Fortune Business Insights™ provides the above information and much more in its new report, titled “Phosphoric Acid Fuel Cell Market Size, Share & Industry Analysis, By Application (Vehicles, Cogeneration, Others), and Regional Forecast, 2019-2026”. According to the report, the value of the market stood at USD 0.28 billion in 2018 and is expected to grow at 19.0% between 2019 and 2026.
Request A Sample Copy – Phosphoric Acid Fuel Cell Market Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/phosphoric-acid-fuel-cell-market-102180
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.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/phosphoric-acid-fuel-cell-market-102180
- By Application
- By Country
- South Korea
- Rest of the World
Supportive Government Energy Policies to Fuel the Market in Japan
The phosphoric acid fuel cell market report presents an analysis of the market across the countries of Japan, the US, the UK, South Korea, Germany, and Rest of the World. Among these, Japan is anticipated to dominate the market share owing to the formulation of favorable energy policies and programs by the national government. In addition to this, the desire to reach long-term carbon reduction targets and presence of well-established players in the country will further drive the market here.
Rapid advancements in sustainable technologies will aid South Korea to strengthen its hold on the phosphoric acid fuel cell market share in the coming years. In the US, rising budgetary allocation for research and development into fuel cell technologies will accelerate the market growth in the country.
Have Any Query? Ask Our Research Experts https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/phosphoric-acid-fuel-cell-market-102180
- 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.
Other Exclusive Reports:
Power Distribution Unit Market Share, Growth Insight, Size, Competitive Analysis, Regional, And Global Forecast To 2026
Welding Wires Market Share, Growth Insight, Size, Competitive Analysis, Regional, And Global Forecast To 2026
POE LED Lighting Market 2021 Is Booming Across the Globe by Share, Size, Growth, Segments and Forecast to 2026
AC Drives Market Size, Industry Share, Total Revenue Growth Rate by Key Players Forecast Till 2026
Asphalt Pavers Market Size, Industry Share, Total Revenue Growth Rate by Key Players Forecast Till 2026
Semiconductor Manufacturing Equipment Market 2021 Is Booming Across the Globe by Share, Size, Growth, Segments and Forecast to 2026
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.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123ac
APAC : +91 744 740 1245
Email: [email protected]