The basic concept of fuel cells is a quick driving factor for the market, regardless of the forecast period. These electro-chemical devices offer great usage security and are produced as safe, eco-friendly products through the oxidation of hydrogen, natural gas, methanol, or other fuels contained in them. They source heat and electricity to commercial sectors and building structures without the use of thermal energy to generate power, with hydrogen as a fundamental component.
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Moreover, an insignificant measure of nitrous oxide and water as by-products makes them a much demanded alternative for electricity generation and to incumbent technologies for proving to be a quieter power generator that uses no moving parts or combustion.
According to a report published by Transparency Market Research, by revenue, the fuel cells market is expected to see a rise of 23.64% CAGR from 2016 to 2024 to touch US$27.25 bn by 2024. It stood at US$3.59 bn in 2015. The volume of the global market is anticipated to expand at a CAGR of 24.58% by 2024.
Stationary Application Segment Tops Market by 64.82% Share
By type, the fuel cells market is divided into four segments, viz. proton exchange membrane fuel cells (PEMFC), direct methanol fuel cells (DMFC), solid oxide fuel cells (SOFC), and others. The largest chunk of the market, i.e. 62.42%, was held by PEMFC in 2015.
Although fuel cells are used in different applications, such as military and auxiliary power units, uninterruptible power supply systems (UPS), submarines, fuel cell driven automobiles, consumer electronics, and combined heat and power (CHP) systems, the three main application segments are stationary, portable, and transport. With 64.82%, the largest market share by application was secured by stationary in 2015.
Geographically, the market is broadly segmented into four: North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific captured the largest region-wise market share of 59.94% in 2015.
Costing, Distribution, and Transportation of Hydrogen May Restrict Fuel Cells Market
It is expected of the fuel cells market to gain a good boost in the next few years, mostly in the transportation sector, as governments and firms look to install efficient fuel systems in automobiles with efforts in research and development activities. Stringent environmental legislations enforced should significantly elevate the use of fuel cells in stationary, portable, and transport applications all through the forecast period 2016–2024.
As far as the primary triggers are concerned, the number of nations being made highly aware of clean energy usage, rapid population growth, the increasing demand for electricity, great dependency on fossil fuels, and strict government rules to reduce carbon emissions are at the top of the list.
However, the high cost of hydrogen and other gases incorporated in fuel cells compared to fossil fuels may stunt the growth of the market, coupled with the challenges to distribute and transport hydrogen.
AFC Energy PLC, Ballard Power Systems Inc., Doosan Fuel Cell America, Inc., FuelCell Energy, Inc., Hydrogenics Corporation, Nedstack Fuel Cell Technology B.V., Plug Power, Inc., Panasonic Corporation, SFC Energy AG, and Toshiba Corporation are expected to take the fuel cells market by storm.