Direct methanol fuel cells (DMFC) is an attractive source of energy for mobiles, portable, and stationary applications. Its main advantage is ease of transport with no complicated storage mechanism. DMFCs have higher energy density compared to conventional lithium ion batteries. Such superior characteristics are presumed to play a critical part in aiding the global market development. Favorable government initiatives and regulations related to clean energy would further have a positive impact on direct methanol fuel cells market.
The global Direct Methanol Fuel Cells market is projected to grow at a high rate during the forecast period, mainly due to the ease of storage and transportation of DMFC as storing methanol is relatively easy than other materials, which is also supposed to encourage product acceptance across industries and in turn compliment market growth.
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Global Direct Methanol Fuel Cells market has been segmented based on type, component, application, and region. Based on component, the market is classified into electrode, membrane, balance of system, and balance of stack. The balance of system segment is expected to be the largest segment of Direct Methanol Fuel Cells, by component, in 2018. With increasing fuel cells in large power applications, there would be an increasing need for balance of system such as methanol cartridges, more air and water supply. This factor is expected to boost the demand for the balance of system component. The global Direct Methanol Fuel Cells market is further segmented based on application, including portable, stationary, and transportation. Portable segment of the global Direct Methanol Fuel Cells market is estimated to register the highest growth rate during the forecast period.
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Region wise, Asia Pacific held the largest market share of the global Direct Methanol Fuel Cells market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising investment in railway sector, rising urbanization and proliferation of electrification. Europe region holds significant market share and is expected to dominate the global Direct Methanol Fuel Cells market in terms of revenue contribution. Germany is leading country contributing to the growth of the European market. The market is mainly driven by factors such as the gradual shift from diesel-based to diesel-electric locomotives and electric locomotives.
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