Fuel Cell Bipolar Plate Market - Global Industry Report, 2030
Transparency Market Research delivers key insights on the global fuel cell bipolar plate market. In terms of revenue, the global fuel cell bipolar plate market is estimated to expand at a CAGR of 57.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global fuel cell bipolar plate.
The global fuel cell bipolar plate market is broadly affected by several factors, including government initiatives to promote the adoption of fuel cell, increase in the demand for fuel cell-based automobiles, and development of clean energy generation. Furthermore, introduction of stringent regulations to minimize carbon emissions is also a key factor that is anticipated to propel the global fuel cell bipolar plate market.
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Fuel Cell Bipolar Plate Market: Dynamics
A fuel cell uses the chemical energy of hydrogen or another fuel to produce electricity. Furthermore, the use of hydrogen as fuel would only produce electricity, water, and heat. Thus, fuel cells have diverse applications, ranging from utility power station to automobiles.
Fuel cells can operate at higher efficiencies as compared to that of combustion engines, and can convert chemical energy in the fuel to electrical energy with efficiencies of up to 60%. Fuel cells have lower emissions than combustion engines, as they emit only water; therefore, there is no CO2 emission and no air pollutants that cause health issues. Furthermore, fuel cells are silent during operation, as they have fewer moving parts.
Awareness about pollution caused by the automotive industry has been increasing over the past few years. Thus, focus on green fuel for vehicles is increasing, which would reduce emission of greenhouse gases and CO2. Fuel cells could provide lower emission, thus the sales of the fuel cell operated vehicles has been increasing. Sales of fuel cell vehicles stood at around 6,500 in 2018, and reached approximately 7,500 in 2019. Sale of fuel cell operated vehicles is expected to reach 980,000 units by 2030. Polymer electrolyte membrane fuel cells are currently the focus of research for fuel cell vehicle applications.
The demand for fuel cells is expected to increase in the near future, due to the environmental benefits they offer; therefore, the demand for fuel cell from automobile applications is expected to drive the fuel cell bipolar plate market during the forecast period.
In terms of application, the proton exchange membrane fuel cells (PEMFC) segment dominated the global fuel cell bipolar plate market in 2019. The segment is expected to expand at a CAGR of 57.5% between 2020 and 2030, due to advantages such as high power density and high-energy conversion efficiency.
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Fuel Cell Bipolar Plate Market: Prominent Countries
Asia Pacific held key share of the global fuel cell bipolar plate market in 2019. Rapid implementation of the fuel cell technology in public transport in countries such as China, Japan, South Korea, India, and Singapore is a key factor propelling the fuel cell bipolar plate market in this region. China dominated the fuel cell bipolar plate market in Asia Pacific in 2019.
The fuel cell bipolar plate market in Europe is projected to expand considerably during the forecast period due to a rise in investment in R&D of fuel cell technology. Furthermore, government initiatives, such as subsidies, to promote the usage of fuel cell is also boosting the demand for fuel cell bipolar plate in Europe. Fuel cells can provide green fuel, which would to reduce greenhouse gases and carbon emissions in the region.
The fuel cell bipolar plate market in North America is projected to expand at a moderate pace during the forecast period. The U.S. dominated the fuel cell bipolar plate market in North America in 2019. The increase in demand for fuel cells from the automotive industry in the country is anticipated to boost the fuel cell bipolar plate market in the U.S.
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Fuel Cell Bipolar Plate Market: Key Players
Major players operating in the global fuel cell bipolar plate market are POCO, Interplex Holdings Pte. Ltd., Shanghai Hongfeng Industrial Co.,Ltd., Ballard Power Systems Inc., Aperam, Dana Limited, Cell Impact, Impact Coatings AB, PRAGMA INDUSTRIES, TECHNICAL FIBRE PRODUCTS, Schunk Carbon Technology, Nisshinbo Chemical Inc., and Veco B.V.
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