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Boston, MA -- (SBWIRE) -- 07/26/2013 -- Fuel cells convert chemical energy into electrical energy through electromechanical reaction, like a battery; the only difference is that the fuel is supplied from outside; thereby making the fuel cell feel like an engine converting fuel into electricity without burning it. Fuel cells are of different types such as proton exchange membrane (PEM), solid oxide fuel cell (SOFC), molten carbonate fuel cell (MCFC) and many more differentiated ones based on the components used and type of reaction taking place within the cell. They can use variety of fuels such as hydrogen, methanol, biogas, natural gas, and hydrocarbons. When working with hydrogen, fuel cell generates water as outcome and gives electricity with zero emission. The fuel cells are gaining importance as the demand for clean energy is increasing and due to continuous depletion of oil and gas reserves. Furthermore, the focus is shifting towards renewable energy generation which is backed by governments and companies in North America.
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The North American fuel cell market is segmented firstly on the basis of its applications such as portable, transportation and stationary applications. Secondly, it is segmented on the basis of technology such as Polymer/Proton Exchange Membrane (PEM) Fuel Cell, Direct Methanol Fuel Cell, Phosphoric Acid Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell and others. The market is also segmented according to primary fuel sources such as Hydrogen, Natural Gas/ Methane, Methanol, and Anaerobic Digester Gas. Lastly, the market is segmented on the basis of countries such U.S. and Canada. Each country has been analyzed with respect to its market trends, growth, and future prospective of the fuel cell market. The data has been analyzed over a period of 2011 to 2018. The quantitative data regarding all the above segmentation is given in value ($million).
The North American fuel cell market revenue is estimated to reach $667.7 million by 2018. The unit shipments of fuel cells will increase from XX units in 2012 to XX units by 2018. Major factors responsible for the growth of fuel cell market include the ability of fuel cells in stationary, portable and transportation applications as a source of off grid power source, zero emission and clean energy source and continuous depletion of existing oil reserves makes. The key concerns in the industry pertain to the high cost of catalyst, commercialization of fuel cells and establishment of fuel cell infrastructure.
FUEL CELL MARKET VOLUME, BY UNIT SHIPMENTS, 2012-2018
North America Fuel Cell Technology Market
Source: MarketsandMarkets Analysis
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