Global
Fuel Cell Technology Market Scenario:
A fuel cell is defined as
a gadget that can convert the chemical energy from a fuel into electricity via a
chemical reaction of positively charged hydrogen particles of oxygen or another
oxidizing agent. Market Research Future (MRFR) has published a research report
about the global fuel cell technology market that predicts great economic
prospects for this market between 2017 and 2027.
The primary market driver
for the global fuel cell technology market growth is the increasing demand for
clean and green energy due to the rapid depletion of renewable resources such
as oil and gas. Due to the demand for clean energy, the market for fuel cells
is increasing. Increasing awareness about clean energy among individuals is
also boosting the market growth.
Market
Segmentation
The global Fuel
Cell Technology Market segmentation covers application and types. MRFR
is exploring the features of these segments to understand market trends.
As per the
application-based segmentation, this market covers stationary application,
portable application, and transportation application. By type, the market has
been segmented into direct-methanol fuel cells (DMFC), molten-carbonate fuel
cells (MCFC), phosphoric acid fuel cells (PAFC), polymer electrolyte membrane
fuel cells (PEMFC), solid oxide fuel cell (SOFC), and others.
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Regional
Segmentation
The regional segmentation
of the global fuel cell technology market covers Europe, the Americas (North
America & South America), Asia Pacific, and the Middle East & Africa
(MEA).
In the Americas region,
North America is a bigger market than South America due to developed
infrastructure, heavy industrialization, and the presence of many key market
players. The major country-specific markets in this region are the USA, Canada,
and Mexico. In South America, the market is limited due to limited
technological advancement. The two most important economies that can emerge as
suitable markets in this region in the future are Argentina and Brazil.
Europe has decided to cut
down maximum carbon emission via the EU2020 program by 2050. This program
focuses on increasing the demand for the fuel cell by improving the
infrastructure, encouraging the use of fuel cells, and decreasing the cost of
the fuel cells. Germany is the biggest country-specific market in Europe.
Increasing awareness among European individuals has contributed to market
growth. As most of the industrialized, developed, and technologically advanced
countries of Europe are in Western Europe, it is a bigger market than Eastern
Europe. Major country-specific markets in this region are France, Italy, Spain,
and the UK.
In terms of high revenue,
Asia Pacific region is one of the leading regional markets due to the
increasing awareness among individuals, demand for fuel cell technology, and
favorable government policies. Japan and South Korea form the major chunk of
revenue generation in this region. Other important country-specific markets are
Australia, China, India, and New Zealand. In the MEA region, the market growth
is slow due to limited availability of technology.
Key
Players
Major players in the
global fuel cell technology market include Ballard (Canada), Ceramic Fuel Cell
(Australia), FuelCell Energy (USA), Hydrogenics (Canada), and Plug Power (USA).
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Full Report at: https://www.marketresearchfuture.com/reports/global-fuel-cell-technology-market-786
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