Protonic Ceramic Fuel Cell Market

Protonic Ceramic Fuel Cell Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Protonic Ceramic Fuel Cell Market was worth US$ 69.5 Mn and is expected to grow at a CAGR of 26.7% over the forecast period. The market is expected to hit US$ 740.9 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 21.8%, the market underwent significant growth.

Protonic Ceramic Fuel Cell (PCFC) is a relatively new technology in the fuel cell industry and acts as one of the promising electrochemical devices for efficient and clean conversion of hydrogen and low hydrocarbons into electrical energy.

Market Dynamic

STRINGENT GOVERNMENTAL REGULATIONS ACROSS THE GLOBE DRIVES THE MARKET

Energy is a fundamental need for all living beings on earth. Green and renewable energy have been the focus of global leaders worldwide, and wars have been fought over them. The energy sector is working towards sustainable energy to reduce its carbon emissions, and fuel cells are among them. The non-emission solution gives fuel cells high market demand among consumers and government authorities looking to curb air pollution.

THE HIGH COST OF INSTALLATION HAMPERS THE MARKET GROWTH

The key challenge in the development of fuel cells has been the use of expensive catalysts, which increases the cost of fuel cells. Further research in developing more efficient catalysts can help us reduce fuel cell costs and make them more competitive with other technologies such as solar and wind power. The high cost of catalysts used by a fuel cell is projected to inhibit the growing advances in the fuel cell technology market in the coming years.

INCREASING NEED FOR CLEANER FUEL CREATES AMPLE OPPURTUNITIES FOR THE MARKET

The need to stop climate change is urgent and overriding. We must work together to find better solutions to tackle this important challenge by pursuing a carbon neutral and sustainable energy economy. Hydrogen is a promising fuel for future mobility and transport. H2Mobility is Germany’s leading initiative to bring hydrogen to the fore. The program is also paving the way for the industry with its support of several projects and its deployment of fueling stations across Europe.

Market Segments Covered in Report

By Type:

• PEMFC
• SOFC
• PAFC
• MFC
• AFC
• DMFC

By Application:

• Portable
• Stationary
• Fuel Cell Vehicles

By End User:

• Commercial & Industrial
• Data Centers
• Transportation
• Military & Defense
• Residential
• Utilities & Government/Municipal Institute

By size:

• Small Scale
• Large Scale

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

Why are Small scale Type Protonic Ceramic Fuel Cell projected to have the highest CAGR?

The small-scale fuel cell market is projected to experience strong growth shortly owing to the government of Japan’s efforts to make clean energy a major power source over a long period. Fuel cells are devices that convert chemical energy from hydrogen or other fuels into electricity by electrochemical reaction. Most fuel cells today are based on solid oxide (SOX) technology, the leading technology for decades for power generation and industrial processes.

Why is the Commercial & Industrial segment expected to expand the fastest during the forecast period?

Although hydrogen is a highly abundant element in the universe, it has been challenging to produce it at reasonable prices and durability standards. In recent years, advancements in leading-edge electrolytic technology have enabled high-temperature electrolyzer systems to be scaled up to meet commercial and industrial hydrogen demand.

Region-Wise Analysis

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

• The Asia Pacific would account for the greatest revenue share of the worldwide fuel cell market. This can be attributed to a growing emphasis on building infrastructure for hydrogen fuel charging in nations in the region like China, South Korea, and Japan.
• North America had a market share of 46.5 % market share in 2021. In North America, there is predicted to be a significant investment in the construction of advanced hydrogen refueling infrastructure in nations including the U.S.
• The Europe region is anticipated to experience exponential growth due to the installation of strict rules and regulations to encourage renewable energy generation.

Competition Analysis

The key players in the industry are continuously focusing on introducing new products to woo more and more customers. Furthermore, they have adopted various organic and inorganic strategies such as partnerships, collaborations, and moving towards online shopping platforms to expand their global footprint.

Some of the key developments that have taken place in the Protonic Ceramic Fuel Cell Market include the following:

• In February 2022, Renault Group and Plug Power Inc. formed HYVIA as a joint venture to work on hydrogen fuel cells and low-carbon mobility.
• In March 2022, At the HORIBA MIRA West Midlands location in the UK, Ceres and HORIBA MIRA formed cooperation for fuel cell testing and creating a Ceres fuel cell test facility.

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

• Ballard
•  Toshiba
•  PLUG Power
•  FuelCell Energy
•  Hydrogenics
•  Doosan Fuel Cell
•  Horizon
•  Intelligent Energy
•  Hyster-Yale Group
•  Nedstack
•  Pearl Hydrogen
• Sunrise Power

Global Protonic Ceramic Fuel Cell Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies