Direct
Methanol Fuel Cells Market Overview
Direct methanol fuel cells (DMFC) is an attractive
source of energy for mobiles, portable, and stationary applications. Its main
advantage is ease of transport with no complicated storage mechanism. DMFCs
have higher energy density compared to conventional lithium ion batteries. Such
superior characteristics are presumed to play a critical part in aiding the
global market development. Favorable government initiatives and regulations
related to clean energy would further have a positive impact on direct methanol
fuel cells market.
The global Direct Methanol Fuel Cells market is
projected to grow at a high rate during the forecast period, mainly due to the
ease of storage and transportation of DMFC as storing methanol is relatively
easy than other materials, which is also supposed to encourage product
acceptance across industries and in turn compliment market growth.
Industry Segmentation
Global Direct Methanol Fuel Cells market has been
segmented based on type, component, application, and region.
Based on component, the market is segmented the market
is classified into electrode, membrane, balance of system, and balance of
stack. Balance of System segment is estimated to dominate the market during the
forecast period due to increasing use of fuel cells in large power applications
wherein there is an increased need for balance of system such as methanol cartridges.
Considering the application, the market is segmented as portable, stationary,
and transportation. The balance of system segment is expected to be the largest
segment of Direct Methanol Fuel Cells, by component, in 2018. With increasing fuel
cells in large power applications, there would be an increasing need for
balance of system such as methanol cartridges, more air and water supply. This
factor is expected to boost the demand for the balance of system component. The
global Direct Methanol Fuel Cells market is further segmented based on
application, including portable, stationary, and transportation. Portable
segment of the global Direct Methanol Fuel Cells market is estimated to
register the highest growth rate during the forecast period.
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Regional Analysis
Region wise, Asia Pacific held the largest market
share of the global Direct Methanol Fuel Cells market in 2017. It is estimated
that Asia-Pacific region would be the fastest growing market during the
forecast period, mainly due to the rising investment in railway sector, rising
urbanization and proliferation of electrification. Europe region holds
significant market share and is expected to dominate the global Direct Methanol
Fuel Cells market in terms of revenue contribution. Germany is leading country
contributing to the growth of the European market. The market is mainly driven by
factors such as the gradual shift from diesel-based to diesel-electric
locomotives and electric locomotives.
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