Microbial Fuel Cell Market Top Companies
Key players operating in the global microbial fuel cell market analysis include AFC Energy PLC, AVL group Bloom Energy, Ballard Power Systems, Ceres, Doosan Corporation, Fuel Cell Energy, Inc., Horizon Fuel Cell Technologies, Integer Holdings Corporation, Nedstack Fuel Cell Technology, Plug Power, Inc, and SFC Energy AG.
According to a new report published by Allied Market Research, titled, the microbial fuel cell market size was valued at $264.8 million in 2021, and is estimated to reach $425.2 million by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
The mediator segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.2% from 2022 to 2031.
The power generation segment is anticipated to register the highest CAGR of 5.5% during the forecast period.
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Asia-Pacific garnered the highest share of 35.19% in 2021, in terms of revenue, growing at a CAGR of 5.6%.
One of the areas for microbial fuel cells with the highest growth is the food and beverage sector. The food and beverage sector is a well-established industry in Europe and is regarded as one of the major economic drivers in the region.
The market is in a phase of development & growth and is expected to continue to see decent growth as a result of the widespread demand for renewable energy. The market for microbial fuel cells is primarily driven by increased energy demand and environmental consciousness.
MFC cleanses the water in wastewater treatment facilities though generating energy. When compared to conventional fuel cells, MFC, however, produces a minimal amount of power or electricity.
Impact of COVID-19 on the global microbial fuel cell market
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The microbial fuel cell market has negative impact due to the COVID-19 pandemic, owing to the disruptions in the supply chain for various industrial products.
The outbreak of COVID-19 resulted in the shutdown of various manufacturing plants for a long period, especially in Europe, Asia-Pacific, and other regions due to which manufacturers have faced shortage in labor units, production losses, and the rising awareness regarding worker security, safety, and guidelines by government posed an additional challenge to resume their basic operations in manufacturing unit. In the first quarter of the pandemic, there is complete shutdown of food & beverage sector, manufacturing industry, and others due to the strict imposition of lockdown it has hindered the growth of microbial fuel cell market.
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Microbial fuel cell is a bio-electrochemical device that uses bacteria to generate electricity. A microbial fuel cell is a device that uses microorganisms to transform chemical energy into electrical energy. The microbial fuel cell possesses various properties such as electrical conductivity, resistance to corrosion, high mechanical strength, developed surface area, biocompatibility.
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