Global Fuel Cell Technology Market: Overview
Energy produced by the device after conversion from chemical to electrical due to the chemical reaction of positively charged hydrogen ions with the oxidizing agent is known as a fuel cell. Fuel cells need continuous feeding of fuel or air to retain the reaction.
Global Fuel Cell Technology Market: Segmentation
The global fuel cell technology market is majorly segmented in two factors, by application, and by its type. Further, based on the type it is segmented as a direct methanol fuel cell (DMFC), solid oxide fuel cell (SOFC), phosphoric acid fuel cell (PAFC), polymer/proton exchange membrane (PEM) Fuel Cell, and molten carbonate fuel cells (MCFC).Owing do the developing technology and its advancements it is widely used in various application such as portable, stationary, and transportation. In addition, global fuel cell technology market is widely diversified into various regions which include North America, Europe, Asia-Pacific, Middle East, Africa and Rest of the World.
Global Fuel Cell Technology Market: Growth Factors
Growing investment in the fuel cell sector for the advancement of the products is driving the growth of global fuel cell technology market. High demand of remote power application such as APU, consumer products, personal electronics products is also fueling the growth of the global market. Continuous research and development carried by organizations with an aim to develop hydrogen power solution and researchers focusing intensely on developing hybrid vehicle that can be powered by hydrogen are also boosting the growth of the global fuel cell technology market. Wide application of PEMFC in automobiles, data centers, backup power centers and forklifts is major segment responsible for the growth of the market. On the other side, the high cost of fuel infrastructure and catalyst is hindering the market growth at some extent.
Global Fuel Cell Technology Market: Regional Analysis
Geographically, North America is leading the global fuel cell technology market and it is expected to retain its dominance owing to technological advancement and high utilization in the region. Asia-Pacific region is anticipated to grow rapidly due to a large number of the unit shipment. A major driver in Asia-Pacific is Japan and South Korea. Europe is projected to maintain a competitive edge in coming future.
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Global Fuel Cell Technology Market: Competitive Players
Some of the major players contributing their efforts in terms of products and services include Aisin Seiki Co. Ltd., Ceramic Fuel Cells Limited, Kyocera, Panasonic Corporation, Toshiba Corporation, Plug Power Inc., Hydrogenics Corporation, Ceres Power Holdings PLC, Ballard Power Systems Inc., AFC Energy, Aisin Seiki Co. Ltd., Bloom Energy, Ceramic Fuel Cells Limited, and Fuelcell Energy.