Press release
Phosphoric Acid Fuel Cell Market to Grow as Advancements in Sustainable Energy Production Technologies Gather Momentum
Industry Developments:
• February 2020: The Defense Research and Development Organization (DRDO) of India, in collaboration with Larsen & Toubro, successfully showcased the effectivity of its Air Independent Propulsion (AIP) to the Indian Navy. The next R&D stage involves engineering of the Marinised Engineered AIP Energy Module (MAREEM) which will have phosphoric acid fuel cells as one of the central components.
• July 2019: Germany-based 2G Energy AG, a leader in combined heat and power (CHP) systems, received an order for a hydrogen-powered CHP system from Siemens. The system will be deployed by Siemens at its project site in Dubai to generate hydrogen using electrolysis powered by solar.
The global phosphoric acid fuel cell market size is projected to reach USD 1.12 billion by 2026, surging at a CAGR of 19.0% during the forecast period. Rising demand for clean energy worldwide is set to propel the growth of this market in the foreseeable future. According to the Current Policies Scenario of the International Energy Agency (IEA), global energy demand will increase unhindered at 1.3% annually till 2040. Nearly 50% of this energy demand is expected to be met by renewables, the IEA further states. Meeting this climbing demand for energy will require research into and development of sustainable solutions and phosphoric acid fuel cells (PAFCs) are foreseen to play a vital role in this regard. In particular, PAFC technology can be a game-changer in power generation as these cells are over 85% efficient when used for co-generation of electricity. Moreover, electricity is slated to emerge as the primary energy carrier by 2050 in terms of energy demand, as per the estimations of the International Renewable Energy Agency (IRENA). As a result, the demand for PAFCs is poised to spike in the power sector, making it one of the top phosphoric acid fuel cell market trends.
Request a Sample Copy of Phosphoric Acid Fuel Cell Market Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/102180
Companies Profiled in the Market Report:
• Ingsman Energy and Fuel Cell Research Organization (IEFRO)
• Doosan Fuel Cell America, Inc.
• Defence Research and Development Organisation (DRDO)
• Fuji Electric Co., LTD.
Impact of COVID-19 on Phosphoric Acid Fuel Cell Market
The coronavirus contagion has led to an unprecedented global economic downturn. Businesses have been severely impacted and industrial operations have been disrupted. However, mankind is strong enough to overcome these challenges as well. We, at Fortune Business Insights™, aim to equip businesses with a comprehensive impact analysis of the current pandemic on different markets, based on our expertise and experience in market intelligence.
Read About The Impact Of covid-19 : https://www.fortunebusinessinsights.com/enquiry/customization/phosphoric-acid-fuel-cell-market-102180
Market Restraint
Economic Unviability of PAFCs May Put Constraints on Market Growth
Phosphoric acid fuel cells bring a variety of advantages to the electricity generation domain. For example, they are capable of functioning on available fuels, which makes them commercially popular. Moreover, they are extensively utilized as back-up power generators and many countries are swiftly replacing diesel power generators with PAFCs. However, despite their multiple benefits, PAFCs suffer from some inherent disadvantages, which can negatively impact the phosphoric acid fuel cell market growth. One of their most prominent drawbacks is their continued reliance on hydrocarbons. While this issue has been resolved through the usage of dispersed platinum catalysts, it has made PAFCs economically unattractive as use of platinum has shot up their costs. Furthermore, these cells are not as efficient when generating electricity entirely on their own as they are when used in conjunction with fossil fuels. These disincentives may stymie the growth trajectory of this market in the upcoming years.
Purchase Full Report at - https://www.fortunebusinessinsights.com/checkout-page/102180
Contact
"Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245"
About
"Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges."
• February 2020: The Defense Research and Development Organization (DRDO) of India, in collaboration with Larsen & Toubro, successfully showcased the effectivity of its Air Independent Propulsion (AIP) to the Indian Navy. The next R&D stage involves engineering of the Marinised Engineered AIP Energy Module (MAREEM) which will have phosphoric acid fuel cells as one of the central components.
• July 2019: Germany-based 2G Energy AG, a leader in combined heat and power (CHP) systems, received an order for a hydrogen-powered CHP system from Siemens. The system will be deployed by Siemens at its project site in Dubai to generate hydrogen using electrolysis powered by solar.
The global phosphoric acid fuel cell market size is projected to reach USD 1.12 billion by 2026, surging at a CAGR of 19.0% during the forecast period. Rising demand for clean energy worldwide is set to propel the growth of this market in the foreseeable future. According to the Current Policies Scenario of the International Energy Agency (IEA), global energy demand will increase unhindered at 1.3% annually till 2040. Nearly 50% of this energy demand is expected to be met by renewables, the IEA further states. Meeting this climbing demand for energy will require research into and development of sustainable solutions and phosphoric acid fuel cells (PAFCs) are foreseen to play a vital role in this regard. In particular, PAFC technology can be a game-changer in power generation as these cells are over 85% efficient when used for co-generation of electricity. Moreover, electricity is slated to emerge as the primary energy carrier by 2050 in terms of energy demand, as per the estimations of the International Renewable Energy Agency (IRENA). As a result, the demand for PAFCs is poised to spike in the power sector, making it one of the top phosphoric acid fuel cell market trends.
Request a Sample Copy of Phosphoric Acid Fuel Cell Market Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/102180
Companies Profiled in the Market Report:
• Ingsman Energy and Fuel Cell Research Organization (IEFRO)
• Doosan Fuel Cell America, Inc.
• Defence Research and Development Organisation (DRDO)
• Fuji Electric Co., LTD.
Impact of COVID-19 on Phosphoric Acid Fuel Cell Market
The coronavirus contagion has led to an unprecedented global economic downturn. Businesses have been severely impacted and industrial operations have been disrupted. However, mankind is strong enough to overcome these challenges as well. We, at Fortune Business Insights™, aim to equip businesses with a comprehensive impact analysis of the current pandemic on different markets, based on our expertise and experience in market intelligence.
Read About The Impact Of covid-19 : https://www.fortunebusinessinsights.com/enquiry/customization/phosphoric-acid-fuel-cell-market-102180
Market Restraint
Economic Unviability of PAFCs May Put Constraints on Market Growth
Phosphoric acid fuel cells bring a variety of advantages to the electricity generation domain. For example, they are capable of functioning on available fuels, which makes them commercially popular. Moreover, they are extensively utilized as back-up power generators and many countries are swiftly replacing diesel power generators with PAFCs. However, despite their multiple benefits, PAFCs suffer from some inherent disadvantages, which can negatively impact the phosphoric acid fuel cell market growth. One of their most prominent drawbacks is their continued reliance on hydrocarbons. While this issue has been resolved through the usage of dispersed platinum catalysts, it has made PAFCs economically unattractive as use of platinum has shot up their costs. Furthermore, these cells are not as efficient when generating electricity entirely on their own as they are when used in conjunction with fossil fuels. These disincentives may stymie the growth trajectory of this market in the upcoming years.
Purchase Full Report at - https://www.fortunebusinessinsights.com/checkout-page/102180
Contact
"Name: Ashwin Arora
Email: sales@fortunebusinessinsights.com
Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245"
About
"Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges."
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