- Opportunity and Forecast, 2016-2025
Fuel cell is a device that converts chemical energy from fuel into electricity through a chemical reaction. Positively charged hydrogen ions react with hydrogen or other oxidizing agents to convert fuel into electricity, thus being an ecofriendly source of energy. The demand for fuel cells is on a rise to minimize the dependency on nonrenewable energy sources. Applications of these cells are growing in power, cogeneration, automobile, and distributed generation. Moreover, a fuel cell produces less carbon emissions and noise pollution, and is approximately eight times efficient as compared to conventional batteries.
The growth in the global fuel cell market is driven by its environment-friendly nature, technological innovations, and higher efficiency than conventional batteries. Lack of infrastructure is a major factor that limits the market growth. Supportive government initiatives and incentives create new opportunities in the industry for growth.
Detailed segmentation of the global fuel cell market is provided in terms of product type, application, and geography. Based on product type, the market is divided into PEMFC, DMFC, and SOFC. Applications covered in the report are stationary, portable, and transport. Geographically, the market is analyzed across Europe, North America, Asia-Pacific, Latin America, and Middle East & Africa.
Key players operating in the industry include Hydrogenics Corporation, Panasonic, Toshiba, Ballard, UTC Power, SFC Energy AG, Nedstack fuel, Plug Power Inc., and Bloom Energy. These players have formulated expansion, partnerships, mergers & acquisitions, new product launches, joint ventures, collaborations, and others to gain a strong foothold in the market.
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