Market Size of Asia-Pacific Direct Methanol Fuel Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 14.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Direct Methanol Fuel Cell Market Analysis
The Asia-Pacific direct methanol fuel cell market is anticipated to register a CAGR of over 14% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market now reached pre-pandemic levels.
- Over the medium term, with the increasing focus on adopting clean energy and improving fuel efficiency, the use of fuel cells for various applications such as transportation, stationary, and portable applications is expected to drive market growth in the future.
- On the other hand, a wide variety of other fuel cell technologies are available, including solid oxide fuel cells, proton-electron membrane fuel cells, and alkaline fuel cells. It is expected to hamper the growth of the market.
- Nevertheless, the direct methanol fuel cell (DMFC) eliminates the need for charging infrastructure for the battery. In addition, methanol is relatively inexpensive, includes a relatively high energy density, and is easily transported and stored in warehouses, thus likely to support the market. In turn, this is likely to create huge opportunities for market players shortly.
- China is expected to dominate the direct methanol fuel cell market. Due to the growing use of electric vehicles and the increase in demand for consumer electronics caused by urbanization and power purchase parity, electric vehicle deployment is increasing.
