Share This On
A fuel cell is a cell that converts the chemical energy from a fuel into electricity through an electrochemical reaction of hydrogen fuel with oxygen or another oxidising agent. They can produce electricity continuously for as long as fuel and oxygen are supplied. They are used for primary and backup power for commercial, industrial and residential buildings and in remote or inaccessible areas. They are also used to power fuel cell vehicles, including forklifts, automobiles, buses, boats, motorcycles, and submarines.
North America Fuel Cell Market Segments Size & Growth:
North America fuel cell market size is projected to reach approximately $XX billion by the end of 2024 with a CAGR of close to XX% from $XX 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 North America fuel cell market. The electric vehicles market is increasing at a rapid pace, resulting in
North America Fuel Cell Market
North America 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, USA is projected to hold the largest share in the market because of its increasing awareness towards the need for reducing energy consumption across various sectors, rise in investments, governmental incentives, advancements in fuel cell technology, and exponential rise in power consumption along with increasing investments across the development of transport and stationary application will propel the growth of the market.
North America
Starting from $2700
Starting from $2700
Starting from $2700
Keep up-to-date with our weekly newsletter, Media Pulse.
Data-driven market insights & solutions
