Fuel Cell is an electrochemical device that uses the chemical energy of hydrogen to generate electricity. Every fuel has one-two electrodes; cathode and anode, where a chemical reaction takes place, an electrolyte that carries electrically charged particles between the electrode and a catalyst that speeds up the reaction at the electrode to produce electricity. A fuel cell works like a battery, but it does not require charging to run. Several types of fuel cells are available such as solid oxide, molten carbonate, phosphoric acid, alkali and proton exchange membrane. The fuel cell provides high efficiency than diesel or gas engines. Fuel Cell emits a negligible amount of pollutants as compared to diesel-based and gas-based drivers. The fuel cell provides durability, scalability, reliability and can be combined with other technologies like wind-turbine, super-capacitor and solar panel.
The major factors driving the market growth are increasing demand for unconventional energy, increasing public-private partnerships and government initiative to reduce carbon emission. For instance, Australian took an initiative to convert the gas distribution system to clean hydrogen by 2030. In addition, increasing investment in fuel cell technology also propelling the growth of the fuel cell market. Various countries are focussing on developing fuel cell technology and infrastructure to meet growing power demand to reduce pollution. For instance, Fuel Cell Technologies Office (FCTO), United States providing funds for Research & Development (R&D) to reduce fuel cell cost and to enhance processes for fuel cell systems. However, the high cost and availability of fuel cells are restraining market growth.
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In terms of region, Asia-pacific is expected to hold the largest market in terms of revenue and expected to dominate the market during the forecast period 2019-2026 due to emerging countries are shifting towards the green concept and increases in stationary fuel shipment activities in Asia-pacific. In addition, in 2016, China is developed as a significant customer for fuel cell buses and announced several partnerships with fuel cell manufactures. Additionally, South Korea’s government announced to export 14,000 hydrogen-fueled light-duty vehicles by 2020. Moreover, increasing demand for Combined Heat and Power systems in this region also fuelling market growth.
Various notable players in the market include FuelCell Energy, Inc., Ballard Power Systems, Hydrogenics Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Plug Power, Inc., AFC Energy Plc, Ceres Power Holdings Plc, Doosan Fuel Cell America, Inc., Bloom Energy and among Others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive.
The global Fuel Cell market has been segmented based on technology, application and key geographies. Based on the technology, the global Fuel Cells market has been segmented into Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC) and Others. Based on the application, the market has been segmented into Stationary, Portable and Transportation.
The research report “Global Fuel Cell Market” provides an in-depth analysis of the global fuel cell market based on technology, application and major geographies for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the global fuel cell market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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Key questions answered in this research report:
1- At what pace is the global fuel cell market growing? What will be a growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global fuel cell market?
4- What are the various application areas and how they are poised to grow?
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