Global Reformer Integrated Fuel Cells Market - 2023-2030
Global Reformer Integrated Fuel Cells (RIFC ) market reached US$ 228.2 million in 2022 and is expected to reach US$ 632.5 million by 2030 growing with a CAGR of 13.6% during the forecast period 2023-2030.
The RIFC market is considerably at an initial stage of development as compared to other types of fuel cells available in the market. However, the rising demand for energy efficiency with no environmental constraints has increased the popularity of the RIFC market in various developed regions like North America and Europe.
Hydrogen is among the fastest-growing fuel in the RIFC market and is expected to cover more than 70.5% share in regions like North America and Europe. The segment's growth is due to rising investment in hydrogen infrastructure to support the growth of fuel cell technologies.
U.S is among the largest shareholder covering more than 2/3th percentage in the North America RIFC market. In the commercial and industrial sectors in U.S., stationary power generation and backup power applications have received considerable attention. Government programs and incentives have also helped fuel cell technologies, notably RIFC systems, expand in the country.
Market Dynamics
Rising Demand for Lightweight Energy Plants
Energy generation and transportation from the production to consumption area become major factors for various energy-producing companies. The growing need for energy has encouraged the adoption of lightweight energy plants to increase portability and reduce the time of transportation. Lightweight energy plants are necessary to enable mobility and portability in sectors including aerospace, defense and detached off-grid areas.
RIFC systems, which can be combined with fuel reformers, offer a portable, efficient power-generating option that can be used in a variety of settings. Furthermore, lightweight energy plants with RIFC systems offer a desirable alternative in situations when dependable backup power is required. They can be installed in essential facilities like data centers, hospitals and communication hubs to maintain a steady supply of electricity during grid disruptions or emergencies.
Environmental Benefits of RIFCs
The growing trend towards the adoption of cleaner and sustainable energy acts as a major driver for the RIFC market in recent times. Comparing RIFC systems to traditional energy generation methods, a considerable reduction in greenhouse gas emissions can be achieved. The sole byproducts of the fuel cell reaction when using hydrogen derived from low-carbon sources (such as electrolysis of renewable energy or biogas reforming) are heat and water. As a result, there is almost no carbon dioxide (CO2) emissions during the production of energy.
Furthermore, when RIFC systems are compared to conventional energy generation methods, greenhouse gas emissions can be significantly reduced. When hydrogen is produced from low-carbon sources, the only byproducts of the fuel cell reaction are heat and water. As a result, the creation of energy produces nearly little carbon dioxide (CO2) emissions.
Presence of Alternative Fuel Cells
The widespread adoption of certain alternative fuel cells has led to the development of supporting fuel infrastructure, such as hydrogen refueling stations for PEMFC vehicles. This infrastructure investment can create a barrier for RIFC systems, especially if potential customers already have access to alternative fuel sources.
Furthermore, Investors and businesses have shown more interest hence they direct resources and investments towards technologies with a track record of success because alternative fuel cell technologies are already widely used. Due to this inclination, it may be challenging for RIFC manufacturers to secure the capital and assistance they need to expand their manufacturing and distribution.
COVID-19 Impact Analysis
The COVID-19 pandemic has had severe impacts on the reformer integrated fuel cells (RIFC) market. Due to lockdowns, travel restrictions and the closing of manufacturing facilities, the RIFC market experienced supply chain disruptions. As a result, the manufacturing and delivery of RIFC systems and components were delayed.
Furthermore, The pandemic's effects on the economy resulted in postponed projects and lower investments in new technologies. Due to financial limitations or uncertainties regarding their future energy needs, several potential customers might have put off implementing RIFC systems.
Segment Analysis
The global reformer integrated fuel cells market is segmented based on fuel, power outout, application, end-user and region.
Hydrogen’s Beneficial Properties Such as No Emissions and High Energy Density
Hyrdorgen is one of the cleanest and most efficient energy carriers, hydrogen offers several advantages in fuel cell technology, making it a preferred option for various applications. Furthermore, hydrogen can be produced from various sources, including electrolysis of water using renewable electricity, steam methane reforming of natural gas, or other processes. Depending on local energy policies and availability, this flexibility in production techniques allows for flexibility in purchasing hydrogen.
In addition, systems powered by hydrogen have a high rate of energy conversion. Fuel cells immediately produce electricity through the chemical reaction between hydrogen and oxygen, resulting in low energy loss throughout the conversion process. Thus the above-mentioned factors are making hydrogen a popular choice as compared to other types of fuels available in the market and expected it to contribute more than 60.2% in the forecast period.
Geographical Analysis
Europe Extensive Investments in Hydrogen Infrastructure
Europe is a growing region in the global RIFC market and is expected to contribute more than 1/3rd share of the market. European countries such as Germany, UK, France, Norway, Sweden and others have a strong focus on sustainability and reducing greenhouse gas emissions. Fuel cell technologies, including RIFC systems, align well with the region's energy and climate goals.
Furthermore, Europe has made extensive investments in hydrogen infrastructure to facilitate the development of fuel cell technology in recent times which is creating future growth prospects for the market in the region. The use of hydrogen as a fuel source for RIFC systems in transportation applications has been made easier by the growth of hydrogen refueling networks in the region.
Competitive Landscape
The major global players include Bloom Energy, FuelCell Energy, Doosan Fuel Cell, SolidPower, Aisin Corporation, Cummins Inc and Toshiba Corporation.
Why Purchase the Report?
• To visualize the global reformer integrated fuel cells market segmentation based on fuel, power output, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of reformer integrated fuel cells market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global reformer integrated fuel cells market report would provide approximately 69 tables, 73 figures and 211 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies