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What's driving the Fuel Cell Market Share? Key major players are Fuji Electric, Hydrogenics Corporation, Plug Power, Nuvera Fuel Cells, Bloom Energy, Toshiba

03-26-2020 10:27 AM CET | Business, Economy, Finances, Banking & Insurance

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Fuel cells Market

Fuel cells Market

Fuel cells can be utilized in a wide array of applications which includes material handling, stationery, transportation, emergency, and portable backup power applications. The demand for these cells is increasing since they can function at higher efficiencies and have the ability to transform the chemical energy in the fuel to electrical energy with efficiencies of up to 60%.

Fuel cell market is projected to chalk out a highly remunerative growth graph over the forthcoming timeframe. A fuel cell is a device can convert chemical potential energy into electrical energy. A proton exchange membrane (PEM) cell uses both oxygen and hydrogen gas as fuel. The products of the reaction in the cell are heat, water, and electricity. This being the biggest improvement over internal combustion engines, nuclear power plants, coal burning power plants, all of which produce very harmful byproducts during their operations. Fuel cells are distinctive in terms of the variety of their possible applications. They can also give power for systems that are as large as a utility power station and as small as a laptop computer.

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They also boast of lower emission levels than conventional combustion engines. In fact, hydrogen fuel cells release only water, so there are no emissions of carbon dioxide as well as no air pollutants that usually create smog as well as causes health problems at the point of operation.

Based on product, the market is segmented into PEMFC, SOFC and DMFC. PEMFC that is proton exchange membrane fuel cell uses acidic polymer membrane that is water based as its electrolyte with electrodes that are platinum based. PEMFC cells operate at low temperatures with a capability to tailor electrical output to meet dynamic power requirements.

DMFC are used in applications with modest power requirements like chargers or mobile electronic devices, and portable power packs.

Portable fuel cells, which are generally lightweight, long-lasting power sources, possess the ability to delay the amount of time a device could be used without recharging. Portable fuel cell applications include power tools, battery chargers, underwater vehicles, laptops, unmanned aerial vehicles, military equipment, unattended sensors, and cellular phones.

Furthermore, the SOFC uses a solid oxide electrolyte to perform negative oxygen ions from the cathode to anode. They have a wide array of applications right from stationary power generation with outputs ranging from 100W to 2MW to use as auxiliary power units in vehicles.

With respect to applications, the market is classified into stationary, transport, and portable. Fuel cells can be used for many transportation applications which includes buses, automobiles, scooters, bicycles and automobiles. Most fuel cell demonstration vehicles have been created to suit each of these vehicle types.

The stationary power applications, meanwhile, have been used commercially for about twenty years. Stationary fuel cells are used to power houses which are not connected to the grid or to give supplemental power. These fuel cells often use natural gas as a fuel source, unlike other fuel cell types. The U.S., Japan, and Germany have the largest number of stationary fuel power stations.
The above-mentioned applications are expected to propel the fuel cell market growth in coming years.

From a regional frame of reference, the ongoing electrification program by government authorities to provide electricity across remote & off-grid areas will drive the Middle East & Africa fuel cell market growth.

The Latin America fuel cell market growth is projected to witness tremendous growth owing to increasing investments toward development of hydrogen infrastructure and deployment of FCV's.

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