Los Angeles, December 5, 2019 – Growing need to produce affordable and clean energy to reduce environmental impact is likely to provide more impetus on available alternatives derived from renewable energy sources. QY has recently come up with a new report titled, “Global Automotive Direct Methanol Fuel Cell Market Professional Survey Report 2019,” provides a detailed analysis on the global market for Automotive Direct Methanol Fuel Cell. As per the report, the market was valued more than US$ 14 Mn in 2018 and is projected to reach over US$ 30 Mn by 2025, registering a robust CAGR of 11.2% from 2019 to 2025.
Get PDF sample copy of this report: https://www.qyresearch.com/sample-form/form/1326657/global-automotive-direct-methanol-fuel-cell-market
Global Need to Reduce Carbon Emission to Foster Growth of the Market
Methanol is used as a primary source of energy to power automobiles and is mainly used in battery packs for forklift trucks. Automotive Direct Methanol Fuel Cell technology is also used to power buses, ships, and cars as it provides an option of using clean energy instead of conventional fuel. The shift towards increasing usage of clean energy to reduce carbon emission around the world is likely to foster the growth of the market. Increasing government support to promote the usage of renewable energy sources to fulfill energy needs is leading to the growth of the Automotive Direct Methanol Fuel Cell market.
Increasing Demand for Hybrid Vehicles is likely to Boost the Product Segment
Based on the product type, the market is segregated into 1 KW- 5 KW and < 1 KW. Based on the application, the market is bifurcated into commercial vehicles and passenger cars. Automotive Direct Methanol Fuel Cell technology can be used to power hybrid vehicles that use battery-powered with methanol, which includes vehicles such as electric cars and other utility vehicles such as jeeps, tanks, and trucks in rural and urban areas. It also offers a viable option to reduce carbon emission offering scope for the growth of the application segment.
Emphasis on Increasing Usage of Clean Energy in Automotive Sector to Boost Asia Pacific Market
Increasing concerns to reduce carbon footprint especially in developing countries in the Asia Pacific region is due to their dependence on non-renewable sources of energy. Countries such as India and China are increasing the usage of clean energy with the adoption of alternative technologies such as Automotive Direct Methanol Fuel Cell for usage in transportation. It is extensively used to power batteries in automobiles and to decrease dependence on oil. In the usage of methanol as fuel, China leads the global market and the country is likely to increase usage of clean energy which provides a viable option for the replacement of oil.
Key Players Focus on R&D to Gain a Competitive Advantage
TM4, Continental, PMW, PROTEAN ELECTRIC, Kollmorgen, Elaphe, SFC Energy AG, Metric Mind, and Oorja Protonics are some of the key players operating in the Automotive Direct Methanol Fuel Cell market. The market is in the nascent stage and the companies are investing heavily in R&D for thwarting the threat from new entrants.
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