Market
Highlights
Market
Research Future projects a detailed report on the recent trends, various
challenges faced, and the segments of the market on which Direct
methanol fuel cells are based. It is reported there will be a striking
upsurge at a considerable CAGR between 2017–2024.
Market
Key Trends & Challenges
Direct
methanol fuel cells (DMFC) are gaining momentum owing to the electrochemical
energy conversion devices that transform the chemical energy of liquid methanol
into electrical energy. These have been eminent factors driving the market to a
great extent and propelling the market. The ability of DMFCs to be used as an
alternative to the internal combustion engine (ICE) technology is also
gathering much power. As they offer numerous benefits, such as low or even zero
emissions, have thus influenced the market. Various advantages of such as
eliminating the requirement for fuel reforming and hydrogen storage and using a
liquid fuel for power are also noticeable in the process of growth of the
market.
As
it is known that DMFCs are epitome for small commercial vehicles such as
tuggers, forklifts, and consumer goods like digital cameras, mobile phones, as
well as laptops as they are gradually being used in military applications. The
reason is the prominent features such as low noise and thermal signatures and
no toxic effluents, which is making the market more valuable in the coming
years.
At
the same time, more factors that are driving the market are characterized as
industrialization in developing countries that has augmented the demand for
clean energy, investments in fuel cell development, the density of high energy
of DMFC, and reduction in emission of harmful gases from the automotive
industries. In fact, fuel cells have innumerable advantages by conventional
energy sources, such as internal combustion engines and batteries, which also
comprise of the low temperature of fuel cells,
zero pollution, and superior efficiency as related to diesel or gas
engines. Some of the significant fuel cell technologies being developed
globally also include hydrogen, solid oxide, phosphoric acid, and direct
methanol fuel cells. These factors have been influencing the market to a great
extent for some years and have made more opportunities for the market to expand
considerably in the coming years.
On
the other hand, in recent years, owing to the escalating impact of emissions on
the environment, government organizations and numerous companies have actively
started investing heavily in fuel cell technology to develop technologically
and financially viable fuel cells. In a case of point, the Chinese government,
in May 2019, capitalized USD 296.42 million in Shouhang Ihw Resources Saving
Technology Co. Ltd for rooting three major hydrogen plants as well as nearly
ten hydrogen stations for vehicles in the Datong city, China. Also, Hyundai
Motor Corporation (South Korea) announced in May 2019 that it would be
investing about USD 6.7 billion to surge its production of fuel cells by about
200 times by the year 2030. Such factors have been a substantial impact on the
growth of the market during the growth period.
Segmentation
of Market: Direct Methanol Fuel Cells
As
per the study, the Direct
Methanol Fuel Cell (DMFC) Market is segmented among the elements of
type, component, application, and power output.
In
terms of type: Electrode, membrane, the balance of system, and balance of stack
are the segments.
The
segmentation of components includes: Parallel flow field design and serpentine
flow field design and are the segments.
The
segmentation of applications includes: Stationery, Portable, and transportation
are the segments.
The
segmentation of power output: It comprises of less than 1KW, 1KW – 5KW, and
above 5KW as the segments.
Regional
Framework
Geologically,
the global direct methanol fuel cell (DMFC) market has been studied among the
key regions of North America, Europe, Asia-Pacific, the Middle East &
Africa, and South America.
As
per the study, the Asia-Pacific region might hold a significant market share in
the growth period for the market for witnessing the increase in energy demand
due to the growing population and per capita. These factors are thus providing
a vast market potential for the growth of clean energy in the region and
motivating the market expansion in a cleaner way. Further, as per the
International Renewable Energy Agency (IRENA), the Asia-Pacific region gathered
two-thirds of the growth in renewable energy installation capacity back in
2017. The rising demand for clean energy and the development in the fuel cell
industry are the main cores that drive the growth of DMFCs in Asia-Pacific.
Whereas in India, as per the ministry of new and renewable energy (MNRE), the
country aims to achieve nearly 40% of its total energy generation from clean
energy by 2030. Also, as per MNRE report 2016, the Government of India had set
up the target to progress DMFCs in three phases such as Phase I (2016–2018) to
develop till 0.1 KW DMFC; Phase II (2019–2020) to develop till 0.25 KW DMFC;
and Phase III (2021–2022) to develop till 1KW DMFCs.
Whereas
North America leads in the global direct methanol fuel cells (DMFC) market on a
regional analysis basis. The surge in demand for clean energy, investments in
fuel cell development, the high energy density of DMFC, and lessening in the
emission of harmful gases from the manufacturing and automotive industries.
These are the highlights to drive the DMFC market in the region.
Key
Players
The
protuberant players involved in the global direct methanol fuel cell (DMFC)
market study are listed as Fujikura Ltd (Japan), Antig Technology Co Ltd
(Taiwan), Siqens GmbH (Germany), Oorja Corporation (US), Pro-Power Co Ltd
(South Korea), SFC Energy AG (Germany), and Viaspace (US).
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