Fuel cells are used for converting chemical energy into electrical energy. The conversion takes place via electromechanical reactions, for example battery. However, the fuel is mainly supplied from the outside; thus making these cells feel as if the engine is converting fuel electricity without actually burning it. The adoption rate of fuel cells has increased owing to the rising need for clean energy. Furthermore, the dramatic shift and focus towards generation of renewable energy coupled by government initiatives has kept the future of the market robust.
Growing private as well as public investments are driving the market. In addition, the high energy density of the fuel cells compared to the conventional battery has further added to the growth of the market. Moreover, need resilient energy equipment, benefits over backup power and recent developments in hydrogen storage has kept the future of the market bright. High catalyst cost and lack of proper fuel infrastructure have hindered the growth of the fuel cell market. However, advent of new technologies and growing demand of fuel cell automobiles would create greater opportunities.
The fuel cell technology market is segmented based on applications, types and geography. The applications covered in the market research report are stationary, transport and portable. Types discussed during the study are MCFC, PEMFC, SOFC, DMFC and PAFC. Regions such North America, Europe, Asia Pacific and LAMEA would observe tremendous growth.
Key market players active in the industry are Ballard, Ceramic Fuel Cell, FuelCell Energy, Hydrogenics, Panasonic Corporation, Toshiba Corporation, Ballard Power Systems Inc. and Doosan Corporation.
KEY BENEFITS FOR STAKEHOLDERS:
FUEL CELL TECHNOLOGY MARKET KEY SEGMENTS
Fuel Cell Technology Market By Application
Fuel Cell Technology Market By Type
Fuel Cell Technology Market By Geography
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