Phosphoric Acid Fuel Cell Market Driven by Transition to Net-Zero
The global phosphoric acid fuel cell (PAFC) market was valued at approximately USD 475.25 million in 2023 and is projected to reach USD 1,772.08 million by 2030, reflecting a compound annual growth rate (CAGR) of 20.9% from 2024 to 2030. This growth is primarily driven by the increasing global emphasis on reducing carbon emissions and the transition towards cleaner energy sources. Key Market Trends & Insights Regional Leadership: In 2023, the Asia Pacific region led the global market, accounting for 42.2% of the revenue share. Countries like Japan, South Korea, and China are significant contributors due to their strong governmental support for clean energy initiatives and the adoption of combined heat and power (CHP) systems. Application Dominance: The cogeneration segment held the largest revenue share at 63.5% in 2023. PAFCs are particularly well-suited for CHP applications due to their high thermal and electrical efficiency, making them ideal for stationary power ge...