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