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The market size for phosphoric acid fuel cells was estimated at USD 0.4 billion in 2022. The market for phosphoric acid fuel cells is anticipated to increase from USD 0.5 billion in 2023 to USD 2.1 billion by 2030, expanding at a compound annual growth rate (CAGR) of 20.30% from 2023 to 2030. The main factors boosting market expansion are increasing attempts to cut down on carbon emissions globally and shifting attention to sustainable energy sources.
The adoption of PAFC technology is predicted to rise as unplanned natural catastrophes occur more frequently and more measures are taken to solve the energy issues these disasters bring. The devices' ease of installation for stationary uses and straightforward handling of dangerous gases like carbon monoxide and carbon dioxide will boost the phosphoric acid fuel cell market's rise. PAFC systems can also withstand up to 1% CO and provide high output ratings ranging from a few kWs to MWs because they normally operate at a higher temperature of roughly 220° C.
The extensive installation of phosphoric acid fuel cells in a range of commercial organisations, including hospitals, buildings, hotels, and electric utilities to provide cogeneration solutions is one of the key trends in the phosphoric acid fuel cell market. The combined heat-and-power (CHP) capacity of the small- and large-scale systems can provide continuous electricity and satisfy supplemental energy requirements. It produces high-temperature waste heat that can be efficiently converted into low-pressure steam, space heating, and water heating using CHP systems.
The robust economic expansion is leading to a sharp increase in global energy demand. The three countries responsible for more than 40% of the increase are China, the US, and India. The IEA claims that between 1990 and 2016, the demand for electricity increased by a factor greater than that of other fuels. By 2040, it is predicted that the demand for electricity will increase at a rate that is two times faster than the demand for energy, which is predicted to increase by more than 25%. India's objective to achieve universal access to energy by 2025 resulted in the country's electricity consumption growing at a rate of around 5% annually as of 2020. Because of this, it is projected that the phosphoric acid fuel cell market will grow due to an increase in demand from a single country. boosting the market revenue for phosphoric acid fuel cells.
Leading market players are spending a lot of money on R&D in order to diversify their product offerings, which will spur further growth in the Phosphoric Acid Fuel Cell market. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The phosphoric acid fuel cell industry must provide affordable products if it is to grow and thrive in a more competitive and challenging market environment.
Report Coverage
Global Phosphoric Acid Fuel Cell research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Phosphoric Acid Fuel Cell report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Phosphoric Acid Fuel Cell competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Phosphoric Acid Fuel Cell market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Phosphoric Acid Fuel Cell market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Phosphoric Acid Fuel Cell market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Fuji Electric Co., LTD., Doosan Fuel Cell America, Inc., Defence Research and Development Organisation (DRDO), and Ingsman Energy and Fuel Cell Research Organization (IEFRO)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Phosphoric Acid Fuel Cell market based on the below-mentioned segments:
Global Phosphoric Acid Fuel Cell market, By Application
Vehicles
Cogeneration
Others
Global Phosphoric Acid Fuel Cell market, Regional Analysis
The adoption of PAFC technology is predicted to rise as unplanned natural catastrophes occur more frequently and more measures are taken to solve the energy issues these disasters bring. The devices' ease of installation for stationary uses and straightforward handling of dangerous gases like carbon monoxide and carbon dioxide will boost the phosphoric acid fuel cell market's rise. PAFC systems can also withstand up to 1% CO and provide high output ratings ranging from a few kWs to MWs because they normally operate at a higher temperature of roughly 220° C.
The extensive installation of phosphoric acid fuel cells in a range of commercial organisations, including hospitals, buildings, hotels, and electric utilities to provide cogeneration solutions is one of the key trends in the phosphoric acid fuel cell market. The combined heat-and-power (CHP) capacity of the small- and large-scale systems can provide continuous electricity and satisfy supplemental energy requirements. It produces high-temperature waste heat that can be efficiently converted into low-pressure steam, space heating, and water heating using CHP systems.
The robust economic expansion is leading to a sharp increase in global energy demand. The three countries responsible for more than 40% of the increase are China, the US, and India. The IEA claims that between 1990 and 2016, the demand for electricity increased by a factor greater than that of other fuels. By 2040, it is predicted that the demand for electricity will increase at a rate that is two times faster than the demand for energy, which is predicted to increase by more than 25%. India's objective to achieve universal access to energy by 2025 resulted in the country's electricity consumption growing at a rate of around 5% annually as of 2020. Because of this, it is projected that the phosphoric acid fuel cell market will grow due to an increase in demand from a single country. boosting the market revenue for phosphoric acid fuel cells.
Leading market players are spending a lot of money on R&D in order to diversify their product offerings, which will spur further growth in the Phosphoric Acid Fuel Cell market. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The phosphoric acid fuel cell industry must provide affordable products if it is to grow and thrive in a more competitive and challenging market environment.
Report Coverage
Global Phosphoric Acid Fuel Cell research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Phosphoric Acid Fuel Cell report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Phosphoric Acid Fuel Cell competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Phosphoric Acid Fuel Cell market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Fuji Electric Co., LTD., Doosan Fuel Cell America, Inc., Defence Research and Development Organisation (DRDO), and Ingsman Energy and Fuel Cell Research Organization (IEFRO) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Phosphoric Acid Fuel Cell Market from 2021 to 2030.
- Market Forecast for Phosphoric Acid Fuel Cell Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Phosphoric Acid Fuel Cell competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Phosphoric Acid Fuel Cell
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Phosphoric Acid Fuel Cell market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Phosphoric Acid Fuel Cell market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Fuji Electric Co., LTD., Doosan Fuel Cell America, Inc., Defence Research and Development Organisation (DRDO), and Ingsman Energy and Fuel Cell Research Organization (IEFRO)
Primary Target Market
- Market Players of Phosphoric Acid Fuel Cell
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Phosphoric Acid Fuel Cell market based on the below-mentioned segments:
Global Phosphoric Acid Fuel Cell market, By Application
Vehicles
Cogeneration
Others
Global Phosphoric Acid Fuel Cell market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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