DUBLIN--(BUSINESS WIRE)--The "Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC): Insights, Trends and Forecast (2020-2024)".
The global fuel cell market is forecasted to reach US$22.19 billion in 2024, growing at a CAGR of 22%, for the period spanning from 2019 to 2024.
The factors such as increasing unconventional oil and gas distribution activities, growing wireless surveillance industry, rapid urbanization, increasing carbon dioxide emissions and accelerating economic growth are expected to drive the market. However, the growth of the industry would be challenged by the high maintenance cost of fuel cells, competitive landscape and hydrogen storage and transportation issues. A few notable trends include increasing fuel cell vehicle sales, rising adoption of fuel cell in the defence sector, growing preference of hydrogen-based fuel cells and supportive government policies.
Typically, fuel cells are segmented on the basis of their electrolyte (alkaline, polymer, phosphoric acid & others) or temperature (low or high) for which they are designed to function. Commonly used fuel cell systems are Proton Exchange Membrane Fuel Cell (PEMFC), Direct Methanol Fuel Cell (DMFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Molten Carbonate Fuel Cell (MCFC).
Presently, owing to increasing environmental regulations, many industrialists are using fuel cell as hydrocarbon fuels emits 30-50% lower CO2 emissions than if combusted in engines due to 2-3x greater energy efficiency; electrochemical conversion of fuel to power results in much less temperature variability than combustion in engines, which results in much lower NOx, SOx particulate emissions; fuel cells have electrical energy efficiency of 40-60%, depending on chemistry and provide the primary energy needs of many users.
The fastest-growing regional market is Asia-Pacific due to the increasing number of PEMFC based vehicles as well as technological advancements in the manufacturing of fuel cell power grids in South Asian economies.