Albany, NY -- (SBWIRE) -- 10/04/2017 -- 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.
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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. 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
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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
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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.
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