Transparency Market Research has released a new
market report titled “Fuel Cells Market - Global Industry Analysis,
Size, Share, Growth Trends, and Forecast 2016 - 2024”. According to
this report, the global fuel cells market volume stood at 186,210
units and is expected to reach 1504,005 units by 2024 at a CAGR of
24.58% from 2016 to 2024. The global market for fuel cells, by
revenue stood at US$ 3.59 Bn in 2015 and is expected to reach US$
27.25 Bn by 2024 at a CAGR 23.64% from 2016 to 2024.
Fuel cells are electro-chemical devices that
transform the chemical energy into heat and electricity by the
oxidation of fuel (hydrogen, natural gas and methanol) contained in
the fuel cell. The fuel cells usually comprises electrodes and
electrolytes between which the oxidation reaction takes place.
Electrolytes used in fuel cells are materials that contain many ions
(atoms or molecules that have a net electrical charge), making it
easy for an electric current to flow through them.
This 91 page report gives readers a
comprehensive overview of the Fuel Cells market. Browse this market
Research Report@
Basic fuel cell components include electrodes,
membranes, catalysts, polymers, and ceramics. These components are
procured from the suppliers along with the components such as valves
subsystem, membrane electrode assembly (MEA), which are then
forwarded to the system integrators. Catalysts (platinum, nickel, and
conductive ceramics) are used to speed up the reaction at the
electrodes
The only byproducts are water and a small amount
of nitrous oxide due to which fuel cells are eco-friendly, safe, and
secure to use. Fuel cells are not thermal energy based, they generate
power using hydrogen as a basic ingredient. The heat and electricity
generated from fuel cells is utilized in various industries for
different applications such as stationary, transportation, and
portable. Fuel cells involve hydrogen and other gases as one of the
basic components for generating power. Hydrocarbon fuels such as
methanol, ethanol are also used in extracting hydrogen during
reformation procedure. This procedure leads to carbon dioxide
emissions up to a certain extent, however, highly efficient plants
release negligible amounts of carbon dioxide.
Research and development activities in
demonstration and adoption of improved and efficient fuel cell
technology would reduce carbon dioxide emissions and enhance the
efficiency of power delivered. Rapid population growth, high
dependency on fossil fuels, increasing electricity demand, strict
government regulations to minimize carbon emissions, and high
awareness in different countries about clean energy usage are the
main drivers for the fuel cells market
Fuel cells are emerging technologies, which are
currently utilized as a source of heat and electricity in buildings
and the commercial sector. The use of fuel cells in applications such
as stationary, portable, and transport is expected to increase
significantly throughout the forecast period as even more stringent
environmental legislation are enforced. Currently, stationary
applications of fuel cells, such as in CHP and backup power systems,
dominates the market for fuel cells. Portable applications mainly
include consumer electronics such as laptops, tablets, mobiles, and
cameras. The use of fuel cells in the transportation sector is
moderate. However, constant research and development activities going
on by different governments and companies to integrate efficient fuel
cell system in vehicles such as buses, trucks, cars etc. would boost
the demand for fuel cells in transportation sector in the next few
years.
The fuel cells market has been segmented in terms
of type, application and geography. By type, the fuel cell market has
been segmented into proton exchange membrane fuel cells (PEMFC),
direct methanol fuel cells (DMFC), solid oxide fuel cells (SOFC), and
others. By Application, the market has been segmented into
stationary, portable, and transport. By type, proton exchange
membrane fuel cells (PEMFC) held the largest share (62.42%) of the
market in 2015. By application, stationary held the largest share
(64.82%) for the market in 2015.
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Growth in the fuel
cells market is driven by the need for adoption of cleaner fuel
sources, high electricity demand, excess depletion of fossil fuels
and stringent regulatory norms to minimize carbon emissions. Rapid
population growth followed by high electricity demand has resulted in
a paradigm shift towards alternate sources of electricity generation
such as fuel cells. Rapid rise in the industrial application of
hydrogen gas is expected to boost the demand for fuel cells globally.
However, distribution and transportation challenges associated with
hydrogen coupled with the high cost of fuel used in fuel cells such
as hydrogen or other gas as against fossil fuels may restrain growth
of the fuel cells market. Key players in the fuel cells market
include AFC Energy PLC, Ballard Power Systems Inc., Doosan Fuel Cell
America, Inc., FuelCell Energy, Inc., Hydrogenics Corporation,
Nedstack Fuel Cell Technology B.V., Plug Power, Inc., Panasonic
Corporation, SFC Energy AG, and Toshiba Corporation. The fuel cells
market has been segmented as follows:
Fuel Cells Market: By Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
- Others
Fuel Cells Market: By Application
- Stationary
- Portable
- Transport
Fuel Cells Market: By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Rest of Europe
- Asia Pacific
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Rest of the World
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