Phosphoric Acid Fuel Cell Market Size, Share & Industry Analysis, By Application (Vehicles, Cogeneration, Others), and Regional Forecast, 2019-2026
Fortune Business Insights™ provides the above information and much more in its new report, titled “Phosphoric Acid Fuel Cell Market Size, Share & Industry Analysis, By Application (Vehicles, Cogeneration, Others), and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 0.28 billion in 2018 and is expected to grow at 19.0% between 2019 and 2026.
The global phosphoric acid fuel cell market size is projected to reach USD 1.12 billion by 2026, surging at a CAGR of 19.0% during the forecast period. Rising demand for clean energy worldwide is set to propel the growth of this market in the foreseeable future. According to the Current Policies Scenario of the International Energy Agency (IEA), global energy demand will increase unhindered at 1.3% annually till 2040. Nearly 50% of this energy demand is expected to be met by renewables, the IEA further states. Meeting this climbing demand for energy will require research into and development of sustainable solutions and phosphoric acid fuel cells (PAFCs) are foreseen to play a vital role in this regard. In particular, PAFC technology can be a game-changer in power generation as these cells are over 85% efficient when used for co-generation of electricity. Moreover, electricity is slated to emerge as the primary energy carrier by 2050 in terms of energy demand, as per the estimations of the International Renewable Energy Agency (IRENA). As a result, the demand for PAFCs is poised to spike in the power sector, making it one of the top phosphoric acid fuel cell market trends.
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The other highlights of the report include:
- Exhaustive analysis of the key market segments;
- Comprehensive research into the factors positively and negatively influencing the market;
- In-depth study of the regional dynamics and competitive landscape of the market; and
- Precise computation of the market values.
Economic Unviability of PAFCs May Put Constraints on Market Growth
Phosphoric acid fuel cells bring a variety of advantages to the electricity generation domain. For example, they are capable of functioning on available fuels, which makes them commercially popular. Moreover, they are extensively utilized as back-up power generators and many countries are swiftly replacing diesel power generators with PAFCs. However, despite their multiple benefits, PAFCs suffer from some inherent disadvantages, which can negatively impact the phosphoric acid fuel cell market growth. One of their most prominent drawbacks is their continued reliance on hydrocarbons. While this issue has been resolved through the usage of dispersed platinum catalysts, it has made PAFCs economically unattractive as use of platinum has shot up their costs. Furthermore, these cells are not as efficient when generating electricity entirely on their own as they are when used in conjunction with fossil fuels. These disincentives may stymie the growth trajectory of this market in the upcoming years.
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