Direct Methanol Fuel Cells Market: Current Analysis and Forecast (2021-2027)

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Direct-methanol fuel cells or DMFCs are a subcategory of proton-exchange fuel cells in which methanol is used as the fuel. Their main advantage is the ease of transport of methanol, an energy-dense yet reasonably stable liquid at all environmental conditions. Current DMFCs are limited in the power they can produce, but can still store a high energy content in a small space. This means they can produce a small amount of power over a long period of time. This makes them ill-suited for powering large vehicles (at least directly), but ideal for smaller vehicles such as forklifts and tugger as well as consumer goods such as mobile phones, digital cameras or laptops. Military applications of DMFCs are emerging applications since they have low noise and thermal signatures and no toxic effluent. These applications include power for man-portable tactical equipment, battery chargers, and autonomous power for test and training instrumentation. Thus, with continuous technological advancement and adoption of  DMFC across industries the market is expected to witness a robust growth of ~16% during the forecast period.

The Global Direct Methanol Fuel Cells Market is experiencing significant growth due to the increased awareness about clean energy and demand for zero-emission energy sources. Furthermore, stringent environmental regulations would act as a catalyst in driving the demand in this market, as the regulations would likely compel countries to shift their primary energy mix towards cleaner fuels, such as fuel cells. 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.

In addition, various companies and governments have been testing DMFC for backup power applications in case of a power outage. For instance, In February 2021, SFC Energy AG completed a smart city project in Itanagar, India with its Indian partner FC TecNrgy Pvt Ltd. For this, SFC Energy delivered 30 EFOY Pro 2400 fuel cells. In these smart city applications, the EFOY Pro 2400 fuel cell with its output power of 110 watts (W) functions as a powerful, reliable, and, above all, environmentally friendly emergency power generator that is connected with a compact 50 Ah battery pack. In the event of a power outage, it is capable of permanently bridging downtimes of up to 100 hours with only 10 liters of Methanol.

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Insights Presented in the Report

“Amongst Component, Electrode Category to Hold Significant Market Share”

Based on component, the market is bifurcated into Electrode, Membrane, Balance of System, and Balance of Stack. Among these, the electrode category to hold significant market share during the forecast period. The market is driven primarily by the massive rise in the consumer base of portable electronic devices and the growing demand for longer-lasting power supplies. Moreover, growing investments in fuel cell technologies and government initiatives for clean technology to reduce dependence on nuclear energy and fossil fuel are further expected to drive the market. With technological advancements in membrane assembly, DMFC is believed to be a next-generation power source that revolutionizes the performance and ease of use of all sorts of portable electronics. In comparison with the rechargeable battery based on lithium-ion polymer, the DMFC has theoretically 10 times more weight energy density. This performance translates into larger conversation times for mobile phones, longer times for use of notebook computers between replacement of fuel cartridges, and more power available on these devices to support consumer demand.

“Amongst Application, Portable Category to Witness Strong Growth During 2021–2027F”

Based on application, the market is categorized into Portable, Stationary, and Transportation. The applications of this technology range from stationary power production to portable systems to supply portable electrical equipment, such as notebooks, cellular phones, among others. Fuel cells generate power by the electrochemical conversion of fuel, which can be instantly replenished. For the portable power segment, direct methanol fuel cells (DMFCs) are the most promising solutions because they can be created in the most compact form factor, methanol. Therefore, increasing sales of consumer electronics coupled with the focus of major companies on energy efficiency and environmentally friendly products are expected to drive the market during 2021–2027F.

“Asia-Pacific will Dominate the Market During the Forecast Period”

Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the rising market of automotive, electronics, among others. The region is among the largest market for the aforementioned industries and demand is increasing owing to rising consumer disposable income, growing population, and increasing government investment to improve the infrastructure to boost economic growth. Further, supporting government policies to increase the adoption of methanol in the transport and energy industry is propelling the growth of the market. For instance, NITI Aayog, India, is running a program “Methanol Economy” to reduce India’s oil import bill, greenhouse gas (GHG) emissions, and convert coal reserves and municipal solid waste into methanol. Further, several companies are manufacturing products that can run on methanol fuels. For instance, Thermax Ltd. has developed a 5 KW methanol-based reformer on a Direct Methanol Fuel Cell (DMFC). This module is being tested to replace DG sets in mobile towers. These factors are likely to propel the market of methanol in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Direct Methanol Fuel Cells Market were the three major steps undertaken to create and analyze the demand and sales of Direct Methanol Fuel Cells Market across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Direct Methanol Fuel Cells Market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Direct Methanol Fuel Cells Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are component and application. Further regional level analyses were conducted to evaluate the overall demand of Direct Methanol Fuel Cells Market in a global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing vehicle ownership and technological advancement in the healthcare sector etc. Historical trends and their year-on-year impact on the market size and share were analyzed. The demand and supply-side scenario was also thoroughly studied.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub-segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand fo Direct Methanol Fuel Cells Market across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Direct Methanol Fuel Cells Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Direct Methanol Fuel Cells Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, application, and regions.

The main objective of the Direct Methanol Fuel Cells Market Study

The current & future market trends of the Direct Methanol Fuel Cells Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Direct Methanol Fuel Cells Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include component, application, and regions
• Defined analysis of the regulatory framework for the Direct Methanol Fuel Cells Market industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Analyze the current and forecast market size of the Direct Methanol Fuel Cells Market across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the Direct Methanol Fuel Cells Market sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry