According to the latest market research study released by Technavio, the global fuel cell market for CHP applications is expected to grow at a CAGR of close to 25% during the forecast period 2016-2020.
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Technavio research analysts categorize the global fuel cell market for CHP applications based on product type:
Global fuel cell market for CHP applications share by product type 2015
|
PEMFC |
47.43% |
|
MCFC |
30.10% |
|
SOFC |
16.32% |
|
PAFC |
6.15% |
Source: Technavio
Global fuel cell market for CHP applications by PEMFC
The global fuel cell market for CHP applications by PEMFC shipments was valued at almost 30 MW in 2015 and is predicted to grow at a CAGR of about 26% by 2020. The extensive use of PEMFC in various end-user industries like automotive applications, distributed power generation, and portable applications will fuel the growth of this market segment during the forecast period. These products have several benefits that include low operating temperature, fast start-up time, compactness, and sustainable operations that provide high energy density and low emissions.
“The growing requirement for PEMFC systems for stationary power will drive the demand for the unit shipments of these fuel cells in the market. These stationary power fuel cells have applications in generating telecommunication backup power, prime power units in buildings, and as CHP in the residential sector. PEMFCs are efficient and reliable systems which will lead to a higher number of installations of large MW-scale stationary fuel cells over the period of next four years,” says Thanikachalam, a lead analyst at Technavio for research on energy storage.
Global fuel cell market for CHP applications by MCFC
The global fuel cell market for CHP applications by MCFC shipments was valued close to 19 MW in 2015 and is predicted to grow at a CAGR of around 27% by 2020. These systems allow the fuel cell to co-generate heat and power and can operate at high temperatures of above 600°C. MCFC have industrial applications and are extensively used by power utilities, commercial and industrial facilities, and distributed power generation companies. These systems can operate using a wide variety of fuels and at part-load capacities making it the most fuel-efficient system in the market. The application of these fuel systems for power generation and CHP units as a renewable source of energy will result in the development of this market segment. It is estimated that MCFCs will potentially replace diesel-based generation systems during the forecast period.
Global fuel cell market for CHP applications by SOFC
The global fuel cell market for CHP applications by SOFC shipments was valued more than 10 MW in 2015 and is predicted to grow at a CAGR of almost 23% by 2020. The high fuel flexibility and efficiency makes this the most popular source of heat and power in the residential sectors. SOFC can generate electricity and heat chemically, making them a clean source of power and boosting the demand in this market segment. The vendors are using new age fuels like syngas, pure and impure hydrogen, and biofuels to operate SOFCs.
Global fuel cell market for CHP applications by PAFC
The global fuel cell market for CHP applications by PAFC shipments was around 4 MW in 2015 and is predicted to grow at a CAGR of more than 8% by 2020. The increasing adoption of PAFC-based CHPs for medium and large scale applications in the commercial sector will drive the growth in this market segment. These systems help to build owners to reduce carbon emissions of the premise. These are distributed generation technology specifically used for sustainable and clean for self-power generation.
The top leading vendors operating in the global fuel cell market for CHP applications are:
- ACAL Energy
- Bloom Energy
- FuelCell Energy
- Viessmann
Other prominent vendors in the market include Aisin Seiki, Baxi (BDR Thermea), Ceres Power, Doosan Fuel Cell, Elcore, ENEOS Celltech (JX Nippon Oil & Energy), EnerFuel, Haldor Topsøe, HEXIS, Kyocera, Panasonic, SOLIDpower, Toshiba, and Vaillant.
A more detailed analysis is available in the Technavio report titled, ‘Global Fuel Cell Market for CHP Applications 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Fuel Cell Market 2016-2020
- Global Solid Oxide Fuel Cell Market 2016-2020
- Global Direct Methanol Fuel Cell Market 2016-2020
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