Direct Methanol Fuel Cell Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Direct Methanol Fuel Cells Market is projected to arrive at a market size of USD 6.88 Billion by 2030, at a CAGR of 13.26% during the estimated time frame.
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Market Scope
The global direct methanol fuel cells market is slated to balloon owing to demand for clean energy among various industries. Depletion of fossil fuels as well as inclination of industrial sectors towards renewable energy is likely to propel the market growth. Investments in fuel cell developments and government grants for encouraging research and development can bolster the global market demand. Scientists in Korea had developed a catalyst made of platinum nanoparticles for lowering methanol oxidation that causes platinum degradation.
The high storage capacity of DMFCs and use of cheap material for its manufacture can favor the market over the forecast period. Commercialization of these cells and its implementation in automobiles owing to its reliability and efficiency can drive market demand. The demand for consumer electronic devices and need for long battery life can also act as catalysts for the market growth. The COVID-19 pandemic had impeded the production in the market owing to restrictions placed by governments. But the industry can recover after reopening of economies.
But the market growth may be dull owing to high installation charges of the new technology.
Segmentation
Based on type, the global market has been segmented into electrode, balance of stack, balance of system, and membrane.
On the basis of component, the global market has been divided into serpentine flow field design and parallel flow field design. The serpentine flow field design is estimated to garner huge demand owing to its performance and robustness. It can reduce the probability of flooding and well suited for large and small membrane areas.
Based on application, the global market has been segmented into transportation, portable, and stationary. The stationary segment is set to lead in the market owing to applications in off-grid power, telecommunications, and defense sectors. The use of polymers for manufacturing bipolar plates for uniform distribution of fuel and air while conducting electrical current can drive its demand.
Based on power output, the global market has been segmented into less than 1KW, 1KW – 5KW, and above 5KW.
Regional Analysis
North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are major regions analyzed for measuring the growth of the global direct methanol fuel cells market.
APAC is predicted to hold a large market share and dominate the global market till the end of the forecast period. Increasing energy demand, growing population, and rise in expendable income levels of citizens are major drivers of the regional market. The focus on generating clean and renewable energy is estimated to drive the market penetration rate. According to the International Renewable Energy Agency, APAC possesses close to two-thirds of renewable energy installations in 2017. This is expected to bode well for the market as more clients look for alternatives to fossil fuels and lower carbon emissions.
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Competitive Scope
Oorja Corporation, Viaspace, Siqens GmbH, Fujikura Ltd, Antig Technology Co Ltd, Pro-Power Co Ltd, and SFC Energy AG are major manufacturers of the global direct methanol fuel cells market.
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