Global Fuel Cell Market Expected to have a Market Value of USD 15.1 BN by 2025
Posted On October 24, 2019
The Global Fuel Cell Market is expected to garner USD 15.1 BN by 2025, from the market value of USD 7.70 BN stated in 2018 with an estimated CAGR of 10% between 2019- 2025 on the basis of a new research report which has been published by Value Market Research. Fuel cells being highly efficient and pollution-free along with the stringent government regulations are responsible for driving the fuel cell market. These cells are both light weight as well as long lasting due to which they are also being used for applications in the aerospace industry. The depletion of natural resources, carbon emissions and soaring costs of fossil fuels has resulted in the usage of these fuel cells as an alternative means of transportation and power generation.
A fuel cell is a device consisting of two electrodes that is used to generate electricity by performing a chemical reaction. The positive electrode is termed as anode and the negative electrode as cathode. The reactions that are responsible for producing electricity take place at the electrodes. There is an electrolyte at every fuel cell that carries ions and catalysts from one electrode to the other. The fuel cells are powered by hydrogen and oxygen but hydrogen is the main element used for fuelling it. Besides, fuel cells produce very little pollution because the elements used in fuelling the cells are hydrogen and oxygen and the by-product of hydrogen and oxygen is water which is totally non-toxic. However, the hydrogen fuel cell is preferred as the by-products are merely water vapour and heat.
The report ‘‘Global Fuel Cell Market Report By Product (PEMFC, PAFC, SOFC, MCFC, And Others), Application (Stationary, Transportation, And Portable) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024”covers the market dynamics, market segmentation and regional market by revenue which helps the reader to study the global fuel cell market and understand the developments and growth factors of this market.
The fuel cells segmented by type can be listed as Polymer Electrolyte Membrane Fuel Cells (PEMFC), Phosphoric acid fuel cell (PAFC), Solid Oxide Fuel Cells (SOFC) and Molten-carbonate fuel cells (MCFC). Polymer Electrolyte Membrane Fuel Cells have been accounted to be leading this segment due to characteristics such as high-power density, low volume, light-weight and faster start-up time among others.
The segmentation on the basis of application can be categorised into Transport, Stationary and Portable. Stationary applications include CHP and backup power systems. Portable applications include electronic gadgets such as laptops, mobile phones and cameras. However, the transport applications led this particular segment owing to the growth of stringent government policies to ensure an environment friendly transport system.
The regions that exhibit a fuel cell market are North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia-Pacific turned out to be having the highest market share with Japan being the largest market in Asia-Pacific for fuel cells followed by Korea. Alongside, the demand for fuel cells is also growing in countries like Australia, India and Singapore.
The Report Segments Global Fuel Cell Market -
Middle East & Africa
Players Profiled In The Report:
Hydrogenics Corporation, Ballard Bloom Energy, Fuel Cell Energy Inc., Toshiba, UTC Power, Panasonic, Doosan, AFC Energy, Arcola, Plug Power, SFC, Horizon and Ceres Power.
Download the FREE SAMPLE of Global Fuel Cell Market Research Report
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