The adoption of fuel cells in transport and stationary applications are fueling the market growth.
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The Global Fuel Cell market is expected to reach $7.4 billion by 2022 growing at a CAGR of 15.3% from 2014 to 2022.
The governments in both emerging and developed nations are shifting towards renewable energy generation for clean energy due to exhaustion of oil & gas reserves. The reduction of pollution is one of the key reasons behind fuel cell adoption.
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Increasing investments, technological advancements and increasing adoption of fuel cells in emerging nations are the key factors favoring the market growth. Hydrogen, hydrocarbons, natural gas, methanol and biogas are the fuels, used in fuel cells.
Fuel choice varies by region with hydrogen prevalent in the U.S., in Europe some adopters are trialing methanol, and natural gas and LPG dominating in the Asia-Pacific region.
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Stationary fuel cells are poised to dominate the fuel cell market during the forecast period. Proton Exchange Membrane Fuel Cell (PEMFC) is the leading technology in fuel cells market and Solid Oxide Fuel Cells (SOFC) are expected to grow at a faster rate due to increasing applications in stationary power.
Molten Carbonate Fuel Cells (MCFCs) are expected to have rapid growth during the forecast period. Asia Pacific has the leading market for fuel cells led by the increasing adoption in emerging nations such as Japan, China, India and South Korea.
The developed nations in North America and Europe are focusing more on reducing green house gas emissions.
The key players of the market include, Fuelcell Energy, Toshiba Corporation, Panasonic Corporation, Hydrogenics Corporation, Bloom Energy, Electro Power Systems, Bosch Thermotechnology, Doosan Fuel Cell, and Ballard Power Systems.
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Proton exchange membrane fuel cell (PEMFC)
Direct methanol fuel cell (DMFC)
Solid oxide fuel cells (SOFC)
Alkaline fuel cells (AFCs)
Molten carbonate fuel cells (MCFCs)
Phosphoric acid fuel cells (PAFCs)
Fuel and Infrastructure
Rest of Asia
Rest of the World
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