Portable Fuel Cell Market Trends
Growth Drivers
- Rapid Growth of the Automotive Industry - A portable fuel cell is a very vital component in the automotive industry because automobiles such as buses, utility vehicles, cars, scooters, and bicycles require a secondary power source to recharge the batteries when needed. Thus, the rapid growth in the automotive industry is estimated to generate favorable opportunities for the utilization of portable fuel cells by vehicle manufacturers. As per recent records, it has been stated the global automotive sector generated a revenue of approximately USD 3 trillion in 2021. This figure is anticipated to constantly rise and reach almost USD 8 trillion by 2035.
- Escalation in the Electronics and Electrical Industry - The demand for consumer electronic items such as laptops, mobiles, tablets, television, fridge, and others have been on a constant rise. As a result, the usage of portable fuel cells in electronics has also grown considerably, as fuel cells are capable of producing electrical power from the electrochemical process and further use the chemical substance/material as a source of fuel. Therefore, the expansion of the electronics and electrical industry is estimated to drive portable fuel cell market in the assessment period.
- Rising Carbon Footprint Across the World - With rapid urbanization and industrialization, the amount of carbon emission has also increased. This factor is estimated to surge the demand for portable cell fuels to curb energy combustion while lowering the release of carbon and saving the environment. As per the data released by the International Energy Agency (IEA), it has been stated that the global carbon dioxide (C02) emission from energy combustion and industrial processes rose 10 0.9% or 321 Mt in 2022 to a new all-time high of 36.8 Gt.
Challenges
- Requirement of High Cost in the Manufacturing Process – During the initial stage, a high amount of investment is required to manufacture portable fuel cells using metals such as platinum and iridium that is frequently needed as catalysts in these devices. Furthermore, owing to higher costs of raw material also makes manufacturing portable fuel cells expensive.
- Inadequate Infrastructure to Support Hydrogen Distribution
- Rising Difficulty in Storing and Distributing Fuel
Portable Fuel Cell Market: Key Insights
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
26.2% |
|
Base Year Market Size (2024) |
USD 4.78 billion |
|
Forecast Year Market Size (2037) |
USD 98.45 billion |
|
Regional Scope |
|
