Report Code: A14523 | Pages: NA | Mar 2023 | 1742 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Global Fuel Cell Balance Of Plant (bop) Market
Request Now !A fuel cell is a device that utilizes the chemical energy of a fuel, typically hydrogen or others to cleanly and efficiently produce electricity. Fuel Cell Balance of Plant (BOP) are the vital components for the optimal functioning of the fuel cell. Fuel cell balance of plant includes various components such as fuel processing system that requires a fuel reformer, heat exchangers, chemical reactors, fans/blowers, and burner; air management system that requires a turbine, compressor, heat exchangers, motor, and fan; and power conditioning system that comprises a converter, inverter, batteries, and motor. The global fuel cell balance of plant (BOP) market is expected to expand at a significant pace owing to an increase in the demand for fuel cells in various applications such as automotive, military, infrastructure, and industrial.
COVID-19 Impact analysis
The COVID-19 pandemic had a negative impact on the fuel cell balance of plant (BOP) market. The construction activities for both residential and commercial segments were on a halt or cancelled with the implementation of lockdowns across the globe as a measure to prevent the widespread of the COVID 19 pandemic. The maintenance of the pre-existing structures were also postponed. On the other hand, the supply chain got disrupted, hampering movement of man, material and money to restore the growth of the global building insulation materials market.
Furthermore, the financial health of the automotive, construction & building industry as well as individuals also suffered from the impact of COVID 19 pandemic rendering the operators unable to install as well as the end users to purchase or utilize the fuel cell balance of plant (BOP). Since, the cost of fuel cell BOP depends upon the cost of raw materials, the prices went up due to the restricted supply of raw materials, owing to the lockdowns, production cuts as well as trade restrictions. All these factors, cumulatively led to the decline in the sales and revenues of the building insulation materials.
Top Impacting Factors
Market Trends
Key Benefits of the Report
Global Fuel Cell Balance of Plant (BOP) Market Report Highlights
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Key Market Players | Ballard Power Systems, Bloom Energy, Cummins Inc., Doosan Fuel Cell America, Inc, Elcogen, HORIBA Group, Hydrogenics Corporations, INN Balance, SFC Energy AG. |
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