The market is expected to generate an incremental $ opportunity of US$ 908.3 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00332 Format: PDF 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.
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.
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.
Market Segments Covered in Report
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|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|