Fuel Cell Humidifier Market - Forecast(2024 - 2030)
Fuel Cell Humidifier Market Overview
The
Fuel Cell Humidifier market size in 2021 is estimated to be $141.5 million and is
projected to reach $657.2 million by 2027 at a CAGR of 30.25% during the forecast
period 2022-2027. A fuel cell humidifier protects the fuel cell membranes
against drying out. In addition, the humidifiers, provides humidity by
transferring water vapor from the exhaust air to the intake air compressor. The growing
expansions in the fuel cell and hydrogen fuel cars manufacturing units owing to the stringent
environmental regulations is set to boost the fuel cell membrane humidifier industry
thereby elevating its market growth. Apart from this, the growing government
investment in the transportation sector is set to drive its market growth. As a
part of this, in February 2021, China invested $29.56 billion in fixed assets
in transportation, a year-on-year increase of 42.1% and 13.8% compared to 2020
and 2019.
Report Coverage
The report: “Fuel
Cell Humidifier Market – Forecast (2022-2027)”, by IndustryARC covers an
in-depth analysis of the following segments of the Fuel Cell Humidifier market
By Type: Recirculating Humidifier, Hollow Fiber Membrane
Humidifier, Flat Membrane Humidifier
By Humidification Type: Gas to Gas, Water to Gas
By Fuel Cell Power Range:
<1KW, 1 to 10 KW, 10
to 100 KW, > 100 KW
By Humidification Method:
Internal Humidification,
External Humidification
By Application: Automotive, Transportation, Defense, Marine,
Backup Power, Material Handling and Others
By Geography: North America (U.S, Canada, Mexico), South
America (Brazil, Argentina and others), Europe (Germany, UK, France, Italy,
Spain, Russia and Others), APAC (China, Japan India, SK, Aus and Others), and
RoW (Middle east and Africa)
Key Takeaways
- The growing number of companies offering water
to gas humidification is set to boost its market growth in the future. For
instance, Perma Pure offers water to gas humidifiers such as Monotube
Humidifier Series and FC Series.
- Growing automotive industry coupled with the
growing demand of fuel cell humidifiers in order to ensure that the system is
hydrated to function properly is set to influence the prices of fuel cell
humidifiers. For instance according to
International Partnership for Hydrogen and Fuel Cells in the Economy
(IPHE), as of November 2019, 13 member countries collectively reported a total
of more than 15,800 fuel cell cars, 2,980 fuel cell buses, 1,200 fuel cell
trucks, 26,800 fuel cell powered forklifts, and 370 hydrogen fuelling stations
currently or soon to be deployed.
- Moreover, in the year 2020, fuel cell
humidifiers manufacturers and related businesses were expected to witness
record sales with few elements of drawbacks, such as the inability to
manufacture as production plants were ordered to shut down to reduce spreading of the virus. The lack of
adequate production facilities for large-scale production and distribution of
fuel cell humidifiers products in emerging economies can restrict market
player’s footprint. As a result, players concentrate more on establishing
facilities that can address this issue and allow for unrestricted global
distribution.
- Off-the-shelf Fuel cell humidifiers are
available currently for a price of around $488 for 250W, $886 for $1.5kW and
around $1,140 for 5kW. As can be
noticed, the price per watt is decreasing as the power range increases, thus
showing that the effective price will be very low at higher power ranges
(100kW- 200kW), which is needed for automotive fuel cells.
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By Type, flat membrane humidifier accounted for
major share in 2021. This segment generated a revenue of $78.6m in 2021 and is
forecast to be growing at a fastest CAGR of 26.22% during the forecast period
2022-2027. This segment is projected to generate revenue of $303.1 million by 2027. This
is mainly owing to the growing strategies adopted by key players in order to
expand its product portfolio. For instance, in September 2019, Valmet
Automotive founded the center of competence fuel cell under the umbrella of its
Business Line Engineering. In addition, the company is currently planning to
develop the flat-membrane humidifier to series maturity. Adding to this, the
growth in the investments and expansions in the electric vehicle manufacturing
units is set to drive the market growth rate. In November 2019, Volkswagen
announced that it began the construction of its electric vehicle production
facility in Tennessee, US, with an estimated investment of $800M.
Fuel Cell Humidifier Market Segment Analysis – By End Use Industry
The growing automotive and aerospace industry
coupled with the wide usage of internal humidification process without which
the fuel cells becomes too dry and reduces the proton transport in the fuel
stack and decreases the oxygen reduction reaction at the cathode resulting in
poor fuel cell function or even failure is influencing its market growth. Transportation
generated revenue of $46.7m in 2021 and is projected to grow at a CAGR of
28.56% during the forecast period 2022-2027. This segment is forecast to reach
revenue of $200.4m by 2027. The growing government investment in the
transportation sector is expected to boost its market in the upcoming years. As
a part of this, India has historically invested about 1% of GDP in
transportation infrastructure while China increased its investments from 4.7%
of GDP in 2014 to 6.9% in 2019. Even developed nations that have more
mature infrastructure such as France and Japan spend about 1% of their GDP on
transportation infrastructure every year.
Fuel Cell Humidifier Market Segment Analysis – By Geography
APAC is analyzed to be the dominant region owing
to the large automotive industry in the region. Adding to this, China and Japan
are the major countries contributing to the market in the region with
significant consumer demand for vehicles. Moreover, In October 2020, Japan Bank
for International Cooperation (JBIC) agreed to provide US$ 1 billion (Rs. 7,400
crore) to SBI (State Bank of India) for funding the manufacturing and sales
business of suppliers and dealers of Japanese automobile manufacturers and
provide auto loans for the purchase of Japanese automobiles in India. Hence,
such fundings in the region is estimated to fuel its market growth. Apart from
this, the growing sales of passenger and commercial vehicle in India is set to
drive its market growth in the future. For instance, In FY21, passenger
vehicles sales reached 27.11 lakhs units, two-wheelers reached 151.19 lakhs
units, commercial vehicles sales reached 5.69 lakhs units and for
three-wheelers it was 2.16 lakhs units. China in Asia-Pacific is projected to
grow fastest, with a CAGR of 27.18% during the forecast of 2022-2027.
Fuel Cell Humidifier Market Drivers
Increase in demand for fuel-efficient, high-performance, and low-emission vehicles
Because gasoline is a fossil fuel, it is not a
renewable source of energy and will eventually run out. To support sustainable
growth, it is critical to develop and utilise alternative fuel sources. This
entails the use of hydrogen fuel cell automobiles, as well as electric vehicles
that do not require gasoline and are more cost effective than traditional
vehicles. An electric vehicle, for example, transfers almost 50% of the
electrical energy from the grid to power at the wheels, whereas a gas-powered
vehicle translates only around 17%–21% of the energy contained in fuel. Hydrogen
fuel cell vehicles are more efficient than internal combustion engines and
hybrid vehicles, with a 60-70 percent efficiency advantage over the other two.
Due to the recent increase in the price of gasoline and diesel, the demand for
fuel-efficient automobiles has surged. This is also related to the depletion of
fossil fuel reserves and an increase in firms' desire to maximise profits from
these reserves. As a result of these considerations, the demand for
sophisticated fuel-efficient technologies is increasing, resulting in a surge
in demand for hydrogen fuel cell vehicles for transportation.
Rapid R&D to propel the adoption of hydrogen fuels
The benefits of hydrogen fuel cells in the
vehicle sector have been widely publicized. The process of splitting water
molecules into oxygen and hydrogen, on the other hand, is costly, which makes
hydrogen fuel cell vehicles unaffordable. Scientists have been working nonstop
to develop a low-cost technique of producing hydrogen energy. According to a
study published in Nature Communications, researchers from Swinburne University
of Technology and Griffith University were able to capture hydrogen by splitting
it from water molecules with the use of cheap metals like iron and nickel as
catalysts. The usage of these metals improves the chemical process while
lowering the amount of energy required. Precious metals including ruthenium,
iridium, and platinum were previously used as catalysts in this process.
However, the widely found metals on Earth, iron and nickel, may easily
substitute the benchmark catalysts. The study provided a low-cost method of
developing hydrogen fuel cells.
Fuel Cell Humidifier Market Challenges
Car Model And Refueling Prices Remain Big Issues
Safety is a problem since hydrogen, like
gasoline and lithium-ion batteries, is combustible. The transfer of hydrogen
for use at refueling stations adds to the dangers, as stations use sensors to
detect leakage. In California, there have been no severe incidents, and the
industrial sector has been carrying hydrogen for decades. Alternative-fueled
vehicles, which include hydrogen fuel cells and battery-powered electric
vehicles, are not more dangerous than traditional internal combustion engines,
according to the National Fire Protection Association. According to the NFPA, a
car fire from an internal combustion engine vehicle occurs every three minutes
in the United States. The most significant stumbling block, though, may be
financial. In California, the average price for hydrogen fuel is around $16/kg
– gasoline is sold by the gallon (volume), while hydrogen is sold by the
kilogramme (weight). To put this into perspective, 1 gallon of gasoline contains
roughly the same amount of energy as 1 kilogramme of hydrogen. Most fuel cell
electric cars carry roughly 5 kg to 6 kg of hydrogen yet travel twice as far as
a modern internal combustion engine car with equal petrol in the tank, equating
to $5 to $6 per gallon of gasoline.
Fuel Cell Humidifier Market Landscape
The Fuel
Cell Humidifier market is moderately consolidated with key players are adopting
strategies such as acquisition, product launches and others with the
players and companies prevalent in the
market. The top companies present in the market include the below.
- Freudenberg Filtration Technologies
- MANN+HUMMEL
- Perma Pure
- Kolon Industries
- Enprise Corp.
- CellKraft
- Fumatech
- Zehnder
- Permselect
- Pentair
Recent Developments
- In June 2021, Kolon Industries announced it has
signed a contract to supply its advanced moisture control unit to Hyundai
Motor`s hydrogen mobility that includes the New Nexo, which will be rolled out
in 2023.
- In September 2020,
Freudenberg entered into a partnership with truck conversion company Quantron
AG on the cooperation for emission-free-heavy-duty transport. In addition, they
will also work to develop a special fuel cell system, that soon it will also be
tested in real life on the road.
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