Fuel Cell Technologies Market Analysis:
Fuel Cell Technology is a highly efficient process of electricity generation than combustion technology. Allowing the convenience of portability, Fuel Cell generates clean energy (sound/ air pollution less) to suffice all general electrical needs (stationary) and can power up electric vehicles (Transports) as well.
A fuel cell is defined as a gadget that can convert the chemical energy from a fuel into electricity via a chemical reaction of positively charged hydrogen particles of oxygen or another oxidizing agent. Market Research Future (MRFR) has published a research report about the global fuel cell technology market that predicts great economic prospects for this market between 2017 and 2027. Growing ecological concerns are prompting the need for alternative energy generation sources that can output cleaner energy. Fuel Cell without burning its fuel (hydrogen) delivers equivalent output as generators; with less or absolutely zero-emission when the hydrogen is in its purest form. This very aspect is allowing Fuel Cell Technology to garner a lot of prominences escalating its market to perceive phenomenal accruals.
The primary market driver for the Fuel Cell Technologies Market growth is the increasing demand for clean and green energy due to the rapid depletion of renewable resources such as oil and gas. Due to the demand for clean energy, the market for fuel cells is increasing. Increasing awareness about clean energy among individuals is also boosting the market growth.
Market Segmentation
The global fuel cell technology market segmentation covers application and types. MRFR is exploring the features of these segments to understand market trends.
As per the application-based segmentation, this market covers stationary application, portable application, and transportation application. By type, the market has been segmented into direct-methanol fuel cells (DMFC), molten-carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cell (SOFC), and others.
Regional Segmentation
The regional segmentation of the global fuel cell technology market covers Europe, the Americas (North America & South America), Asia Pacific, and the Middle East & Africa (MEA).
The EU2020 – a strategy proposed by Europe that focuses on improving the infrastructure and decreasing the cost of the fuel cells, augments the demand for the product.
Germany has a strong value chain with a number of small and large companies like Siemens Westinghouse, and SFC Energy, providing a big scope for the Fuel Cell Technology to grow.
The Asia Pacific region is one of the leading revenue generators for Fuel Cell Technology with Japan and South Korea being the major chunk of the revenue generation regions. Favorable government policies and regulations is another factor that is allowing the fuel cell technology market to gain tremendous growth in this region.
Key Players
Major players in the global fuel cell technology market include Ballard (Canada), Ceramic Fuel Cell (Australia), FuelCell Energy (USA), Hydrogenics (Canada), and Plug Power (USA).
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