Molten Carbonate Fuel Cell Market

Global Molten Carbonate Fuel Cell Market Size (2024 to 2029)

The global molten carbonate fuel cell market size is expected to reach USD 38.05 billion by 2029 from USD 18.2 billion in 2024, registering a CAGR of 15.9 % from 2024 to 2029.

A molten-carbonate fuel cell is a fuel cell that uses molten carbonate salt as an electrolyte in a porous ceramic matrix. The common types of salts are potassium carbonate, sodium carbonate, and lithium carbonate. They operate at high temperatures of 600°C and above. The electrolytes in MCFCs melt and conduct carbonate ions from the cathode to the anode. At the anode, hydrogen combines with carbonate ions, producing water and carbon dioxide and releasing electrons to the external circuit. At the cathode, oxygen is reduced by carbon dioxide and electrons to carbonate ions. The molten carbonate fuel cell is used in large stationary power generation such as megawatt capacity power plants. Even they are developed for natural gas, biogas, and coal-based power plants for electrical utility, industrial and military applications.

Global Molten Carbonate Fuel Cell Market Drivers:

An increase in demand for low-emission molten carbonate fuel cells is majorly driving the growth of the global molten carbonate fuel cell market. The high efficiency of the molten carbonate fuel cell and more reliability for power generation are driving the market growth in the forecast period. The advantage of low emissions with fuel flexibility is also amplifying the growth rate of the Molten Carbonate Fuel Cell market. Further increase in investment in clean energy generation and supporting government policies is fuelling the molten carbonate fuel cell market growth. Even developing countries are adopting clean technologies such as fuel cells to reduce the share of fossil fuel in the energy mix.

Moreover, increasing regulations for reducing environmental pollution is propelling molten carbonate fuel cell market growth. For instance, the UK government's Department for Business has integrated the MCFC in the newly built combined cycle gas turbine power plant to generate low-carbon electricity. The use of MCFC in the power plant is resulting in a positive performance, where the demand for these technologies to surge in the coming years.

The molten carbonate fuel cell market is anticipated to record lucrative opportunities in the estimated period. The rise in manufacturer shift in the use of carbonate fuel cells is providing huge opportunities for the market. Further upcoming stringent environmental policies and regulations are observed to support the market expansion in the coming years. Moreover, the increase in research and development in producing efficient fuel cells is positively impacting market growth. The growing prevalence of generating efficient fuel and reducing carbon emissions are some other factors creating growth opportunities for the market.

Global Molten Carbonate Fuel Cell Market Restraints:

Poor adoption of MCF technology is majorly hampering the global market growth. The molten carbonate fuel cell technology is less durable and adaptable than compared to other fuel cells. Thus, this factor is majorly hampering the molten carbonate fuel cell market size. Another market curtailing reason is fuel cells are temperature-specific and have problems like the least life span. Even manufacturers are looking for highly corrosion-resistant substances and to improve the durability of fuel cell performance is hindering the market growth in the estimated period.

Impact of COVID-19 on the global molten carbonate fuel cell market:

The world has faced a shortage of raw materials and limited production with a low rate of workforce due to the emergence of COVID-19. It spread at an alarming rate and took the lives of 6.6 billion people in almost 200 countries. This deadliest virus has caused industries and manufacturing units of nonessential goods and services to shut down their projects completely or partially, causing economic crises globally. The global markets faced supply & demand mismatches, disruptions in supply chains, and import-export issues. Further, the world is also facing a transportation ban and a severe upcoming inflation rate. This outbreak has an economic impact and implications on global markets, including the molten carbonate fuel cell market. Consumer product sales went down during the pandemic period causing great losses to the companies. The increase in commodity prices is hindering market growth. However, the growing need to produce high amounts of clean energy in developing countries like China and India is escalating the molten carbonate fuel market growth.

REPORT COVERAGE:

This research report on the global molten carbonate fuel cell market has been segmented and sub-segmented based on fuel type, platform and region.

Global Molten Carbonate Fuel Cell Market - By Fuel Type:

• Natural Gas
• Biogas
• Others

The biogas segment accounts for the largest revenue in the molten carbonate fuel cell market during the forecast period. The growing public awareness of biofuels is driving the market demand. Another reason for accelerating the demand is the production of biofuels causes lesser harm to the environment. Further, the supportive government regulations for biofuel production are significantly contributing to the molten carbonate fuel cells market growth. Moreover, the rise in demand for molten carbonate fuel cells usage in biofuels is supporting market growth.

Global Molten Carbonate Fuel Cell Market - By Platform:

• Portable
• Stationary
• Transport

The portable segment is anticipated to record the largest market revenue during the forecast period. The growing demand for portable platform types in heating and electrical applications is supporting the market growth. Even the rise in domestic usage, such as home applications, is supporting the market growth. Additionally, manufacturers have shifted to portable platform type as a component for appliance production is bolstering the molten carbonate fuel cell market.

Global Molten Carbonate Fuel Cell Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

The North American region is estimated to register the largest market share during the forecast period. The growing population and their electrical product usage are driving the market growth. Further, the increase in high disposable income in countries such as Canada and the U.S. is stimulating market shares. Additionally, the rise in investments in the region is supporting the molten carbonate fuel cell market in the estimated period. Moreover, the Asia-Pacific molten carbonate fuel market is deemed to hit the highest CAGR in the coming years. China and India are the major contributors to the market growth owing to growing restrictions on carbon emissions and increasing prominence for the change of coal utilization technologies.

KEY MARKET PLAYERS:

Companies playing a leading role in the global molten carbonate fuel cell market include Toshiba Corporation, GS Caltex Corporation, Ballard Power Systems, Inc., JX Nippon Oil & Energy Corporation, FuelCell Energy, Inc., Hydrogenics Corporation, Bloom Energy, Horizon Fuel Cell Technologies Pte Ltd., Nuvera Fuel Cells LLC., Plug Power Inc., Ceres Power Holdings PLC, Panasonic Energy Europe N.V., Protonex Technology Corporation, AFC Energy PLC and Nedstack fuel cell technology BV.

RECENT HAPPENINGS IN THE MARKET:

• In 2022, RINA validated the MCF technology developed by Ecospray for carbon capture. It has stated that the technology tested in the shipping industry matched the expected target.
• In 2022, An article on MCF technology stated it could be next-generation fuel cell in gas and coal power plants. The cell working on carbon capturing is noted with future aspects of the market.