Fuel Cell Balance of Plant (BOP) Market: Supporting Components of FuelCell
· A fuel cell system consists of a fuel cell and its supportingbalance-of-plant (BOP) – the pumps, valves, sensors, fittings, piping, etc. –needed to turn a fuel cell into a useful power plant. Components in thiscomplex 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 asfuel processing system that requires a fuel reformer, heat exchangers, chemicalreactors, fans/blowers, burner, etc.; air management system that requires a turbine,compressor, heat exchangers, motor, fan, etc.; and power conditioning systemthat comprises a converter, inverter, batteries, motor, etc.
Key Drivers of Global Fuel Cell Balance of Plant (BOP) Market
· The global fuelcell balance of plant (BOP) market is expected to expand at asignificant pace owing to an increase in the demand of fuel cells in variousapplications such as automotive, military, infrastructure, and industrial
· Rise in the number of installations of stationary as well asportable fuel cells and an increase in the demand for environment-friendlyenergy sources are key factors driving investment in the global fuel cell BOPcomponents market. BOP also plays a crucial role in optimizing the price atwhich fuel cells are available, thus providing opportunities for cost reductionin case BOP expenses are monitored consistently.
Higher BOP Cost Involved inInstallation of Fuel Cells toHamper Market
· The BOP in a fuel cell system is the supporting equipment thatensures the fuel cell operates as a reliable power source. Assembly orinstallation of BOP components is critical to the timely commissioning of afuel cell. Initial investment in fuel cell BOP is high, as compared to thatrequired for other power plants such as solar and wind. This is a major factorrestraining the market.
· The fuel cell balance of plant (BOP) market is directlyinfluenced by the prevailing prices of raw materials used in manufacturingthese 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 thesecomponents.
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Asia Pacific to Hold SignificantShare 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 BOPmarket during the forecast period. South Korea, Japan, and China, are expectedto emerge as major markets in the region in the next few years. The fuel cellBOP market in Asia Pacific is expected to expand at a significant pace from2019 to 2027, owing to expansion of end-use industries such as construction andautomotive in countries, such as China, Japan, and South Korea, which isexpected to boost the demand for fuel cells. This, in turn, is anticipated toboost the fuel cell BOP market.
· North America is estimated to follow Asia Pacific, in terms ofshare of the global market, in the next few years, owing to the presence ofwell-established industrial and manufacturing sectors in the region
· Furthermore, new construction and renovation activities inEurope are expected to fuel the demand for fuel cells, which is expected propelthe demand for fuel cell BOP in the region during the forecast period. Presenceof a well-established automotive sector in several countries across Europe isanticipated to boost the demand for fuel cell BOP to produce portable fuelcells for automotive applications from 2019 to 2027.
· Middle East & Africa is expected to witness considerableincrease in the demand for fuel cell BOP during the forecast period. In termsof demand, the fuel cell balance of plant (BOP) market in Latin America isprojected to expand at a steady pace during the forecast period, owing to thepresence of less number of fuel cell manufacturers in the region.
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Key Players in Fuel Cell Balance of Plant (BOP) Market
The globalfuel cell balance of plant (BOP) market is consolidated, owing to the presenceof large-sized international players. However, the presence of a small- andmedium-sized domestic players makes the market highly competitive. Key playersoperating in the global fuel cell balance of plant (BOP) market are:
· HORIBA Group
· Cummins Inc.
· INN Balance
· Elcogen
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