June 02, 2020
According to the research report titled ‘Fuel Cell Market Size By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global fuel cell market is expected to showcase robust growth during 2020-2026.
For the record, a fuel cell is used to acquire electrical energy from chemical potential energy. A proton exchange membrane fuel cell utilizes both hydrogen and oxygen gas as fuel. Unlike coal burning power plants, nuclear power plants and internal combustion engines which produce harmful byproducts, the reaction that occurs inside a fuel cell generates electricity, water and heat, hence minimizing emissions.
Rising adoption of fuel cells in various applications from large utility power stations to small laptops is a major factor driving the market growth. The product is used for portable power backup, emergency, transportation, stationery and material handling applications. These cells offer better efficiency and can transform chemical energy into electrical energy with upto 60% efficiency.
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As per product type, PEMFC (proton exchange membrane fuel cell) segment is projected to expand significantly during the forecast period. The product operates at low temperatures and can produce higher electrical output in order to meet growing power demand. On the other hand, DMFC segment is expected to register considerable growth in the forthcoming years, primarily due to its widespread adoption in portable power packs, mobile electronic devices and chargers.
The report states that SOFC segment is reckoned to witness healthy growth in the ensuing years. Solid oxide fuel cell is largely used in stationary power generation systems.
Global fuel cell industry share from transport application is predicted to record momentous growth during the estimated timeframe. Fuel cells are incorporated in various transportation media such as in automobiles, bicycles, scooters and buses.
Meanwhile, portable fuel cell market segment is poised to acquire admirable returns in the subsequent years. Portable fuel cells are long lasting power sources and are relatively lightweight. These devices are employed in cellular phones, unattended sensors, military equipment, unmanned aerial vehicles, laptops, underwater vehicles, battery chargers and other power tools.
Further elaborating on the application spectrum, stationary segment is estimated to register moderate growth during the analysis timeframe. Stationary fuel cells are utilized to offer supplemental power and provide electricity to houses which are not connected to grids. They use natural gas as a source of fuel.
Considering the geographical landscape, fuel cell market in Middle East & Africa is slated to witness substantial growth in the ensuing years, primarily due to increasing electrification initiatives in order to offer electricity to remote areas.
Parallelly, Latin America fuel cell industry is also estimated to generate lucrative revenues by the year 2026, owing to surging investments towards development of hydrogen infrastructure and rising adoption of FCVs.
Fuji Electric, Fuel Cell Energy, AFC Energy PLC, Horizon Fuel Cell Technologies, Arcola Energy, Toshiba, SFC Energy AG, Ceres Power Holding, Aisin Seiki Co. Ltd., Doosan Fuel Cell America, Panasonic, Bloom Energy, Nedstack Fuel Cell Technology, Nuvera Fuel Cells, Plug Power, Ballard Power Systems Inc. and Hydrogenics Corp. are the major contenders in global fuel cell industry.