The phosphoric acid fuel cell market share is expected to increase by USD 1.76 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 19.83%.
This phosphoric acid fuel cell market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers phosphoric acid fuel cell market segmentations by application (prime power, CHP, and others) and geography (APAC and ROW). The phosphoric acid fuel cell market report also offers information on several market vendors, including Bharat Heavy Electricals Ltd., Doosan Corp., Fuji Electric Co. Ltd., and Toshiba Energy Systems & Solutions Corp. among others.
What will the Phosphoric Acid Fuel Cell Market Size be During the Forecast Period?
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Phosphoric Acid Fuel Cell Market: Key Drivers, Trends, and Challenges
The rise in global energy demand is notably driving the phosphoric acid fuel cell market growth, although factors such as competition from other fuel cells may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the phosphoric acid fuel cell industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Phosphoric Acid Fuel Cell Market Driver
The rise in global energy demand is notably driving the phosphoric acid fuel cell market growth. There is a strong growth in the global energy demand owing to robust economic growth. It is propelled by countries such as China, the US, and India, which contribute more than 40% to the growth. Also, according to the IEA, the global electricity demand increased twofold during 1990-2016 and outpaced the growth in demand for other fuel sources. Compared to 2017, the global electricity demand is expected to grow twofold than the global energy demand, which is expected to rise by more than 25% by 2040. As of 2020, in India, the demand for electricity was growing at around 5% per year, owing to the country's aim of achieving universal electricity access by 2025. According to the IEA, the global population is expected to grow over nine billion by 2040. As a result, with the growth in population and economic activities, the demand for electricity is expected to grow significantly during the forecast period.
Key Phosphoric Acid Fuel Cell Market Trend
Favorable government regulations is the key trend driving the phosphoric acid fuel cell market growth. Phosphoric acid fuel cells are primarily used for stationary power applications in the form of micro-CHP systems and APUs, particularly in the residential and commercial sectors. In order to boost the adoption of clean energy sources such as micro-CHP systems in the residential and commercial sectors, government agencies across the world have put forth several regulations. For instance, Germany is undertaking measures for decarbonizing the economy to deal with climate change. The government has put forth several regulations and is offering incentives to support alternative and efficient power generation sources. Moreover, in order to minimize the administrative burden of installing micro-CHP systems, owners with an installed capacity of up to 2 kW are eligible to receive CHP surcharge payments as a flat one-time payment, corresponding to a subsidy of $2.75 per kW ( 2.4 per kW). PACE is a major EU project that aims at deploying the latest smart energy solutions of fuel cell micro-cogeneration at a large scale for private homes in Europe. Hence, owing to such regulations and initiatives undertaken by government agencies to boost the adoption of fuel cell-based micro-CHP systems across the world, the global phosphoric acid fuel cell market is expected to grow during the forecast period.
Key Phosphoric Acid Fuel Cell Market Challenge
The major challenge impeding the phosphoric acid fuel cell market growth is the competition from other fuel cells. Typical fuel cell technologies employed for stationary applications include PEMFC, MCFC, AFC, SOFC, and phosphoric acid fuel cell. Hence, phosphoric acid fuel cells face stiff competition from other fuel cell technologies, particularly PEMFC and SOFC. PEMFCs are environment-friendly as the ones that burn pure hydrogen result in the production of only water as a by-product. On the other hand, SOFCs have a low requirement of catalysts as they operate at a high-temperature range of about 1,112 F to 2,012 F. Hence, the elimination of catalysts reduces the cost of these fuel cells and avoids the risk of CO poisoning. SOFCs operate at temperatures high enough to reform smaller hydrocarbons such as ethanol and methanol. This results in added efficiency and reduced complexity, with fuel formation and usage occurring simultaneously. Hence, phosphoric acid fuel cell faces tough competition from PEMFC and SOFC. Therefore, the rapid adoption of other fuel cell technologies such as PEMFC and SOFC for stationary applications might limit the growth of the global phosphoric acid fuel cell market.
This phosphoric acid fuel cell market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global phosphoric acid fuel cell market as a part of the global utility market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the phosphoric acid fuel cell market during the forecast period.
Who are the Major Phosphoric Acid Fuel Cell Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Bharat Heavy Electricals Ltd.
- Doosan Corp.
- Fuji Electric Co. Ltd.
- Toshiba Energy Systems & Solutions Corp.
This statistical study of the phosphoric acid fuel cell market encompasses successful business strategies deployed by the key vendors. The phosphoric acid fuel cell market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
- Bharat Heavy Electricals Ltd. - The company offers 50-kilowatt phosphoric acid fuel cell for various applications.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The phosphoric acid fuel cell market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Phosphoric Acid Fuel Cell Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the phosphoric acid fuel cell market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Phosphoric Acid Fuel Cell Market?
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100% of the market’s growth will originate from APAC during the forecast period. Japan and China are the key markets for the phosphoric acid fuel cell market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing demand for energy and the development of hydrogen and fuel cell technologies will facilitate the phosphoric acid fuel cell market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic led to a decline in investments in the energy sector in the region. A reduction in fixed investments, industrial activities, and private consumption restrained the demand for phosphoric acid fuel cells. However, with the implementation of COVID-19 preventive measures and processes to protect the workforce in manufacturing units, business operations are expected to resume to the pre-COVID-19 levels by the end of 2021. This will drive the demand for phosphoric acid fuel cells in the region during the forecast period.
What are the Revenue-generating Application Segments in the Phosphoric Acid Fuel Cell Market?
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The phosphoric acid fuel cell market share growth by the prime power segment will be significant during the forecast period. The growth of this segment will be driven by the adoption of phosphoric acid fuel cells in commercial as well as utility-scale power generation facilities due to the advantage of the large scale of electricity generation. Several factors, such as the growth in the number of connected devices and the digitalization of modern economies, are driving the electrification of the global energy system.
This report provides an accurate prediction of the contribution of all the segments to the growth of the phosphoric acid fuel cell market size and actionable market insights on post COVID-19 impact on each segment.
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Phosphoric Acid Fuel Cell Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.83% |
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Market growth 2021-2025 |
$ 1.76 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
19.17 |
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Regional analysis |
APAC and ROW |
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Performing market contribution |
APAC at 100% |
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Key consumer countries |
South Korea (Republic of Korea), Japan, China, US, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Bharat Heavy Electricals Ltd., Doosan Corp., Fuji Electric Co. Ltd., and Toshiba Energy Systems & Solutions Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Phosphoric Acid Fuel Cell Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive phosphoric acid fuel cell market growth during the next five years
- Precise estimation of the phosphoric acid fuel cell market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the phosphoric acid fuel cell industry across APAC and ROW
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of phosphoric acid fuel cell market vendors
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