A
fuel cell is an electrochemical device, which combines hydrogen with oxygen so
as generate electricity, heat and water. The fuel cell has a quite same
resemblance as of a battery in which electrochemical reaction occurs as long as
the fuel is available. Hydrogen is preserved in a pressurized container and
oxygen is extracted from the atmospheric air. The electrochemical reaction does
not involve any combustion in the process thus, no harmful emission occurs. The
hydrogen and fuel cells market is principally driven by various factors such as
growing demand in the telecommunications, automotive and residential micro-CHP
sector, and reduced dependence on conventional energy sources. However, shorter
durability of the fuel cell is expected to withhold the market growth over the
forecast period.
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The
global investment and initiative for green energy, is creating a scope for the
development of hydrogen cell during the forecast period. The rising application
of hydrogen fuel cell systems in cold regions across the world for combined
heat and power, primarily for heating and power generation at residential
level, is one of the prime factors that would result in the market growth. The
developed as well as developing economies across the globe are currently
focusing on clean energy generation, efficiently.
Key Players
The
key players of global hydrogen and fuel cells market are Panasonic Corporation
(Japan), FuelCell Energy, Inc. (U.S.), Plug Power Inc. (U.S.), Intelligent
Energy Holdings plc (U.K.), Hyster-Yale Group (U.S.), Ballard Power Systems.
(Canada), Doosan Fuel Cell (U.S.), Nedstack fuel cell technology BV.
(Netherlands), Hydrogenics Corporation (Canada), Pearl Hydrogen (China), and
Horizon Fuel Cell Technologies (Singapore).
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Regional Outlook:
The
global hydrogen and fuel cells market is segmented by prominent regions such
as, Americas, Europe, Asia Pacific and Middle East & Africa.
Americas
was the first-largest market in 2016, & valued at USD 753.1 million. The
American countries, more precisely north American countries fuel cell
deployments have been encouraged by federal research and development (R&D)
and demonstration programs, and supported by federal tax incentives for FCVs,
hydrogen infrastructure, and fuel cell stationary power generation, it is the
support and investment by state governments that have propelled the use of fuel
cell and hydrogen technologies in certain parts of the country.
Hence,
Americas hydrogen and fuel cells market is projected to grow at a CAGR of
24.72%. Asia Pacific is another major market for hydrogen and fuel cells. It
accounted for the market share of 28.47% in 2016 with a market value of USD
461.7 million. Growing population along with rising disposable income in the
region driving the demand for energy.
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