According to a new report release by Research and Markets, the direct methanol fuel cells (DMFC) market is expected to reach US$188.82 million by 2020, at a CAGR of 15.3% from 2015 to 2020.
The growing demand for clean energy has been accompanied by depletion of fossil fuels, which has shifted the focus toward fuel cell markets. The DMFC market is still in its initial development phase in all the regions, due to slow infrastructure development for refuelling of fuel cells, technical limitations, and use of expensive materials for its manufacturing. Government initiatives and grants for fuel cell research, investments from financial institutions, high energy storage density as compared with batteries and other fuel cells, growing demand for clean energy, and use of cheaper metals for its manufacturing are driving the growth of the global DMFC market.
The report segments the DMFC market on the basis of its application which include portable, stationary, and transportation. The portable application is the highest growth market for DMFC. The stationary DMFC application is projected to dominate the global DMFC market during the forecast period.
The DMFC market has also been segmented on the basis of components into electrodes, membranes, balance of stack, and balance of system, among others. Majority of the DMFC market is captured by electrode component.
Asia Pacific is the leading market for DMFC, owing to significant investments in fuel cell technologies, especially in Japan and South Korea. Governments of countries such as Japan and South Korea have also been undertaking initiatives to reduce dependence on nuclear energy and fossil fuel and move toward renewable energy. The Japanese government is investing in fuel cell technology that will power the 2020 Olympics in Tokyo.
Other countries, such as Singapore, India, Indonesia, and Malaysia, have started or are expected to start exclusive programmes to promote fuel cells in regional markets. These countries are currently focussing on back up power (stationary application) fuel cells. India is expected to invest in fuel cell systems that will provide back up power for telecommunication towers from 2015 to 2020.
Read the full report here.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/16022016/direct-methanol-fuel-cells-market-until-2020-200-billion-cagr-15-2505/