New York, US, July 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Phosphoric Acid Fuel Cells Market Research Report Information by Region, and Application - Forecast Till 2032, the Phosphoric Acid Fuel Cells market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 20.30%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 2.1 Billion by the end of 2032. As per the reports, the market was worth nearly USD 0.4 Billion in 2022.
Phosphoric Acid Fuel Cell Market Overview:
The global Phosphoric Acid Fuel Cells industry has advanced enormously.
Competitive Analysis
The catalog of the top leaders across the global phosphoric acid fuel cells market includes players such as:
- Defence Research and Development Organisation (DRDO)
- Fuji Electric Co., LTD.
- Ingsman Energy and Fuel Cell Research Organization (IEFRO)
- Doosan Fuel Cell America, Inc.
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Phosphoric Acid Fuel Cells Market USP Covered
Market Drivers
The global Phosphoric Acid Fuel Cells industry has advanced enormously in recent years. The primary aspect causing a surge in market performance is the growing concern about maintaining energy security globally. Furthermore, the factors such as simple handling of toxic gases, the widespread installation of phosphoric acid fuel cells in a variety of commercial organizations, growing demand for electricity, and the strong economic expansion are also projected to have a positive impact on the development of the market over the coming years.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Phosphoric Acid Fuel Cells Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Phosphoric Acid Fuel Cells industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Phosphoric Acid Fuel Cells over the review timeframe.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 2.1 Billion |
| CAGR during 2023-2032 | 20.30% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application and Region |
| Key Market Opportunities | Distributed power generation |
| Key Market Dynamics | Increasing measures to limit the global carbon emissions to combat climate change and a paradigm shift towards clean energy sources |
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Phosphoric Acid Fuel Cells Market Segment Analysis
Among all the application areas, the combined heat and power, also called cogeneration, secured the leading position across the global market for phosphoric acid fuel cells in 2022. Global thermal and electrical efficiency is the main parameter supporting the development of the market segment. Furthermore, the implementation of CHP systems is backed by beneficial programs that certain regional governments have put in place.
On the other hand, the automotive segment secured the leading position across the global market for phosphoric acid fuel cells in 2022. The main parameter supporting the development of the market segment is the ready availability in bulk capacity.
Phosphoric Acid Fuel Cells Market Regional Analysis
By region, the study provides phosphoric acid fuel cells market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that The Asia-pacific Region ensured the leading position across the global Phosphoric Acid Fuel Cells industry in 2022. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Phosphoric Acid Fuel Cells Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the favorable government policies and ambitious long-term goals. Furthermore, factors such as growing use of H2 based technology, the presence of well-known manufacturers, the national administration's adoption of new technology, and significantly increased investment from several players are also projected to positively impact the development of the regional market over the coming years.
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The North American Region secured a substantial position across the global Phosphoric Acid Fuel Cells industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Phosphoric Acid Fuel Cells Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the increased budget allocation for growing hydrogen-based infrastructure. Furthermore, the increased attention on conducting advanced research & development operations is also believed to be one of the vital parameters enhancing the performance of the regional market.
The European Region anticipates ensuring the second spot across the global Phosphoric Acid Fuel Cells industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Phosphoric Acid Fuel Cells Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional market expansion is many encouraging norms and initiatives.
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