Phosphoric Acid Fuel Cell Market To Worth Usd 9.11 Billion By 2030 | Skyquest Technology

(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Aug. 25, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, distributed power generation is rapidly gaining traction due to its capacity to produce electricity directly at or close to the point of consumption. This decentralized approach utilizes diverse technologies, including solar panels and micro-cogeneration systems, to effectively generate power. The burgeoning interest in distributed power generation has led to a substantial surge in adopting micro CHP (Combined Heat and Power) systems in the phosphoric acid fuel cell market .

Browse in-depth TOC on the "Phosphoric Acid Fuel Cell Market"

• Pages - 157
• Tables - 36
• Figures – 74

Get sample copy of this report:

The adoption of PAFC technology is expected to surge, driven by two key factors: the escalating occurrences of unforeseen natural disasters and the intensified efforts to tackle energy-related challenges arising from these events. The PAFC technology stands poised to offer a viable solution in the face of these challenges in the phosphoric acid fuel cell market. Its ability to effectively manage toxic gases, including carbon monoxide and carbon dioxide, underscores its safety and reliability.

Report Scope & Segmentation:

Attributes	Details
Market Size in 2022	USD 2.16 Billion
2030 Value Projection	USD 9.11 Billion
CAGR	19.75%
Forecast Period	2023-2030
Segments Covered	Application
Regions Covered	North America Europe Asia Pacific Latin America Middle East and Africa

Prominent Players in the Phosphoric Acid Fuel Cell Market

• Ballard Power Systems
• Plug Power Inc.
• FuelCell Energy Inc.
• Bloom Energy Corporation
• Toshiba Corporation
• Doosan Fuel Cell America
• SFC Energy AG
• Horizon Fuel Cell Technologies
• Nedstack Fuel Cell Technology B.V.
• Ceres Power Holdings plc
• AFC Energy plc
• Hydrogenics Corporation
• PowerCell Sweden AB
• Nuvera Fuel Cells
• Fuji Electric Co., Ltd.
• Intelligent Energy Holdings plc
• ElringKlinger AG
• GS YuCorporation
• Aisin Seiki Co., Ltd.
• Ceramic Fuel Cells Limited

Browse summary of the report and Complete Table of Contents (ToC):

Vehicle Segment is Expected to Grow in the Market Due to Rising Adoption of Heavy-Duty Automobiles

Vehicle segment is poised to undergo noteworthy expansion in the phosphoric acid fuel cell market over the forecast period, following the analysis of the phosphoric acid fuel cell (PAFC) market. This growth trajectory can be attributed to several key factors. The considerable availability of PAFC technology in bulk capacities and its commendable electrical efficiency have led to its initial adoption in heavy-duty automobiles.

The markets in Japan is poised to emerge as a prominent leader in the phosphoric acid fuel cell market, driven by a combination of factors that contribute to its robust growth. The countries advantagegovernment policies and ambitilong-term targets in sustainable energy position it as a leader in fuel cell technology adoption.

Stationary Segment is Expected to Dominate the Market Due to Escalating Demand for Fuel Cells

Stationary segment emerged as the dominant force in the global phosphoric acid fuel cell market, capturing a significant share. This was primarily attributed to the escalating demand for fuel cells within backup power applications and distributed generation facilities. Particularly, the stationary application of fuel cells has witnessed considerable adoption due to its reliability and efficiency.

Regional markets in the Asia Pacific stand out as the fastest-growing phosphoric acid fuel cell market, driven by varifactors. The soaring popularity of fuel cell electric vehicles (FCEVs) takes center stage, propelling the region's rapid growth. Simultaneously, the adoption of renewable energy technologies is rising, further contributing to the region's energy transition.

A comprehensive analysis of the major players in the phosphoric acid fuel cell market has been recently conducted in a report. The report encompasses variaspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

Key Developments in the Phosphoric Acid Fuel Cell Market

• Recently a strategic collaboration was established as Hanwa Energy, Korea East-West Power, and Doosan joined forces to create a joint venture named Daesan Green Energy. This initiative aimed to facilitate the operation of the Daesan Hydrogen Fuel Cell Power Plant. Located at the Seosan Hanwa site, the power plant was designed to incorporate 440 kWh of phosphoric acid fuel cells, contributing to a cumulative capacity exceeding 50 MW. This collaborative effort is significant in advancing hydrogen-based energy solutions, demonstrating a commitment to innovative and sustainable power generation.
• Siemens recently took a notable step by ordering combined heat and power (CHP) units powered by hydrogen from the German company 2G Energy AG. This strategic move was directed towards integrating these units into a section of its pilot project in Dubai. This initiative aimed to establish a decentralized energy source, underscoring Siemens' commitment to innovative energy solutions.

Speak to Analyst for your custom requirements:

Key Questions Answered in Phosphoric Acid Fuel Cell Market Report

• What specific growth drivers are projected to impact the market during the forecast period?
• List the top companies in the market and explain how they have achieved their positions of influence.
• In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?

Related Reports in SkyQuest's Library:

global ev battery reuse market

global power transmission lines and towers market

global specialty generics market

north america microgrid market

global floating wind power market

About Us:

SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

Address:

1 Apache Way, Westford, Massachusetts 01886

Phone:

(+1) 617-230-0741

Email:

linkedin facebook twitter

Tags phosphoric acid fuel cell Related Links

• global home and garden pesticides market trend
• global hydraulic fluids market trend
• global silicon carbide market trend
• global lightweight materials market trend
• global water treatment chemicals market trend
• global acoustic insulation market trend
• global powder coatings market trend
• global antimicrobial coatings market trend
• global flat glass market trend
• global chitosan market trend
• global abrasives market trend
• global carboxymethyl cellulose market trend
• global pressure sensitive adhesives market trend
• global industrial insulation market trend
• global tube packaging market trend
• global protective packaging market trend
• global airless packaging market trend
• global fuel additives market trend
• global melamine market trend
• global packaging coatings market trend

MENAFN25082023004107003653ID1106949892