Global Phosphoric Acid Fuel Cell Market 2019-2023| 21% CAGR Projection Over the Next Five Years | Technavio

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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Technavio has published a new market research report on the global phosphoric acid fuel cell market from 2019-2023. (Graphic: Business Wire)

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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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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