Global Direct Methanol Fuel Cells Market - Growth, Trends, and Forecast (2018 - 2023)
The global direct methanol fuel cell (DFMC) market is in nascent phase and it is likely to grow at a rapid rate on account of increasing demand for clean energy and shifting focus to increase use of fuel cell technology, as a source of energy. Globally, the rising concerns regarding pollution caused from conventional sources of energy has led to explore the alternate sources of energy. The DFMCs have significant advantage over batteries i.e. conventional batteries take hours to recharge whereas DFMCs can be refueled within minutes. The distributed power generation system is witnessing widespread growth due to techno-economic benefits associated with the same. Fuel cells can make a significant impact on development of distributed energy system. The availability of power source at the consumption center can ensure huge savings due to reduction in requirement for transmission and distribution network. The fitment of implementation of distributed energy sources is a big boost for DFMC market globally in near future. Apart from that the technological advancements, research, and development work associated with fuel cell technologies and global commitment on reduction of green-house gases emissions from power sector is likely to drive the DFMC market.
Increasing Awareness about Clean Energy is Driving the Market
Globally, the increasing awareness about clean energy is providing a huge impetus to alternate sources of energy. As per the Paris climate deal, the countries across the globe have committed to use clean energy sources and move away from conventional fuels which cause adverse effects on environment. The fuel cells can be used to bridge the demand supply gap of electricity caused by reduction in usage of conventional fuels. Furthermore, stringent environmental norms is likely to promulgate the demand for cleaner fuels, which in turn would drive the market for DMFCs.
Asia Pacific to have Highest Market Share
Asia Pacific region has highest share in DMFC market, owing to huge investments made in fuel cell technologies in countries, such as Japan, and South Korea. Japan and South Korea have planned to reduce the usage of nuclear energy thereby leading to increased opportunities for alternate power source, which in turn, is a big driver for DMFC. The Asia Pacific region offers immense market opportunities for DMFCs on account of widespread adoption of electric vehicles. The energy density of DMFC is much higher than that of batteries, which is likely to bolster its demand as clean fuel in transportation sector. The DMFCs can be used in electric vehicles in place of batteries and hence, offset the requirement of charging infrastructure.
United States to Dominate the Market Growth
The US is anticipated to dominate the market growth for DMFC on account of increased focus on deployment of clean energy solutions. The per capita emission of carbon dioxide in the US is very high and overall carbon dioxide emission is second, after China. The US government provide huge incentive to fuel cell technology and according to the Department of Energy (DOE), the fuel cell technology will be cost competitive with other options by 2018. This, in turn, is likely to surge the market growth for DMFCs in the US at a rapid rate.
The Major Players include - Samsung SDI, Fujikura Limited, Ballard Power Systems Inc., Oorja Protonics Inc. amongst others.
Reasons to Purchase this Report
Current and future direct methanol fuel cell market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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