The global direct methanol fuel cell market is expected to show substantial growth during the forecast period owing to strong demand for electronics coupled with the need for clean energy. The Direct Methanol Fuel Cell (DMFC) market has applications spread across multiple industries. Major end-use industries include electronics, automotive, and industrial. The DMFC has different types of applications, viz., stationary applications, portable applications, and transportation applications. These cells have higher energy density than conventional lithium-ion batteries. Such superior characteristics are presumed to play a critical part in aiding global market development. Favorable government initiatives and regulations favoring clean technology are touted to positively impact the DMFC market.
Increasing R&D investment by companies for initiatives and commercialization of these cells is slated to further augment market growth. Direct methanol fuel cells can also be used in automobiles instead of conventional fuel and are termed to be more reliable and have better efficiency. Such characteristics are presumed to aid the global as well as regional DMFC markets. Storing methanol is relatively easy than other materials, which is also supposed to encourage product acceptance across industries and in turn complement market growth. Rapidly growing personal electronic product consumption and the need for longer battery life and higher performance are projected to bolster the direct methanol fuel cell market. Technical limitations and expensive R&D initiatives are anticipated to hinder the direct methanol fuel cell market over the next seven years. Other factors capable of negatively impacting the market are the high catalyst cost and a paucity of fuel distribution network. Emerging economies are expected to witness robust demand in areas such as automotives, electronics, and industrial operations. These emerging economies such as China, India, and Brazil offer ample opportunities for the industry participants. R&D initiatives to commercialize direct methanol fuel cells and develop superior products offer abundant opportunities for the new industry entrants as well as existing participants.
Developing regions such as Asia Pacific and Latin America are presumed to witness a rapid rise in DMFC end-use industries such as automotives, electronics, and other industrial usages. These regional markets show promising growth estimations and offer abundant opportunities for the industry participants. Currently, the DMFC market is at a nascent stage and is characterized by a handful of companies. High initial R&D costs are expected to ward off new entrants from entering the fuel cell industry. However, this scenario is expected to change once the technology commercializes and the initial investments decrease.
Key industry participants operating in the global direct methanol fuel cell market share include Antig Technology Company Ltd., Viaspace Inc., Fujikura Ltd., Idatech LLC, Panasonic Corporation, Samsung SDI Co. Ltd., Neah Power Systems Inc., Sharp Corporation, Toshiba Corporation, CMR Fuel cell Plc., DuPont Fuel Cell, Hitachi Ltd., Oorja Protonics Inc., MTI Micro Fuel cell Inc., Polyfuel Inc., SFC Energy Ltd., Sympowerco Corporation and Ultracell Corporation.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.