Fuel Cell Market: Global Size, Share, Trends, Leading Player and Forecast to 2023
by Rahul Rastogi Market Research AnalystIMARC
group has added a new report titled “Fuel Cell Market:
Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”
which offer details about the current trends and analysis, as well as scope for
the near future. The global fuel cell market is expected to witness a robust
growth in the upcoming years. This can be accredited to several initiatives
implemented by the governments of Australia, Germany, Korea, Japan, etc. to
increase the employment of hydrogen fuel cells in the production of automobiles
and gas distribution systems so as to curb their carbon footprint.
The
global fuel cell market is expected to witness a robust growth in the upcoming
years. This can be accredited to several initiatives implemented by the
governments of Australia, Germany, Korea, Japan, etc. to increase the
employment of hydrogen fuel cells in the production of automobiles and gas
distribution systems so as to curb their carbon footprint.
IMARC
Group’s latest study, titled “Fuel Cell Market: Global Industry Trends,
Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that
the global fuel cell market reached
a value of more than US$ 4.0 Billion in 2017. A fuel cell refers to an
electrochemical energy conversion device which contains two electrodes. It also
includes an electrolyte which carries ions between the electrodes and a
catalyst to speed up the reaction. Owing to the advantages offered by fuel
cells, such as easy maintenance, high operating time and better efficiency,
they find applications in automobiles, data centres, forklifts,
telecommunications, etc. Moreover, as modern fuel cells work on pure hydrogen,
they emit negligible amount of greenhouse gases in comparison to diesel- or
gas-based fuel cells which makes them environment-friendly in nature.
Constant
depletion of fossil fuels has led governments across the world to implement
numerous policies and initiatives, and use sustainable energy alternatives. For
instance, the Australian government has proposed to convert gas distribution
system to clean hydrogen by 2030. Similarly, the German government aims to
reduce greenhouse gas emissions by 40% till 2020 and has invested in hydrogen
fuel cells for trains. Along with this, an increase in the number of fuel cell
vehicles and buses in China, Japan and Korea has further broaden the growth
prospects of the market. Additionally, employment of fuel cells reduces
economic dependence on crude oil imports, thereby being financially beneficial
to the countries. Looking forward, the market value is projected to reach US$
8.4 Billion by 2023, expanding at a CAGR of 13.4% during 2018-2023.
Market
Summary:
- Based on
type, proton exchange membrane fuel cells dominate the market, holding the
largest share. Other types of fuel cells include solid oxide, molten
carbonate, direct methanol and phosphoric acid.
- On the basis
of application, the market has been segregated into stationery,
transportation and portable. Currently, stationery applications account
for the majority of the total market share, representing the largest
segment.
- Region-wise,
the market has been classified into North America, Asia Pacific, Europe,
Middle East and Africa, and Latin America. Amongst these, Asia Pacific is
the leading market, accounting for the majority of the global share.
- The
competitive landscape of the market has also been examined with some of
the key players being Panasonic Corporation, Ballard Power Systems Inc.,
FuelCell Energy Inc., Plug Power Inc., Nuvera Fuel Cells Inc., AFC Energy
PLC, SFC Energy AG, Bloom Energy Corporation, Toshiba Fuel Cell Power
Systems Corporation, Mitsubishi Hitachi Power Systems, Ltd., Intelligent
Energy Limited and Doosan Fuel Cell America Inc.
view original content: http://www.digitaljournal.com/pr/3903617
source: IMARC Group
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Created on Sep 24th 2018 02:15. Viewed 976 times.