Global DMFC Market Growth Driven by Government Grants
Direct methanol fuel cells (DMFCs) are a type of proton-exchange fuel cells which converts the chemical energy of liquid methanol into electrical energy. Advances in DMFCs due to being produced using polymer electrolyte membrane (PEM) due to their simple construction and low-temperature operation are likely to drive its demand in alternative energy. The global direct methanol fuel cells market report by Market Research Future (MRFR) contains a tabular and graphical schematic of drivers, challenges, opportunities, and trends for the period of 2019 to 2024 (forecast period). The implications of the COVID-19 pandemic on the industry are noted in the report.
Market Scope
The global direct methanol fuel cells market is projected to exhibit 15.28% CAGR over the forecast period. The use of DMFCs in digital cameras, mobile phones, tuggers, and forklifts owing to low noise and thermal effluents is expected to drive market demand exponentially. The huge demand for clean energy due to rapid industrialization, developments in fuel cells, and reduction in carbon emissions can favor the market over the forecast period. In 2019, the Chinese government cooperated with Shouhang Ihw Resources Saving Technology Co Ltd for setting up hydrogen plants and hydrogen stations and developing hydrogen-based fuel cells. Its advantages of zero pollution, low temperature, and higher efficiency can influence demand.
Segmentation
The global direct methanol fuel cell (DMFC) market is segmented based on type, component, application, power output, and region. Based on type, the global market has been segmented into electrode, balance of system, membrane, and balance of stack. On the basis of component, the global market has been divided into serpentine flow field design and parallel flow field design. Based on application, the global market has been segmented into stationary, portable, and transportation. Based on power output, the global market has been segmented into less than 1KW, 1KW – 5KW, and above 5KW.
Regional Analysis
Geographically, the global direct methanol fuel cell (DMFC) market has been segmented into five major regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
APAC is estimated to hold major market share during the forecast period owing to the increase in energy demand due to the growing population and per capita. As per the International Renewable Energy Agency (IRENA), the region accounts the two-thirds of the rise in renewable energy installation capacity in 2017. The increasing demand for clean energy and investments via partnerships between governments and private companies in the fuel cell industry drives the growth of DMFCs in Asia Pacific. In India, as per the ministry of new and renewable energy (MNRE), India, the country aims to achieve 40% of its total energy generation from clean energy by 2030. The huge demand for larger battery capacity and procurement of consumer electronic products can bode well for the market.
North America is expected to dominate the market owing to demand for clean energy and efforts for commercialization of fuel cells. Government grants for fuel cell research and use of cheap metals are likely to fuel market demand in the region.
Competitive Outlook
Fujikura Ltd, Antig Technology Co Ltd, Viaspace, Pro-Power Co Ltd, SFC Energy AG, Siqens GmbH, and Oorja Corporation are key players of the global DMFC market.
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