The global phosphoric acid fuel cell market is expected to post a CAGR of close to 21% during the period 2019-2023, according to the latest market research report by Technavio.
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A key factor driving the growth of the global phosphoric acid fuel cell market is the rise in global energy demand. With significant growth in the global population and economic activities, the demand for electricity is growing at a rapid pace. Moreover, the growth in electronically connected devices and digitization of modern economies are other factors boosting the electrification of global energy systems. As a result, there has been a rise in the adoption of technologies such as micro-CHP and auxiliary power unit (APU). These technologies use phosphoric acid fuel cells to generate electricity. Hence, the rapid increase in the global energy demand from the residential as well as commercial sectors will propel the demand for phosphoric acid fuel cells during the forecast period.
As per Technavio, the rising popularity of distributed energy generation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global phosphoric acid fuel cell market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global phosphoric acid fuel cell market: Rising popularity of distributed energy generation
Distributed energy generation is gaining immense popularity as it can generate power at or near the point of consumption using various technologies such as solar panels and micro-CHP systems. As a result, the adoption of distributed energy generation is increasing significantly, resulting in the increased demand for micro CHP systems. These systems primarily employ fuel cells for power generation. Hence, with the growth of distributed energy and micro CHP systems, the adoption of phosphoric acid fuel cells will increase significantly during the forecast period.
“Apart from the rising popularity of distributed energy generation, factors such as increasing R&D activities, the development of zero energy buildings, and the benefits of using phosphoric acid fuel cells will have a significant impact on the growth of the phosphoric acid fuel cell market during the forecast period,” says a senior research analyst at Technavio.
Global phosphoric acid fuel cell market: Segmentation analysis
This market research report segments the global phosphoric acid fuel cell market by application (prime power, CHP, and others) and geographic regions (APAC, and ROW).
The APAC region led the market in 2018, followed by ROW respectively. There has been a significant increase in carbon emissions owing to the rising energy consumption, primarily fulfilled by fossil fuels. As a result, the demand for power derived from renewable and new technologies such as fuel cells and batteries is increasing. This is significantly increasing the adoption of the phosphoric acid fuel cell in the region.
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