2017 – 2032
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • Brazil
        • Mexico
        • Rest of Latin America
      • By Component
      • By Type
      • By Application
    • Market Attractiveness Analysis
      • By Country
      • By Component
      • By Type
      • By Application
  1. Europe Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2017 – 2032
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • Germany
        • Italy
        • France
        • UK
        • Spain
        • Netherlands
        • Norway
        • Russia
        • Rest of Europe
      • By Component
      • By Type
      • By Application
    • Market Attractiveness Analysis
      • By Country
      • By Component
      • By Type
      • By Application
  1. Asia-Pacific Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2017 – 2032
    • Introduction
    • Key Market Trends
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • China
        • Japan
        • South Korea
        • India
        • Indonesia
        • Thailand
        • Vietnam
        • Australia & New Zealand
        • Rest of Asia-Pacific
      • By Component
      • By Type
      • By Application
    • Market Attractiveness Analysis
      • By Country
      • By Component
      • By Type
      • By Application
  1. Middle East Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2017 – 2032
    • Introduction
    • Key Market Trends
    • Pricing Analysis
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • Saudi Arabia
        • Turkey
        • U.A.E.
        • Rest of the Middle East
      • By Component
      • By Type
      • By Application
    • Market Attractiveness Analysis
      • By Country
      • By Component
      • By Type
      • By Application
  1. Africa Phosphoric Acid Fuel Cell Market Historical Analysis 2017 – 2021 and Forecast 2017 – 2032
    • Introduction
    • Key Market Trends
    • Pricing Analysis
    • Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
      • By Country
        • South Africa
        • Nigeria
        • Egypt
        • Rest of Africa
      • By Component
      • By Type
      • By Application
    • Market Attractiveness Analysis
      • By Country
      • By Component
      • By Type
      • By Application
  2. Competition Analysis
    • Tier Structure Breakdown
    • Market Share Analysis
    • Production Capacity Analysis
    • Company Footprint Analysis
      • Product Footprint of Players
      • Regional Footprint of Players
      • Channel Footprint of Players
    • Brand Preference Analysis
    • Competition Dashboard
  3. Company Profiles
    • Johnson Controls
      • Company Overview
      • Product & Financial Portfolio
      • Manufacturing Facilities
      • Recent Developments
      • SWOT Analysis
      • Strategy Overview
    • DowDuPont
    • Hitachi Ltd
    • Johnson Controls
    • Delphi
    • Cmr Fuel Cells Plc
    • Panasonic Corp
    • Samsung Sdi Co Ltd
    • SFC Power
    • Bloom Energy
    • Ballard Power
    • GS Yuasa
    • Doosan
    • Polyfuel Inc
    • Sharp Corp
    • Toshiba Corp
    • Ultracell Corp
    • Fujikura Ltd
  4. Assumptions and Acronyms

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