Yahoo Finance Direct Methanol Fuel Cell Market Size [2021-2028] Worth USD 5.85 Million Globally, at 16.6% CAGR
The global direct methanol fuel cell market size is expected to grow from USD 2.00 million in 2021 to USD 5.85 million in 2028; it is estimated to grow at a CAGR of 16,6% from 2021 to 2028.
Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global direct methanol fuel cell market size reached USD 1.73 million in 2020. The market is valuation predicted to rise from USD 2.00 million in 2021 to USD 5.85 million in 2028 at a CAGR of 16.6% during the assessment period. The growing shift towards cleaner energy sources and high feasibility of methanol as a fuel source are driving the market growth, states Fortune Business Insights™ in its report titled “Direct Methanol Fuel Cell Market, 2021-2028”.
Direct methanol fuel cell (DMFC) is a prominent fuel cell technology that generates power by using methanol as fuel. The high energy density of methanol makes it easy to transport and supply as required. It is generally mixed with water and fed to the catalyst components. DMFC powers portable, stationary, and transportation applications. Mobiles, laptops, and other electronics are also key areas of application for the technology.
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Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2021 to 2028 CAGR | 16.6% |
2028 Value Projection | USD 5.85 million |
Base Year | 2020 |
Market Size in 2020 | USD 2.00 million |
Historical Data for | 2017-2019 |
No. of Pages | 180 |
Segments covered | Components, Applications, Region |
Growth Drivers | Durability of Direct Methanol Fuel Cell Likely to Drive Market Growth |
Methanol Being Feasible Fuel Source Acts as a Key Market Driver |
Market Drivers-
Durability and Feasibility of DFMC to Accelerate Market Growth
DMFC operates without any parts, leading to quieter operation compared to gas turbine engines or combustion engines. It also requires low maintenance as there is hardly any mechanical friction that could lead to wear and tear. Additional benefits of the technology include low downtime and fewer operating costs, leading to significant cost savings in the long run. DMFC technology is highly feasible and can be combined with sustainable technologies such as solar panels. These factors make it a highly sought-after energy technology.
Highlights of the Report-
Major growth drivers, restraints, opportunities, and potential challenges for the market.
Comprehensive insights into the global as well as regional developments.
List of key industry players.
Major strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Regional Segmentation-
North America to Dominate Global Share Led by Advances in Fuel Cell Technologies
North America is projected to dominate direct methanol fuel cell market share during 2021-2028. U.S. and Canada are making active efforts in the development of advanced fuel cell technologies. Rising R&D expenditure in these countries to accelerate progress towards more efficient fuel cell technologies will strengthen the regional outlook significantly.
The European market is growing because of growing clean energy adoption in the region. The regional DMFC companies are witnessing lucrative opportunities. For instance, in April 2021, SFC Energy AG joined the European Clean Hydrogen Alliance to accelerate opportunities and efforts to decarbonize the EU economy.
Meanwhile, the market in Asia Pacific will expand due to shifting inclination towards cleaner technologies. In 2020, Japan and Australia signed a memorandum of cooperation to develop fuel cell and hydrogen technologies to decarbonize their energy sector.
Competitive Landscape:
Collaborative Agreements among Players to Boost Their Brand Values in Market
Important companies operating in the market are continually rooting for efficient tactics to endorse their products and establish their positions in the market. One such stratagem is to launch inventive products by teaming up with other companies to expand their reach to end-users.
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List of Players Operating in the Direct Methanol Fuel Cell Market are as follows:
Blue World Technologies (Denmark)
Oorja Photonics Inc., (U.S.)
Meoh Power (U.S.)
Viaspace (U.S.)
Roland Gumpert (Germany)
Fujikura Limited (Japan)
Antig Technology (Taiwan)
Treadstone Technologies (U.S.)
Horizon Fuel Cell Technologies (Singapore)
SFS Energy AG (Germany)
Direct Methanol Fuel Cell Market Segmentation:
By Components:
Bipolar Plates
Current Collector
Catalyst
Membrane
By Applications:
Portable
Transportation
Stationary
By Region:
North America (By Components, By Applications, and by Country)
Europe (By Components, By Applications, and by Country)
Asia Pacific (By Components, By Applications, and by Country)
Rest of the World (By Components, By Applications)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Development
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Direct Methanol Fuel Cell Market
5. Global Direct Methanol Fuel Cell Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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