The global fuel cell catalyst market size is set to undergo a robust growth period owing to the increasing demand for renewable energy across the globe. According to the International Energy Agency (IEA), the share of renewables in meeting the world energy demand will grow by 20% to reach 12.4% from the present levels by 2023. Furthermore, renewables will account for 30% of global power demand and meet 70% of the world electricity needs, fueled by solar PVs, by 2023. The gradual shift towards renewables will be crucial for the fuel cell catalyst market growth as these devices are seen as instrumental in reducing greenhouse gas emissions and lowering pollution levels. This is substantiated by the fact that heat consumption through renewable sources will increase by 20% as 2023 approaches, as reported by the IEA. As a result, waste heat generated by manmade sources will be better managed and less waste heat will be produced as clean energy sources gain traction.
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Key Market Players:
- Johnson Matthey
- Huntsman Corporation
- Pyrochem Catalyst Company
- Tanaka Holdings Co., Ltd.
- Haldor Topsoe A/S
- De Nora
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In its report, titled “Fuel Cell Catalyst Market Size, Share and Global Trend By Type (Platinum, Platinum Ruthenium Alloy, Other), By Application (Methanol Fuel Cell Catalyst, Hydrogen Fuel Cell Catalyst, Reformate Fuel Cell Catalyst, Others) and Geography Forecast till 2026”, Fortune Business Insights provides a microscopic analysis of the upcoming trends, factors, and competitive and regional dynamics that are likely to shape the development of the market in the forecast period. Apart from this, the report also incorporates an elaborate overview of the industry that will aid companies to make informed decisions and strengthen their position in the market.
Pollution-Reducing Properties of Fuel Cells to Accelerate Their Adoption
Fuel cells are devices that convert the potential energy stored in molecular bonds into electrical energy, producing water, heat, and electricity in the process. The catalyst within the cell, which is made up of platinum, makes possible the reaction of oxygen with hydrogen. This basic feature bodes well for the fuel cell catalyst market as these devices present a credible alternative to conventional combustion engines. For example, fuel cell catalysts are able to convert chemical potential energy directly into electrical energy and thus produce less waste heat. In comparison, internal combustion engines first convert chemical potential energy into heat which then gets converted to electrical energy through mechanical processes. This also means that fuel cells emit a negligible amount of greenhouse gases and can therefore play an important role in fighting pollution. Besides environmental benefits, these devices are economically desirable as they consist of no moving parts and are therefore less expensive to maintain, with a higher reliability quotient.
Europe to Offer Lucrative Business Opportunities; North America to Exhibit Steady Growth
Rising involvement of government and private research organizations to commercialise fuel cell technology is expected to bolster the fuel cell catalyst market demand in Europe. In North America, growth is anticipated to be sturdy as adoption rate of fuel cell-powered cars has risen steadily in the region. Furthermore, government agencies such as the US Department of Energy are extensively researching the economic viability of fuel cells, which will enhance the potential of this market. Asia-Pacific is expected to present exciting growth prospects owing to the increasing investment by India and China in their respective renewable energy sectors, the fuel cell catalyst market trends show.
Increasing Focus on Research to Stir Competition
Competition in this market is expected to be characterized by growing focus on research, especially by academic institutions. On the other hand, private companies are looking to entrench their position in this market through operational expansion and diversification of product offerings.
Key Industry Developments:
- November 2019: A team of materials scientists at the Indian Institute of Technology (IIT) Madras developed a fuel cell catalyst made of zirconium nitride nanoparticles that could prove to be a superior alternative to the traditional platinum catalysts at a lower cost.
- April 2019: Hyundai announced its teaming up with H2 Energy to deliver 1600 fuel cell trucks in Europe in a bid to establish its presence in the European market.
Key Segmental Overview:
- By Type
- By Application
- By Geography
Major Table of Content For Fuel Cell Catalyst Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Fuel Cell Catalyst Market Analysis, Insights and Forecast, 2026
- North America Fuel Cell Catalyst Market Analysis, Insights and Forecast, 2026
- Europe Fuel Cell Catalyst Market Analysis, Insights and Forecast, 2026
- Asia Pacific Fuel Cell Catalyst Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Fuel Cell Catalyst Market Analysis, Insights and Forecast, 2026
- Latin America Fuel Cell Catalyst Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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