Direct Methanol Fuel Cell Market size is witnessing strong growth over 14.52% CAGR
The Direct methanol fuel cell (DFMC) market is in emerging phase over the forecast period of 2020-2026. The market growth is prominently driven over increasing demand for clean energy and shifting focus to increase use of fuel cell technology.
Fuel cells can make a significant impact on development of distributed energy system. The availability of power source at the consumption centre can ensure huge savings due to reduction in requirement for transmission and distribution network.
There is a large demand for DMFCs across transportation, residential and commercial sector. In addition, large consumption of DMFCs is observed across military applications with advantages over higher energy density and lightweight.
Hybrid DMFC is an emerging trend owing to long term market opportunity with advantages of extended runtimes. Energy companies are integrating pro fuel cell to create an autonomous energy system designed with advantages of supplying power to sites away from main grid.
However, high cost of raw materials along with huge investments to promote direct methanol fuel cell technology market remains a challenge. Further, DMFCs have lower efficiency when compared to other fuel cells. This has limited its application to areas where energy and power density are more important than efficiency.
Strong demand for efficient energy production projects high market value
The rising need to save energy and high adoption of green technology by many countries are the major drivers contributing to the growth of the DMFC market.
Government sectors worldwide are taking several initiatives, in terms of investments, R&D, and commercialization, to increase energy efficiency and reduce energy consumption. As a result, there has been an increased focus on energy efficient products for energy generation and storage, including fuel cells
Rapid technological advancements drive direct methanol fuel cell market growth
Advances in technology have boosted the growth and use of DMFCs across different electronic and electrical applications. For instance, the use of DMFC in combination with batteries extends the working time as well as reduces operating cost and greenhouse gas emissions.
Further, the demand for reliable technologies for power generation has increased alongside the technology developments on fuel cells. For instance, in the military sector, the transitioning to unmanned autonomous systems has given rise to power sources that are rugged, stable, and have high energy density.
Li-ion batteries have low operating specific energy densities of 125Wh/kg. In contrast, DMFC has exceptionally high theoretical specific energy density exceeding 6,000Wh/kg enabling its extensive use in military missions.
Accordingly, key players are developing whole line of products for military use and investing intensely in DMFC end–user products targeted for off grid use.
The Americas’ direct methanol fuel cell market is registering strong growth over the forecast period
Direct methanol fuel cell market growth across the U.S is largely driven by increased focus on deployment of clean energy solutions. The US government provides huge incentive to fuel cell technology and the advantages of fuel cell technology as a cost competitive with other options surges the market growth for DMFCs.
In addition to apparent market growth across North America, Asia Pacific is proceeding towards growth driven by huge investments made to promote fuel cell technologies in countries, such as Japan, and South Korea.
Further, Asia Pacific region offers immense market opportunities for DMFCs on account of widespread adoption of electric vehicles as The energy density of DMFC is much higher which is likely to boost its demand as clean fuel in transportation sector.
Competitive landscape across major direct methanol fuel cell market players
Key players are implementing designs, to commercialize reliable, economical modular DMFCs which have a wide range of applications for the telecommunications and materials-handling industries, as well as backup power batteries. In addition, rapid technological advancements will enable DMFCs to replace lithium-based batteries, in particular for portable applications.
Direct methanol fuel cell market vendors are conducting R&D to replace platinum with other components such as membrane electrode assembly to meet the challenge of cost cutting production.
Key players contributing in the Direct Methanol Fuel Cell Market share include Samsung SDI, Fujikura Limited, Ballard Power Systems Inc., Oorja Protonics Inc., Horizon Fuel Cell Technologies, Meoh Power, Inc., SFC Energy AG, Viaspace Inc., Antig Technology Co., Ltd., Bren-Tronics Incorporated, Treadstone Technologies Inc., Viaspace Inc., among others.