Westford, USA, Aug. 25, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, distributed power generation is rapidly gaining traction due to its capacity to produce electricity directly at or close to the point of consumption. This decentralized approach utilizes diverse technologies, including solar panels and micro-cogeneration systems, to effectively generate power. The burgeoning interest in distributed power generation has led to a substantial surge in adopting micro CHP (Combined Heat and Power) systems in the phosphoric acid fuel cell market.
Browse in-depth TOC on the "Phosphoric Acid Fuel Cell Market"
- Pages - 157
- Tables - 36
- Figures – 74
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The adoption of PAFC technology is expected to surge, driven by two key factors: the escalating occurrences of unforeseen natural disasters and the intensified efforts to tackle energy-related challenges arising from these events. The PAFC technology stands poised to offer a viable solution in the face of these challenges in the phosphoric acid fuel cell market. Its ability to effectively manage toxic gases, including carbon monoxide and carbon dioxide, underscores its safety and reliability.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 2.16 Billion |
| 2030 Value Projection | USD 9.11 Billion |
| CAGR | 19.75% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Phosphoric Acid Fuel Cell Market
- Ballard Power Systems
- Plug Power Inc.
- FuelCell Energy Inc.
- Bloom Energy Corporation
- Toshiba Corporation
- Doosan Fuel Cell America
- SFC Energy AG
- Horizon Fuel Cell Technologies
- Nedstack Fuel Cell Technology B.V.
- Ceres Power Holdings plc
- AFC Energy plc
- Hydrogenics Corporation
- PowerCell Sweden AB
- Nuvera Fuel Cells
- Fuji Electric Co., Ltd.
- Intelligent Energy Holdings plc
- ElringKlinger AG
- GS Yuasa Corporation
- Aisin Seiki Co., Ltd.
- Ceramic Fuel Cells Limited
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Vehicle Segment is Expected to Grow in the Market Due to Rising Adoption of Heavy-Duty Automobiles
Vehicle segment is poised to undergo noteworthy expansion in the phosphoric acid fuel cell market over the forecast period, following the analysis of the phosphoric acid fuel cell (PAFC) market. This growth trajectory can be attributed to several key factors. The considerable availability of PAFC technology in bulk capacities and its commendable electrical efficiency have led to its initial adoption in heavy-duty automobiles.
The markets in Japan is poised to emerge as a prominent leader in the phosphoric acid fuel cell market, driven by a combination of factors that contribute to its robust growth. The countries advantageous government policies and ambitious long-term targets in sustainable energy position it as a leader in fuel cell technology adoption.
Stationary Segment is Expected to Dominate the Market Due to Escalating Demand for Fuel Cells
Stationary segment emerged as the dominant force in the global phosphoric acid fuel cell market, capturing a significant share. This was primarily attributed to the escalating demand for fuel cells within backup power applications and distributed generation facilities. Particularly, the stationary application of fuel cells has witnessed considerable adoption due to its reliability and efficiency.
Regional markets in the Asia Pacific stand out as the fastest-growing phosphoric acid fuel cell market, driven by various factors. The soaring popularity of fuel cell electric vehicles (FCEVs) takes center stage, propelling the region's rapid growth. Simultaneously, the adoption of renewable energy technologies is rising, further contributing to the region's energy transition.
A comprehensive analysis of the major players in the phosphoric acid fuel cell market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Phosphoric Acid Fuel Cell Market
- Recently a strategic collaboration was established as Hanwa Energy, Korea East-West Power, and Doosan joined forces to create a joint venture named Daesan Green Energy. This initiative aimed to facilitate the operation of the Daesan Hydrogen Fuel Cell Power Plant. Located at the Seosan Hanwa site, the power plant was designed to incorporate 440 kWh of phosphoric acid fuel cells, contributing to a cumulative capacity exceeding 50 MW. This collaborative effort is significant in advancing hydrogen-based energy solutions, demonstrating a commitment to innovative and sustainable power generation.
- Siemens recently took a notable step by ordering combined heat and power (CHP) units powered by hydrogen from the German company 2G Energy AG. This strategic move was directed towards integrating these units into a section of its pilot project in Dubai. This initiative aimed to establish a decentralized energy source, underscoring Siemens' commitment to innovative energy solutions.
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Key Questions Answered in Phosphoric Acid Fuel Cell Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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