Direct Methanol Fuel Cells (DMFC) Market Worth 188.82 Million USD by 2020
PUNE, India, January 27, 2016 /PRNewswire/ --
The report "Direct Methanol Fuel Cells Market by Application (Portable, Stationary, & Transportation), by Component (Electrode, Membrane, Balance of System, & Balance of Stack), & by Region -Global Forecast to 2020", Published by MarketsandMarkets, The market is expected to grow from an estimated USD 92.65 Million in 2015 to USD 188.82 Million by 2020, at a CAGR of 15.3% from 2015 to 2020.
Browse 90 market data Tables and 40 Figures spread through 150 Pages and in-depth TOC on "Direct Methanol Fuel Cells Market"
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The market report defines and segments the global Direct Methanol Fuel Cells Market with an analysis and forecast of the market size.
Direct Methanol Fuel Cells (DMFC) Market is expected to grow from an estimated USD 92.65 Million in 2015 to USD 188.82 Million by 2020, at a CAGR of 15.3% from 2015 to 2020. Increasing demand for clean energy coupled with government initiatives in the form of funding is driving the market globally.
The DMFC market for portable application to grow at the highest rate
The Direct Methanol Fuel Cells (DMFC) Market has been segmented into application, component, and region. By application, the market has been sub segmented into portable, stationary, and transportation. The portable application segment is expected to exhibit the highest growth rate during the forecast period. The growth can be attributed to the use of higher energy density fuel, namely methanol, which is a potential replacement for lithium ion/nickel cadmium batteries. Along with this, benefits such as easy recharge with changing methanol cartridge, cold start, and extended power back-up are driving the development of DMFC in portable applications.
The balance of system component is estimated to drive the DMFC market with the highest growth rate
On the basis of component, the market has been segmented into electrode, membrane, balance of system, and balance of stack. The balance of system component is expected to grow at the highest CAGR during the forecast period. Direct methanol fuel cells are put to use with the help of a DMFC system that contains arrangement and provision for methanol cartridges, air supply, water management, and housing design & assembly. With increasing fuel cells in large power applications, there would be an increased need for balance of system such as methanol cartridges, more air and water supply. This factor is expected to fuel the demand for the balance of system component.
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Asia-Pacific is estimated to be the global leader in DMFC market, by value, for the next five years.
On the basis of region, the market has been segmented into Asia-Pacific, North America, Europe, and Rest of the World. Asia-Pacific represents the largest market for green technologies in the world. This growth can be attributed to the high adoption of fuel cell technology in countries such as South Korea and Japan. Other developing countries in the region, such as China and India, are also adopting fuel cell technology to meet their domestic energy demand through eco-friendly means.
The Direct Methanol Fuel Cells (DMFC) Market was dominated by SFC Energy AG (Germany), Ballard Power Systems Inc. (Canada), and Oorja Protonics (U.S.), in 2015. These market players have also been active in the competitive developments of the DMFC market.
The report segments the market on the basis of application into portable, stationary & transportation; by component into electrode, membrane, balance of system, and balance of stack; and by region into Asia-Pacific, North America, Europe, and Rest of the World. Market share analysis, by revenue for key companies, is included in the report. The scope accordingly aids market participants to identify high growth markets and help managing key investment decisions.
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