About this market

Several benefits of using phosphoric acid fuel cells are one of the key factors expected to trigger the phosphoric acid fuel cell market growth during the forecast period. These cells showcase higher tolerance of impurities contained in fossil fuels including gasoline and diesel. These fuel cells also make use of conventional fossil fuels leading to the commercialization of phosphoric acid fuel cells over other fuel cell technologies. analysts have predicted that the phosphoric acid fuel cell market will register a CAGR of almost 21% by 2023.

Market Overview

Exploring unconventional resources

The increase in adoption of horizontal drilling and hydraulic fracturing has led augmented the rate of production of crude oil, condensate, and natural gas. This will drive the growth of the global phosphoric acid fuel cell market during the forecast period.

Competition from other fuel cells

Phosphoric acid fuel cell faces tough competition from PEMFC and SOFC. Hence, the rapid adoption of other fuel cell technologies such as PEMFC and SOFC for stationary applications might limit the growth of the global phosphoric acid fuel cell market during the forecast period.

For the detailed list of factors that will drive and challenge the growth of the phosphoric acid fuel cell market during 2019-2023, view our report.

Competitive Landscape

The market appears to be concentrated and with the presence of few companies including Bharat Heavy Electricals Ltd., and Doosan Fuel Cell America Inc., the competitive environment is quite intense. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.