fuel cell market
Technology

Global Fuel Cell Market: Rising demand for fuel cells from the automotive industry expected to fuel growth of the global fuel cell market over the next ten years

An electrochemical cell that can convert chemical energy from a fuel into electricity through an electrochemical reaction of hydrogen fuel with oxygen or another oxidizing agent can be referred to as a fuel cell. Fuel cells are primarily used to power fuel cell vehicles that can include forklifts, automobiles, buses, boats, motorcycles, and submarines. There are various types of fuel cells, but basic composition includes an anode, a cathode, and an electrolyte that allows positively charged hydrogen ions (protons) to move between both sides of a fuel cell. Fuel cells are generally considered as an energy efficient and eco-friendly source of energy.

Rising demand for fuel cells from the automotive industry, and stringent government regulations to reduce carbon emissions in developed economies are key factors driving growth of the global fuel cell market. In addition, technological advancements in fuel cell, government incentives for fuel cell vehicles, and increasing use of fuel cells in various end use industries are major factors expected to fuel growth of the global fuel cell market over the forecast period. Also, adoption of fuel cells in smartphones, tablets, and portable devices is expected to propel growth of the global fuel cell market over the forecast period.

However, high cost of fuel cells is a major factor restraining growth of the global fuel cell market. Additionally, lack of appropriate infrastructure for refueling of fuel cell vehicles (FCVs), and durability of fuel cells are other factors anticipated to hamper growth of the global fuel cell market over the forecast period.

A major and rising trend in the global fuel cell market is increasing investments by governments and private organizations into development of cost-effective fuel cell technologies.

Innovations in fuel cell technology, leading to cost-effective fuel cells being introduced in the market can be a major opportunity for prominent players in the market. Moreover, emerging economies in the Asia Pacific such as Japan and China are developing into major manufacturing hubs for cost effective technologies due to presence of cost-effective labor and raw materials. This aspect can help aid growth to the global fuel cell market, and also help major players in the market to expand their market presence.

The global fuel cell market report has been segmented on the basis of product type, application, and region. On the basis of region, the global fuel cell market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Currently, the market in North America dominates the global fuel cell market in revenue terms owing to increasing government investment into development of fuel cell technologies, and subsidies and incentives offered by the governments in countries in the region. The market in Europe accounted for second-highest revenue share in the global fuel cell market, due to increasing adoption of fuel cells in commercial vehicles, followed by markets in Latin America, Asia Pacific, and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to increasing adoption of fuel cells in various end use industries, and increasing initiatives by governments in countries for reducing carbon emission levels in the region.

Prominent players in the global fuel cell market include Ballard Power Systems Inc., Plug Power Inc., Proton Power Systems PLC, ITM Power Plc, AFC Energy Plc, FuelCell Energy Inc., SFC Energy, United Technologies Corporation, Hydrogenics, and Fuji Electric India Pvt. Ltd.