According to the new research report available at MarketStudyReport.com under the title ‘Global Fuel Cell Market Insights, Forecast to 2025’, the worldwide fuel cell market is anticipated to expand substantially by the year 2025.
Fuel cell device generates electricity by a chemical reaction. Every fuel cell has two electrodes, positive anode and negative cathode, where the electricity is generated. The reactions take place in electrolyte, which acts as a medium and moves electrically charged particles from one electrode to another. A catalyst is also added at times, to speed up the reaction and electricity generation.
Fuel cells are eco-friendly as they produce negligible pollution and have water as the by-product. Growing concerns regarding air pollution, new power line restrictions in urban areas, and emission control directives will greatly motivate the use of fuel cells, hence propelling the market growth.
As per the report, automotive giants are investing massively towards research & development and commercialization of fuel cell. Many companies are even testing their fuel-cell prototype cars. Increasing adoption of fuel cell across automotive industry, along with government norms towards deployment of fuel cell in transport, portable, and stationary systems will further boost the growth of industry.
The worldwide fuel cell market is examined on the basis of product type, application spectrum and the regional outlook. Based on the type, the market is segmented as DMFC, SOFC, MCFC, and PEMFCs. While considering the application spectrum, the market is fragmented as stationary, transport, and portable.
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Speaking of the regional outlook, the market is divided into five major regions; Egypt, South Africa, Turkey, GCC countries, and rest of Middle East & Africa fall under Middle East & Africa region; Europe comprises of UK, France, Italy, Germany, Russia, and rest of Europe; Central & South America consists of Brazil and rest of South America; India, Philippines, Japan, South Korea, China, Thailand, Australia, Singapore, Vietnam, Indonesia, and Malaysia come under Asia Pacific; and Canada, the United States, and Mexico fall under North America.
The prominent companies operating in fuel cell market include Quantum Fuel Systems Technologies Worldwide, Ballard Power System, Horizon Fuel Cell Technologies, Ceramic Fuel Cells Limited, POSCO Energy, Hydrogenics Corporation, Plug Power, Doosan Corporation, AFC Energy PLC, Ceres Power Holdings PLC, Bloom Energy, Toshiba Fuel Cell Power Systems, FuelCell Energy, and Pansonic Corporation.