According to a new market research report published by Credence Research “Fuel Cells Market (Fuel Cell Type – Alkaline Fuel Cells (AFC), Direct Methanol Fuel Cell (DMFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC); Temperature – Low Temperature Cells (< 100o C), Medium Temperatures Cells (101o C to 250o C), High Temperatures Cells (>500o C); Functionality – Portable, Stationary, Transportation; End-use – Healthcare, IT & Telecom, Sewage Processing, Food & Beverage, Retail & Logistics, Manufacturing, Military & Aerospace, Power Generation, Marine, Consumer Electronics, Automotive, Others (Education and Government, BFSI, Utilities, etc.)) Market – Growth, Future Prospects and Competitive Analysis, 2018—2026”, the global fuel cells market is set to expand with a CAGR 19.6% throughout the forecast period from 2018 to 2026.
Ever-increasing demand for energy and environmental protection has provoked the exigent need for high-performance, multifunctional and durable materials for energy production. Increasing need for such reliable energy solution noted as one of the prime factors creating a strong demand for fuel cells. At present, fuel cells are considered as one of the fastest growing power backup options. Growing demand for fuel cells technology credited to its ability of generating electricity by means of several fuels including natural gas, methane, diesel, propane among others. Companies are merging these fuels as an alternative to the fuel cells in hybrid vehicles. Growing technology acceptance coupled with the mounting demand for clean power sources further reported as some of the prominent factors propelling the demand for fuel cells from several industry verticals.
Global fuel cells market has been growing progressively over the past few years. In 2017, approximately 650 MW of fuel cell power transported worldwide. Considering increased adoption of fuel cell technology, automotive industry reported the fastest growing industry in overall fuel cell market. Growing adoption of fuel cell technology mainly attributed to the introduction of fuel cell light-duty vehicles from China, Japan and Korea to the world. Other automotive applications such as buses and heavy duty vehicles further contributed with comparatively lesser share in 2017. Automotive industry set to witness significant development regarding the implementation of this technology in coming years.
Further, changing government regulations regarding the energy conservation and environmental safety are contributing with notable share in overall fuel cells market growth. Fuel cells reported as one of the game changer technologies, which replaces pollutants emitted from fuel by water vapors. Considering numerous benefits offered by technology along with growing awareness regarding the environmental safety, major players are increasingly executing fuel cells technology for numerous applications.
On 24 May 2018, Toyota Motor Corporation, one of the leading Japanese multinational automotive manufacturers, announced that the Company planning to set up a facility for mass manufacturing of hydrogen fuel cell stacks, a key component of fuel cell vehicles. The Company also declared regarding doubling the investment in production of fuel cell vehicles. Moreover, Toyota already sells the Mirai sedan, one amongst popular fuel cell vehicles, in Japan, U.S. along with some European countries such as Germany, U.K. among others.
Significantly popularizing fuel cell technology among numerous industry verticals including automotive, IT & telecom, manufacturing, along with military & aerospace sectors further comes with the factors hampering the growth of overall fuel cells market. High risk of frequent leakages observed as one of the highly considered factors restricting its increasing demand in global market. This observed as one of the loopholes in global fuel cells market growth. Companies’ safety R&D activities are intended to develop range of special sensors to detect hydrogen leaks in fuel cell systems. In addition, high cost of catalyst and lack of sufficient infrastructure for hydrogen refueling are hampering the growth of global fuel cells market.
Browse the full report at https://www.credenceresearch.com/report/fuel-cells-market
Leading players in the global industrial heat exchangers market include ClearEdge Power LLC, FuelCell Energy, Inc., Ballard Power Systems, Inc., Hydrogenics Corporation, SFC Energy AG, Plug Power, Inc., Ceramic Fuel Cells, Ltd., Ceres Power Holdings PLC, Bloom Energy Corporation, Nedstack Fuel Cell Technology BV, Toshiba Fuel Cell Power Systems Corporation, Nuvera Fuel Cells, Inc., AFC Energy PLC, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Ltd., Doosan Fuel Cell America, Inc. and others.