A fuel cell is a device that converts chemical energy into electrical energy through a chemical reaction of positively charged oxygen with hydrogen ion or another oxidizing agent.
The global fuel cell market is expected to grow at a CAGR of 17.36% from 2016 to 2022 to reach $8,643 million by 2022 from $2,894 million in 2015.
Fuel cells are different for batteries, as they require a source of fuel and oxygen or air to continue the chemical reaction. Fuel cells can produce electricity continuously for a long time as these inputs are supplied.
Fuel cells have a higher efficiency as compared to gas or diesel engines. Fuel cells operate silently as compared to others engines.
They are therefore suited for use within buildings such as hospitals and others. Fuel cells eliminate pollution caused by burning fossil fuels.
Fuel cells do not need conventional fuels such as oil or gas and can therefore reduce economic dependence on oil producing countries, creating greater energy security for the user nation.
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The fuel cell market is expected to register a substantial growth in the near future, attributed to strict government regulations to curtail increasing pollution. Moreover, increase in the distributed power system and high efficiency of fuel cells are the drivers for the fuel cell market.
However, factors such as lack of fuel cell infrastructure and high cost of catalyst leading to a higher cost of fuel cells are likely to restrain the growth of the fuel cell market. Demand for fuel cell vehicles and new technology in fuel cells are opportunities for fuel cell market.
The report segments the fuel cell market on the basis of application, type, and geography. On the basis of application, the market is segmented into stationary, portable, and transport.
Based on type, the market is divided into solid oxide fuel cell (SOFC), Hydrogen fuel cell, polymer exchange membrane fuel cell (PEMFC), molten carbonate fuel cell (MCFC), phosphoric acid fuel cell (PAFC), and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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KEY BENEFITS FOR STAKEHOLDERS
- This reprt prvides an extensive analysis f the current and emerging market trends and dynamics in the glbal fuel cell market.
- Cmpetitive intelligence (f leading manufacturers and distributrs f fuel cell) helps in understanding the cmpetitive scenari acrss the gegraphies.
- This reprt entails the detailed quantitative analysis f the current market and estimatins thrugh 2014-2022, which assist in identifying the prevailing market pprtunities.
- Recent develpments, key manufacturers, their market shares, and upcming prducts have been listed.
- Exhaustive analysis f the glbal fuel cell market by type, which helps in clear understanding market trends.
- Cmprehensive analysis f all regins is prvided that determines the prevailing pprtunities in these gegraphies.
- The reprt prvides micr level analysis fr varius segments based n applicatins, type f fuels and gegraphy, which brings a crystal clear picture f the market.
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