Fuel cell is a device that converts chemical energy into electric energy to form electricity, water and heat. The fuel cell works on two basic components such as oxygen and hydrogen. Fuel cells can produce electricity continuously, by non-stop supplying of fuels. At the present rate of consumption of non-renewable fuels, there are chance of global crisis in the coming years. Fuel cells have the capability to replace the use of conventional fuel equipment. Moreover, introduction of fuel cells has also caused a positive impact for various industries, owing to its benefits such as flexibility, greater efficiency and almost zero emission. Fuel cells are highly used in transportation, aerospace, portable power for electronics and others.
Growing demand for alternative fuels owing to depletion of natural resources and stringent government regulations over the greenhouse emission are driving the growth of the fuel cell market. Moreover, high demand for portable electronic devices and increasing investments by major companies are also supporting the growth of the market. However, high cost of initial investments is hindering the growth of the market. Furthermore, advanced technologies and development of new material components for the cell may provide growth opportunities in the coming years.
Global fuel cell market is segmented on the basis of type, industry end-user and geography. Based on type, market is segmented as alkaline fuel cell (ARC), phosphoric acid fuel cell (PAFC), molten carbonate fuel cell (MCFC), solid oxide fuel cell (SOFC) and photon exchange membrane fuel cell (PEMFC). The market is segmented by end-use as transportation, stationary and portable. Based on geography, the market is segmented into North America, Europe, Asia-Pacific and RoW.
The key market players include FuelCell Energy, Ballard Power Systems, Hydrogenics Corporation, AFC Energy PLC, Toshiba, Plug Power, United Technologies, Proton Power Systems PLC and Fuji Electric, among others.
The key takeaways from the report
- The report will provide detailed analysis of Fuel Cell Market with respect to major segments such as type and industry end-user of the market.
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024.
- Comprehensive analysis of market dynamics including factors and opportunities.
- An exhaustive regional analysis of Fuel Cell Market.
- Profile of the key players of the Fuel Cell Market, which include key financials, product & services and new developments.
Scope of Fuel Cell Market
- Alkaline Fuel Cell (ARC)
- Phosphoric Acid Fuel Cell (PAFC)
- Molten Carbonate Fuel Cell (MCFC)
- Solid Oxide Fuel Cell (SOFC)
- Photon Exchange Membrane Fuel Cell (PEMFC)
Industry End-Use Segments
- North America
- Asia Pacific
- South Korea
- South America
- Middle East