What is the Global Direct Methanol Fuel Cell Market Size?
Globally, the growing awareness about clean energy is providing a huge impetus to alternate sources of energy. As per the basis of Paris climate deal, the countries across the globe have dedicated to use clean energy sources and move away from conventional fuels which cause adverse effects on environment. The Direct Methanol Fuel Cells can also be used to bridge the demand supply gap of electricity affected by reduction in usage of conventional fuels. Moreover, stringent environmental norms are likely to promulgate the demand for cleaner fuels, which in turn would drive the market for Global Direct Methanol Fuel Cell. This market is likely to reach USD XXX Million by 2023, at a CAGR of approximately XXX% during the forecast period.
Factors Driving the Growth of Global Direct Methanol Fuel Cell Market:
Growth in the market will be driven chiefly by the vast rise in the consumer base of portable electronics devices and the increasing demand for longer-lasting power supplies. Stringent environment sustenance-related regulations that require a reduction in emissions of harmful gases from manufacturing industries and automobiles are also expected to drive the global consumption of direct methanol fuel cell and increase the number of applications where these cells are used. Growing demand for clean energy coupled with government initiatives in the form of funding is driving the market globally. Increasing R&D investment by companies for initiatives and commercialization of these cells is slated to additionally augment the market. Direct methanol fuel cells can also be used in automobiles as a replacement for conventional fuel and are termed to be more reliable and have better efficiency. Other aspects capable of negatively impacting the market are the high catalyst cost and a paucity of fuel distribution network. Developing economies are likely to witness robust demand in areas such as electronics, automotive, and industrial operations.
Some of the Leading Companies in the Global Direct Methanol Fuel Cell Market:
Geographically, the Asia-pacific is the largest market for Global Direct Methanol Fuel Cell (DMFC) Market followed by North America. Some of the key players in the market are Fujikura Limited, Ballard Power Systems Inc., Samsung SDI, Oorja Protonics Inc., Horizon Fuel Cell Technologies, Meoh Power, Inc., SFC Energy AG, Antig Technology Co., Viaspace Inc., Ltd., Treadstone Technologies Inc., Bren-Tronics Incorporated, Viaspace Inc., and others.
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