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The global phosphoric acid fuel cell market size is slated to reach USD 1.12 billion by 2026 owing to the growing need to shift to renewable energy sources. This information is contained in the recent Fortune Business Insights™ report, titled “Phosphoric Acid Fuel Cell Market Size, Share & Industry Analysis, By Application (Vehicles, Cogeneration, Others), and Regional Forecast, 2019-2026”, which states that the value of the market was at USD 0.28 billion in 2018 and is expected to display a CAGR of 19.0% between 2019 and 2026.
Daesan Green Energy to Operate the World’s Largest Hydrogen Fuel Cell Facility
Daesan Green Energy, a joint venture by Doosan, Korea East-West Power, and Hanwha Energy, is all set to operate the world’s largest hydrogen fuel cell plant, the Daesan Hydrogen Fuel Cell Power Plant in August 2019. Housing a total of 50.16 MW of power plants, the site will have 440 kW of phosphoric acid fuel cells (PAFCs). With installation of this power plant, South Korea aims at strengthening its hydrogen fuel cell capabilities and extending the technology to power vehicles as well as generate power. The setting of the facility follows the South Korean government’s aim to rejuvenate its hydrogen economy. Thus, capacity building in fuel cell technologies is speedily rising as one of the leading phosphoric acid fuel cell market trends.
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Promising Projects to Drive the Market in the European Union
The phosphoric acid fuel cell market report shares that member countries in the European Union (EU) are initiating exciting projects and ventures to popularize and boost the uptake of PAFCs in the continent. For instance, the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), a one-of-a-kind public-private collaboration, was initiated in 2014 under the EU Horizon 2020 Framework to provide guidelines and regulations for development of fuel cell technologies in Europe. The FCH JU, in 2016, announced the Pathway to a Competitive European FC m-CHP market (PACE) project with the aim to set up 2,800 micro combined heat and power (m-CHP) units in 10 EU countries by 2021. Individual countries, too, are also deeply engaged in furthering research, development, and promotion of fuel cell technologies to accelerate their shift towards renewables. For example, Germany’s Transport and Infrastructure Ministry (BMVI) declared in November 2019 that it would provide funds worth €5 million to Clean Power Net (CPN), a country-wide consortium of companies in Germany. The financing was aimed at replacing the energy-inefficient diesel back-up generators with fuel cell units in radio towers. Launch of such innovative projects is expected to foster sustained PAFC market growth in the forthcoming years.
Collective Innovation to Define Market Competition
Core competitors in this market are focused on developing sustainable and long-lasting solutions, according to the phosphoric acid fuel cell market analysis. Moreover, companies, in a bid to cement their market position, are teaming up with each other as well as entering into collaborations with diverse research organizations to expand their offerings.
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Global Phosphoric Acid Fuel Cell Market Scope
Value (USD Billion) and Volume (MW)