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

• The growth in the requirement for clean energy, government initiatives to encourage the utilization of green energy, and the improvement of infrastructure to yield hydrogen fuel cell balance of plant is anticipated to facilitate the market growth. Therefore, the applications of the fuel cells Balance of Plant (BOP) are growing in several industries like automotive, military, infrastructure, and others.
• Balance of Plant (BoP) are critical for the efficient operation of the fuel cell. It assists to optimize the system performance and manage the complete fuel cell system. Appropriate installation of BOP components is crucial to the timely commissioning of a fuel cell. BOP also plays a central role in optimizing the price at which fuel cells are offered, therefore providing prospects for cost savings. 
• The capital investment in fuel cell BOP is high, compared to that required for other power plants such as solar and wind. It also faces the competition from other alternative sources of energy. These are the major restraints to the growth of balance of plant (BOP) market.
• The fuel cell balance of plant (BOP) market is governed by the prevalent costs of raw materials used in manufacturing of the components. The selling price of a fuel cell is determined by the cost of BOP, which further relies upon the raw materials used in the production of these components.

Market Trends

• New product launches to flourish the market: Rapid advancements in the technology of fuel cell BOP components are taking place, such as INN-BALANCE project by FCG JU are testing fuel cell BOP components for automobiles; whereas the CSIR in partnership with KPIT successfully tested a hydrogen car with locally developed fuel cells.
• Asia-Pacific region is expected to dominate the global fuel cell BOP market, owing to the growth of end-use industries such as construction and automotive in countries, such as India, China, Japan, and South Korea. The favorable regulations by the governments to reduce their carbon footprints by adopting cleaner and greener fuels is anticipated to enhance the demand for fuel cells during the forecast period.
• North America region is expected to follow Asia-Pacific region in fuel cell balance of fuel (BOP) market due to the presence of well-established industrial and manufacturing sectors in the region that can incorporate fuel cells as a source of power. On the other hand, the European nations are keen on developing portable fuel cells for the automobile industry, which is going to drive the market to new heights. 

Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the Fuel Cell Balance of Plant (BOP) industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Fuel Cell Balance of Plant (BOP) market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the Fuel Cell Balance of Plant (BOP) market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed Fuel Cell Balance of Plant (BOP) market analysis based on competitive intensity and how the competition will take shape in coming years