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A fuel cell is a device which is used to produce electricity through a chemical reaction but without combustion. It converts hydrogen and oxygen into water, and in the same process, it creates electricity. It’s an electrochemical energy conversion device that produces electricity, water, and heat. Fuel cells operate much like a battery, but they don’t require electrical recharging. A battery stores all of its chemicals inside and coverts the chemicals into electricity. Once those chemicals run out, the battery dies.
Global Fuel Cell Market Segments Size & Growth:
Global fuel cell market size is projected to reach approximately $8.97 billion by the end of 2024 with a CAGR of close to 17.7% from $2.78 billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include advantage over the backup power option, the requirement of more resilient energy systems, higher energy density compared to a battery, and increasing demand for the electric vehicle, hybrid electric vehicle, and plug-in hybrid vehicle. However, fuel infrastructure, the durability of the fuel cell, and the high cost of catalyst are thereby hindering the market growth. Various opportunities for fuel cell market include emerging new technology market, high demand for fuel cell vehicles market, and usage of cheaper metals.
Increasing applications of the fuel cell in an electrical vehicle, hybrid electric vehicle, and plug-in hybrid vehicle applications is one of the major factor driving the growth of the fuel cell market. The electric vehicles market is increasing at a rapid pace, resulting in high demand for the fuel cell. Additionally, increasing carbon emissions has exhilarated
Global Fuel Cell Market Segments Share:
Global fuel cell market is categorised into a type which comprises of alkaline fuel cell, phosphoric acid fuel cell, direct methanol fuel cell, molten carbonate fuel cell, solid oxide fuel cell, polymer electrolyte membrane fuel cell, reversible fuel cell, and Others. Among them, polymer electrolyte membrane fuel cell segment holds the largest share in the market due to the higher associated installation costs, and it has a higher power to area ratio than any other types. With its high electrical efficiency and ability, it is used in sub-megawatt and megawatt applications. By applications, the market is segmented into portable power, consumer applications, recreational vehicles, transportation, cars, buses, material handling systems, fuel infrastructure, stationary, and others. Among them, the stationary segment is projected to hold the largest share in the market because of their smaller size and ability to run on various fuels. By end-users, the market is segmented into industrial, residential, and utility.
On the basis of Geography, Asia-Pacific is projected to hold the largest share in the market because of increasing awareness towards the need for reducing energy consumption across various sectors, rise in investments, advancements in fuel cell technology, and exponential rise in power consumption along with increasing investments in the development of transport and stationary application will propel the growth of the market. Various countries such as China, Japan, South Korea, and Taiwan will be holding for the major share where the growth of the market is propelled by the increasing number of
Global Fuel Cell Market Trends:
Global Fuel Cell Market Research Report:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
The major market players, such as
Along with these companies, there were many other companies considered/cited in the report while analysing the global fuel cell market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
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