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. A detailed analysis report of COVID-19 impact on Fuel Cell Technology Market is provided with the
report.
The rising prices of crude oil along with the
increasing demand for fuel cells from power suppliers, automobile, residential
builders and electronic companies attributing to the increasing consumer
awareness towards advantages of Fuel Cell are some of the major driving forces
substantiating the growth of the global fuel cell technology market.
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Fuel Cell Technology offers more applicability and
reliability than other alternatives such as wind and sun. This allows the
technology to garner an extensive uptake across industries leading to generate
an augmented demand which then results in increasing its marker size.
Additional factors that contribute to the market growth include a growing
population, urbanization & industrialization across the globe. The
emergence of Electric Vehicles has brought about the largest scope for the
market to expand globally.
Global Fuel Cell Technology 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.
Prominent 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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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.
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.
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