New York, United States , Aug. 15, 2024 (GLOBE NEWSWIRE) -- The Global Direct Methanol Fuel Cells Market Size is to Grow from USD 2.58 Million in 2023 to USD 12.64 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 17.22% during the projected period.
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Direct methanol fuel cells are a type of proton-exchange fuel cell that uses methanol for energy. Direct methanol fuel cells convert methanol directly into electricity and are primarily designed for portable power applications. The direct methanol fuel cell operates in the same way that proton-exchange membrane fuel cells do. Liquid methanol has a larger volumetric specific energy density than gaseous hydrogen, resulting in significant advantages. Methanol is often mixed with water and fed directly to catalytic components. Since this fuel cell uses methanol as fuel, there are no storage difficulties because methanol has a higher energy density, making it easy to carry and supply as demanded. Direct methanol fuel cells are of significance for powering portable electronic devices such as laptop computers and battery chargers. Methanol has a higher energy density than hydrogen, making it an ideal fuel for portable electronics. However, the costly nature of fuel cells could restrict market growth.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Direct Methanol Fuel Cells Market Size, Share, and COVID-19 Impact Analysis, By Component (Bipolar Plates, Current Collector, Catalyst, Membrane), By Application (Portable, Transportation, and Stationary), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The bipolar plates segment has the biggest share of the market during the projection period.
Based on components, the direct methanol fuel cells market is divided into bipolar plates, current collectors, catalyst, and membranes. Among these, the bipolar plates segment has the biggest share of the market during the projection period. Bipolar plates are an important component of hydrogen fuel cells and direct methanol fuel cells. While the fuel cells, stacked together, are the most significant portion of the fuel cell system, the plates, as integrated components of the cells, serve a number of critical activities. They transport reactant gases, carry current from the membrane electrode assembly to the end plates, regulate temperature and water, and separate individual cells.
The portable segment is the most dominant category during the predicted period.
Based on application, the direct methanol fuel cells market is classified into portable, transportation, and stationary. Among these, the portable segment is the most dominant category during the predicted period. Direct methanol fuel cells are a promising source of power in future portable devices. This is owing to the potential for a far higher gravimetric energy density of more than 1300 Wh/kg, which is approximately ten times that of traditional lithium-ion batteries. This potential energy density is mostly due to the high chemical capacity of the methanol fuel. Furthermore, the higher energy density of these fuel cells when compared to rechargeable batteries allows for longer conversations and promotes consumer demand, which is advantageous. Other benefits, such as potential refilling, are critical to the expansion of the portable electronic device sector.
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Asia-Pacific is expected to hold the largest share of the direct methanol fuel cells market over the forecast period.
The Asia Pacific region's prominent position in the global direct menthol fuel cell market can be attributed to increased investments in advanced fuel cell technologies by regional countries such as South Korea and Japan. Other major factors driving the expansion of the worldwide direct menthol fuel cell market in the Asia Pacific region include local governments' increasing efforts to reduce their reliance on nuclear energy, a shift toward sustainable energy, and increased investments in fuel cells to provide emergency power for regional telecommunication towers.
Europe is predicted to grow at the fastest pace in the direct methanol fuel cells market during the projected timeframe. The growing use of clean energy sources has created attractive market opportunities across Europe. For context, SFC Energy AG, one of the leading manufacturers of direct methanol fuel cells, joined the European Clean Hydrogen Alliance on April 8, 2021, with the goal of verifying a variety of approaches and activities to decarbonize the EU economy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Direct Methanol Fuel Cells Market are Blue World Technologies, Panasonic Corporation, Toshiba Energy Systems & Solutions Corporation, Advent Technologies, Roland Gumpert, MeOH Power, Mitsubishi Gas Chemical Trading, Inc., SFC Energy AG, DMFC Corporation, and Other Key Vendors.
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Recent Developments
- In August 2023, Robert Allan Ltd. Naval Architects and Marine Engineers will create the first methanol hybrid fuel cell tugboat. The subsequent stage will include work on the vessel design, scope considerations for vessel construction, and onboard gear selection.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global direct methanol fuel cells market based on the below-mentioned segments:
Global Direct Methanol Fuel Cells Market, By Component
- Bipolar Plates
- Current Collector
- Catalyst
- Membrane
Global Direct Methanol Fuel Cells Market, By Application
- Portable
- Transportation
- Stationary
Global Direct Methanol Fuel Cells Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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