Global Direct Methanol Fuel Cells (DMFC) Market Overview:
The global Direct Methanol Fuel Cell Market is expected to climb up with a 16.3% CAGR over the forecast period (2016-2023). Direct methanol fuel cell has solidified its market stance as a power source for portable devices where the direct conversion of the methanol fuel ensures power supply. The type is getting advantages across sectors owing to its feasibility and has emerged as the chief competitor for batteries and diesel-powered engines. Direct methanol fuel cells (DMFC) is an electrochemical energy conversion device that converts the chemical energy of liquid methanol into electrical energy. DMFCs are used as an alternative to internal combustion engine (ICE) technology as they offer numerous benefits, including low or even zero emissions.
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Factors that are expected to influence the global direct methanol fuel cells market are ease of transportation & packaging, hike in investment, research & development support in commercialization of products, increasing intake of the product in large power applications, and stringent regulations that bars the use of natural power sources. These factors could act as a catalyst in the expansion of the global direct methanol fuel cell market. A detailed analysis report of COVID-19 impact on Global Direct Methanol Fuel Cells Market is provided with the report.
The major players in the global direct methanol fuel cells (DMFC) market are SFC Energy AG (Germany), Oorja Corporation (US), Pro-Power Co Ltd (South Korea), Antig Technology Co Ltd (Taiwan), Fujikura Ltd (Japan), Siqens GmbH (Germany), and Viaspace (US).
Market Key Trends & Challenges
Direct methanol fuel cells (DMFC) are gaining momentum owing to the electrochemical energy conversion devices that transform the chemical energy of liquid methanol into electrical energy. These have been eminent factors driving the market to a great extent and propelling the market. The ability of DMFCs to be used as an alternative to the internal combustion engine (ICE) technology is also gathering much power. As they offer numerous benefits, such as low or even zero emissions, have thus influenced the market. Various advantages of such as eliminating the requirement for fuel reforming and hydrogen storage and using a liquid fuel for power are also noticeable in the process of growth of the DMFC Market.
As it is known that DMFCs are epitome for small commercial vehicles such as tuggers, forklifts, and consumer goods like digital cameras, mobile phones, as well as laptops as they are gradually being used in military applications. The reason is the prominent features such as low noise and thermal signatures and no toxic effluents, which is making the market more valuable in the coming years.
Direct Methanol Fuel Cells Industry Segmental Overview:
The global Direct Methanol Fuel Cell (DMFC) Market as reported by MRFR in their recent study, has been segmented by type, component, and application. The study has its roots in intense factual and figure-led analysis of the market.
By component, the direct methanol fuel cells market includes electrode, membrane, balance of system, and balance of stack. The balance of system segment was accounted for the largest share in the global in 2018. This segment is expected to witness traction in the future due to the increasing use of fuel cells in large power applications as methanol cartridges in air and water supply.
By application, the global direct methanol fuel cells market includes application, including portable, stationary, and transportation. The portable segment has the maximum market penetration and is expected to register the highest growth rate over the review period.
Geologically, the global direct methanol fuel cell (DMFC) market has been studied among the key regions of North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
As per the study, the Asia-Pacific region might hold a significant market share in the growth period for the market for witnessing the increase in energy demand due to the growing population and per capita. These factors are thus providing a vast market potential for the growth of clean energy in the region and motivating the market expansion in a cleaner way. Further, as per the International Renewable Energy Agency (IRENA), the Asia-Pacific region gathered two-thirds of the growth in renewable energy installation capacity back in 2017. The rising demand for clean energy and the development in the fuel cell industry are the main cores that drive the growth of DMFCs in Asia-Pacific.
Whereas North America leads in the global direct methanol fuel cells (DMFC) market on a regional analysis basis. The surge in demand for clean energy, investments in fuel cell development, the high energy density of DMFC, and lessening in the emission of harmful gases from the manufacturing and automotive industries. These are the highlights to drive the DMFC market in the region.
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