New York, NY 16 Jan 2020 :The global fuel
cell market is estimated to reach USD 13.71 billion by 2026
growing at a CAGR of 17.5% during the forecast period, according to a new study
published by Polaris Market Research. The report ‘Fuel Cell Market Share, Size, Trends,
& Industry Analysis Report, By Type (Solid Oxide Fuel Cells, Phosphoric
Acid Fuel Cells, Proton Exchange Membrane Fuel Cells, Molten Carbonate Fuel
Cells); By Application; By Region: Segment Forecast, 2019 – 2026’ provides
an extensive analysis of present market dynamics and predicted future trends.
In 2018, the stationary application segment dominated the global market in
terms of revenue. Asia-Pacific is expected to be the leading contributor to the
global market revenue during the forecast period.
Government
regulations and favorable public initiatives regarding energy consumption have
boosted the adoption of fuel cell. Growing concerns regarding environment,
increasing demand for unconventional energy sources, and increasing adoption of
power efficient energy systems further support the market growth. Additionally,
higher efficiency offered by fuel cells as compared to other power generating
systems, and growth in adoption of distributed power system would boost the
market growth during the forecast period.
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Other
factors supporting market growth include supportive government regulations,
increasing awareness, adoption of green technologies, and technological
advancements. Increasing investments by vendors in advancements in hydrogen
storage, and increasing demand of fuel cell vehicles further boosts the market
growth.
Asia-Pacific
generated the highest revenue in the fuel cell industry in 2018, and is
expected to lead the global market throughout the forecast period. The
increasing awareness among consumers, and rising environmental concerns drive
the fuel cell market growth in the region. The governments in the region are
investing significantly to promote the adoption of fuel Cell. The increasing
application of fuel cells in commercial, and transportation sector further
supports the market growth in the region. The increasing penetration fuel cell
electric vehicles, and significant increase in power consumption accelerates
the adoption of fuel cells in the region.
The
Phosphoric Acid Fuel Cells (PAFCs) use liquid phosphoric acid, ceramic
electrolyte and a platinum catalyst. PAFCs operate at a higher temperature, and
are capable of handling small amounts of fuel impurities. PAFCs are used in
high-energy demand applications, such as hospitals, schools, and manufacturing
and processing centers. Solid Oxide Fuel Cell (SOFCs)
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are
the highest temperature fuel cells, operating at about 1800 degrees Fahrenheit.
SOFCs use a dense layer of ceramic as an electrolyte, a non-platinum catalyst,
and are commonly fueled by natural gas. SOFCs can achieve electrical
efficiencies of 50% to 60%, and 70%-80% in CHP applications. SOFCs are used in
applications such as small residential auxiliary power units, and large-scale
stationary power generators for buildings and businesses.
The
well-known companies profiled in the report include Aisin Seiki Co. Ltd.,
Ceres Power Holdings PLC, Plug Power Inc., Panasonic Corporation, Ballard Power
Systems, Inc., Nedstack Fuel Cell Technology, Horizon Fuel Cell Technologies,
Intelligent Energy Limited, Mitsubishi Hitachi Power Systems, Ltd., and Toshiba
Fuel Cell Power Systems Corporation. These companies launch new
products and collaborate with other market leaders to innovate and launch new
products to meet the increasing needs and requirements of consumers.
About Polaris Market Research
Polaris Market Research is a global market
research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1-646-568-9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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