Fuel Cell Technology Market is expected to witness significant growth on account of rising need for alternative energy sources and zero emission energy. Increase in demand of clean energy and large investments related to hydrogen storage infrastructure development are fuelling the growth of this industry. To promote use of clean and green energy government has invested heavily on exploration of this technology and has made strict government regulation to protect the environment which has propelled the demand.
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Market Synopsis of Fuel Cell Technology Market:
Conventional battery cannot store
more energy and need continuous replacement. The energy density of
non-conventional cell is more than the conventional battery; this makes it a
better environment friendly option. Growing need to derive energy from renewable
source to save the conventional resources and increasing concern for
environment protection is expected to propel the demand for the forecast
period. Platinum and Ruthenium Alloy are catalyst used to convert the chemical
energy to electrical energy through electrochemical reaction. These catalysts
are costly which increases the installation cost making the installation costly
and to store more energy more cells are required which is a challenge for this
industry.
This technology for vehicle is
gaining importance globally due to its uniqueness and environment-friendly
nature. The technology has the ability to generate all vehicle types such as
heavy duty, power forklifts, passenger, and airport tugs. Decrease in oil
consumption by the vehicles is need of the hour and this technology is the
solution which makes it a golden market to explore. Major automobile companies
are launching new cars which work on this technology such Toyota has launched
Mira, Honda has launched Clarity, Mercedes is doing research on cars powered by
these non-conventional batteries. Advancement in hydrogen storage know-how is
another opportunity that is yet to be explored; it is expected to increase the
stationary power, portable power, and transportation of power.
The global fuel cell technology
industry is segmented on the basis of applications such as transportation,
portable, and stationary applications. Furthermore, it is segmented on the
basis of technology such as Direct Methanol, Polymer/Proton Exchange Membrane
(PEM), Molten Carbonate, Phosphoric Acid, and Solid Oxide. The technology is
growing rapidly with multiple benefits such as it has portable applications
such as non-conventional battery can be used for devices such as laptop,
mobiles and camera as a rechargeable battery. Portable fuel cells are expected
to augment or replace battery technology and use either DMFC, or PEM.
Proton Exchange Membrane Fuel
Cell (PEMFC) these are extensively used across the globe, its power to area
ratio (absorbs more power per unit area) is higher which makes it ideal to
produce more energy when compared to others. North America and Europe are the
key contributor in this market owing to awareness to protect the environment
and encouragement from government to use and harness clean energy. Asia-Pacific
is expected to have significant growth for the forecast period owing to the
largest value generating region for these cells, with Japan and South Korea
being the major countries driving the market. In Middle East and African
region, the market is growing at a slower rate due to lesser awareness,
although Middle East and African regions comprise the future markets for this
technology, these markets are considered as major emerging markets.
Key players in this industry are
Aisin Seiki Co. Ltd., AFC Energy, Bloom Energy, Ballard Power Systems Inc.,
Ceres Power Holdings PLC, Ceramic Fuel Cells Limited, Fuelcell Energy, Doosan
Corporation, Kyocera, Hydrogenics Corporation, and Plug Power Inc. In January
2016, Fuelcell Energy a leader in manufacturing, designing, operation, and
service of clean energy has announced to install a plant of 5.6-megawatt power
generation plant for Pfizer Inc. world’s largest biopharmaceutical company to
provide reliable and low carbon electricity. This power plant will be built by
using this knowledge to produce clean and green energy.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Fuel Cell Technology:
Market Variables, Trends & Scope
Chapter 4 Fuel Cell Technology:
Product Estimates & Trend Analysis
Chapter 5 Fuel Cell Technology:
Application Estimates & Trend Analysis
Chapter 6 Fuel Cell Technology:
End-use Estimates & Trend Analysis
Chapter 7 Fuel Cell Technology:
Industrial End-use Estimates & Trend Analysis
Chapter 8 Fuel Cell Technology:
Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Fuel Cell Technology:
Manufacturers Company Profiles
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