August 24, 2020
Growing awareness about utilization of clean & renewable energy resources and rise in demand for zero emission sources are the factors driving the growth of global direct methanol fuel cells (DMFC) market. Moreover, increase in industrialization worldwide coupled with numerous innovations are boosting the demand for direct methanol fuel cells.
DMFC has major uses in automobile, manufacturing sector, and medical applications. Due to the growing impact of harmful emissions on the environment, companies and government are likely to deploy investment technologies to encourage the usage of clean energy sources. For instance, in 2020, Hyundai Motor Corporation declared a funding of USD 6.7 billion by 2030 for the purpose of improving the fuel cell production by 200 times. Moreover, various strategies adopted by the major players worldwide to improve production base and expand their share will augment the market outlook.
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Direct methanol fuel cells (DMFC) have various advantages over batteries as they eliminate the need for hydrogen storage and fuel reforming. Also, they are refueled within few minutes, hence reducing the cost of infrastructure facility for charging. However, higher cost required for technology adoption is the major factor restraining the growth of global direct methanol fuel cells market over 2020-2027.
Based on the type, the industry is segmented into molten carbonate fuel cells (MCFC), polymer/proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), and others. Speaking of application spectrum, the market is classified into portable, transportation, and stationery. With regards to the components, DMFC market is divided into membrane, electrode, balance of stack, and balance of system.
Regionally, North America direct methanol fuel cells (DMFC) market garnered major revenues in the recent past owing to growing technological advancements and widespread adoption of renewable energy resources across various sectors in the region. Meanwhile, Asia-Pacific market is anticipated to witness substantial growth rate during 2020-2027, mainly due to rise in industrialization in the developing countries such as China and India, alongside government’s measures to decrease the impact of harmful emission gases on the environment.
Leading companies operating in global direct methanol fuel cells (DMFC) market include Antig Technology Co. Ltd., Neah Power Systems, Inc., Viaspace Inc., PolyFuel, Inc., MTI Micro Fuel Cells, Inc., Samsung SDI Co. Ltd., Toshiba Corporation, Oorja Protonics, Inc., Fujikura Ltd., and Panasonic Corporation.