Fuel Cell Balance of Plant (BOP) Market: Supporting Components of Fuel Cell
- A fuel cell system consists of a fuel cell and its supporting balance-of-plant (BOP) – the pumps, valves, sensors, fittings, piping, etc. – needed to turn a fuel cell into a useful power plant. Components in this complex system are exposed to hydrogen, air (oxygen), high-purity water, heat, and other chemicals for a significantly long duration.
- Fuel cell balance of plant includes various components such as fuel processing system that requires a fuel reformer, heat exchangers, chemical reactors, fans/blowers, burner, etc.; air management system that requires a turbine, compressor, heat exchangers, motor, fan, etc.; and power conditioning system that comprises a converter, inverter, batteries, motor, etc.
Is something restraining your company’s growth in the Fuel Cell Balance of Plant (BOP) Market? Ask for the report brochure here
Key Drivers of Global Fuel Cell Balance of Plant (BOP) Market
- The global fuel cell balance of plant (BOP) market is expected to expand at a significant pace owing to an increase in the demand of fuel cells in various applications such as automotive, military, infrastructure, and industrial
- Rise in the number of installations of stationary as well as portable fuel cells and an increase in the demand for environment-friendly energy sources are key factors driving investment in the global fuel cell BOP components market. BOP also plays a crucial role in optimizing the price at which fuel cells are available, thus providing opportunities for cost reduction in case BOP expenses are monitored consistently.
Higher BOP Cost Involved in Installation of Fuel Cells to Hamper Market
- The BOP in a fuel cell system is the supporting equipment that ensures the fuel cell operates as a reliable power source. Assembly or installation of BOP components is critical to the timely commissioning of a fuel cell. Initial investment in fuel cell BOP is high, as compared to that required for other power plants such as solar and wind. This is a major factor restraining the market.
- The fuel cell balance of plant (BOP) market is directly influenced by the prevailing prices of raw materials used in manufacturing these components. The final price of a fuel cell depends on the cost of BOP, which in turn depends on the raw materials used in the production of these components.
Asia Pacific to Hold Significant Share of Global Fuel Cell Balance of Plant (BOP) Market
- In terms of region, the global fuel cell balance of plant (BOP) market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is projected to dominate the global fuel cell BOP market during the forecast period. South Korea, Japan, and China, are expected to emerge as major markets in the region in the next few years. The fuel cell BOP market in Asia Pacific is expected to expand at a significant pace from 2019 to 2027, owing to expansion of end-use industries such as construction and automotive in countries, such as China, Japan, and South Korea, which is expected to boost the demand for fuel cells. This, in turn, is anticipated to boost the fuel cell BOP market.
- North America is estimated to follow Asia Pacific, in terms of share of the global market, in the next few years, owing to the presence of well-established industrial and manufacturing sectors in the region
- Furthermore, new construction and renovation activities in Europe are expected to fuel the demand for fuel cells, which is expected propel the demand for fuel cell BOP in the region during the forecast period. Presence of a well-established automotive sector in several countries across Europe is anticipated to boost the demand for fuel cell BOP to produce portable fuel cells for automotive applications from 2019 to 2027.
- Middle East & Africa is expected to witness considerable increase in the demand for fuel cell BOP during the forecast period. In terms of demand, the fuel cell balance of plant (BOP) market in Latin America is projected to expand at a steady pace during the forecast period, owing to the presence of less number of fuel cell manufacturers in the region.
Stuck in a neck-to-neck competition with other brands? Request a custom report on competition on Fuel Cell Balance of Plant (BOP) Market here
Key Players in Fuel Cell Balance of Plant (BOP) Market
The global fuel cell balance of plant (BOP) market is consolidated, owing to the presence of large-sized international players. However, the presence of a small- and medium-sized domestic players makes the market highly competitive. Key players operating in the global fuel cell balance of plant (BOP) market are:
- HORIBA Group
- Cummins Inc.
- INN Balance
Global Fuel Cell Balance of Plant (BOP) Market: Research Scope
Global Fuel Cell Balance of Plant (BOP) Market, by Material
- Structural Plastics
- Assembly Aids
Global Fuel Cell Balance of Plant (BOP) Market, by Component
- Heat stabilizers
- Assembly aids
Global Fuel Cell Balance of Plant (BOP) Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.