Fuel cell technology has risen in prominence as a combustion-free conversion device for producing electricity, apart from producing heat and water.
San Francisco, CA -- (SBWIRE) -- 04/21/2020 -- Global Fuel Cells Market: Snapshot
Fuel cell technology has risen in prominence as a combustion-free conversion device for producing electricity, apart from producing heat and water. They can be made to power systems in variety of stationary application, particularly in backup power systems, and are more efficient than most conventional combustion engines. Hydrogen is one of the most versatile fuels used and its demand has gained traction in modern fuel cell vehicles in various developing and developed regions. Other fuels used include natural gas, ethanol, methanol, and biogas. Fuel cells are scalable and can power backup systems almost indefinitely, as long as the supply of the fuel is maintained. The pressing demand for cleaner fuel sources and technologies with low-carbon footprint, coupled with the burgeoning demand for electricity in numerous developing and developed economies, is a notable factor stoking the demand for fuel cells.
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The growing demand for non-conventional sources of energy, attributed to fast depleting sources of fossil fuels world over, is a crucial factor bolstering the demand for fuel cells. In addition, stringent implementation of regulatory norms for reducing carbon emissions in emerging economies is a key development boosting the market. The versatility of applications of fuel cells and their scalability are significant factors expected to bolster their uptake. In addition, fuel cells can easily be combined with other standard energy technologies, notably batteries, solar panels, wind turbines, and super-capacitors. This is a crucial factor fortifying the demand. In recent times, substantial research and development activities related to fuel cell vehicles and their growing adoption are key factors expected to accentuate the market growth. Furthermore, the growing investment by governments in several developing and developed countries is a prominent factor expected to provide a robust impetus to the growth of the market.
Global Fuel Cells Market: Overview
Fuels cell is a fairly recent technology that is used as a source of heat and electricity in various spaces such as commercial, industrial, and residential sectors. They generate power without movement of any parts or combustion and thus are known to be noise-free technologies. The most popularly used form of fuel cell is PEMFC due to their ability to fit in a wide range of applications.
Global Fuel Cells Market: Drivers and Trends
The primary usage of fuel cells is to provide backup for a certain period of time or so long as the fuel is supplied to them. Thus, fuel cells are extensively being used in stationary applications such as backup power systems and CHP, portable applications such as consumer electronics, and the transportation sector. Though the usage of fuel cells for transportation sector is limited, the ongoing research and development will offer efficient fuel cell systems in vehicles, thereby boost the segment's progress.
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The soaring rise of the global fuel cells market is also attributable to the dire need of cleaner fuel sources, depleting conventional sources of energy, and rising pollution. Analysts expect that the market will also be driven by the growing demand for electricity and strict regulatory norms to reduce carbon emissions. The uncontrollable rise in population and the excessive dependency of the mankind on fossil fuels has fueled the demand for fuel cells in recent years. The report states that rising temperatures and greenhouse emissions will also be responsible for the uptake of fuels cells in the near future.
Global Fuel Cells Market: Market Potential
The changing outlooks of governments are also expected to have a positive impact on the growth of the global fuel cells market. For instance, the Government of Canada has committed to support technologies that will benefit the environment and offer jobs that will promote cleaner and greener output. In tandem with this sentiment, the government announced its plans to invest US$10 million non-repayable contribution to the Automotive Fuel Cell Cooperation (AFCC). This organization is a joint venture run by German-based Daimler AG and Ford Company.
Global Fuel Cells Market: Regional Outlook
Geographically, the global fuel cells market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific is projected to lead the global market in the coming years. Analysts anticipate that Japan will dominate the region as the demand for power and combined heat systems rises in the country. The rise of hydrogen power plants in several emerging countries of Asia Pacific are also anticipated to augment the demand for fuel cells in the coming years.
The rapid technological advancements and the supportive regulatory scenario in North America is expected favor the region's progress in the global fuel cells market in the near future. As of 2015, the region held a 50% share in the installed capacity and is projected to show its dominance during the forecast period as well.
Key Players Mentioned in this Report are:
Some of the leading players operating in the global fuel cells market are AFC Energy PLC, Doosan Fuel Cell America, Inc., Ballard Power Systems Inc., FuelCell Energy, Inc., Nedstack Fuel Cell Technology B.V., Hydrogenics Corporation, Panasonic Corporation, Plug Power, Inc., Toshiba Corporation, and SFC Energy AG.
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