Hydrogen fuel cells need constantsource of oxygen and fuel to operate. A fuel cell refers to a device thatassists in the generation of electrical power with the help of chemicalreaction. Hydrogen fuel cells is used in theconversions of hydrogen for electricity generation. A fuel cell refers to adevice that is utilized in the conversion of chemical potential energy intoelectrical energy. Fuel cells are used in the production of electricity fromwide range of domestic fuels. It comprises renewable and hydrogen. This islikely to supply electricity for any application, right from cars to buses tocommercial structures.
A fuel cell makes use of chemicalenergy of another fuel and hydrogen to generate power. With growing demand forclean power, the global hydrogen fuel cells market is likely to gain momentumin the years to come.
Fuel cells find use in manyapplications, some of which are mentioned below
· Emergency backup power applications
· Material handling
· Transportation
· Portable
· Stationary
An increase in the initiatives onpart of the government coupled with rising concern for safety of theenvironment are likely to offer growth opportunities for the global hydrogen fuelcells market in forthcoming years.
Vehicles that run on hydrogen fuelcells mix the recreational benefits, environmental benefits of electricitydriven cars together with, refuelling, and range of the normal cars. Refuellingof a fuel cell car is similar to that of refuelling a truck or a car.
North America is expected to lead theglobal hydrogen fuel cells market over the assessment tenure. Rising awarenessabout the various benefits that it offers is driving its demand in NorthAmerica. Nearly 60 hydrogen fuelling stations are operating as of now. Out ofwhich around 40 stations are open to public for its use and most of them are inthe state of California.
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Global HydrogenFuel Cells Market: Snapshot
The market for hydrogen fuel cells isgaining considerable impetus across the world, thanks to the infrastructuraldevelopments in the field of hydrogen production. The rising adoption ofelectric and hybrid vehicles has also boosted the demand for hydrogen fuelcells, globally, reflecting positively on the growth of the overallmarket.
Going forward, a rise in the numberof funding from the government and other organizations for the development andcommercialization of the refueling infrastructure, worldwide, is likely toresult in the swift progress of the global market for hydrogen fuel cells overthe next few years. Moreover, the imminent decline in fuel cell prices, owingto the increasing uptake of novel methodologies for the reduction of fuelprices among the fuel producers, is also anticipated drive the growth prospectsof this market in the years to come.
The global market for hydrogen fuelcells demonstrates a highly competitive and consolidated landscape. The vendorsoperating in this market are increasingly focusing on providing their customerswith new and improved products at a much reduced price in order to support theexpansion of their companies. Technological advancements in current offeringsis the main strategy they follow to strengthen their position in the globalmarket.
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Global HydrogenFuel Cells Market: Brief Account
Hydrogen fuel cells is a device thatconverts hydrogen and oxygen into water, and in the process, produceselectricity. In a hydrogen fuel cells device, the flow of chemicals into cellsis continuous, thereby ensuring that the battery does not go dead. Hydrogenfuel cells are being used as an alternative fuel in automobiles, in portablepower systems, and also for power generation. It is expected that the globalhydrogen fuel cells market will grow at a healthy rate in the period from 2016to 2024, on account of a growing need for clean energy.
The report segments the globalhydrogen fuel cells market on the basis of type, application, and geography. Onthe basis of type, the market is segmented into Polymer Exchange Membrane FuelCells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells(SOFC), and others such as alkaline fuel cells, phosphoric acid fuel cells, toname a few. By application, the market is segmented into portable, stationary, andtransport.
The report is an in-depth analysis ofthe key factors impacting the global hydrogen cells market, which includes boththe driving and the restricting factors. The report is collated by expertsafter examining the market’s historical and present size and state, which isthen used to analyze the future growth prospects of the market. The hydrogenfuel cells market has been studied both at the regional as well as the globallevel. The trending aspects of the market has been discussed and potentialopportunities in the future are determined.
Global HydrogenFuel Cells Market: Trends and Opportunities
The global hydrogen fuel cells marketis primarily fueled by a growing need for clean energy, government initiativesto promote the use of green energy, and the development of infrastructure toproduce hydrogen. Governments, especially in developed nations have encouragedthe use of clean and green energy, and this has resulted in giving the hydrogenfuel cells market, the push that it required. The growing concern regardingenvironmental pollution across the world is another factor boosting the demandfor hydrogen fuel cells. The awareness level regarding hydrogen cells hasincreased, helping the market to grow at a steady pace.
The growth of the global hydrogenfuel cells market is however, hampered by a lack of infrastructure for fuelcells, high cost of switching the technology, and reduced hydrogen re-fillingstations, and the high initial cost associated with the adoption of thistechnology.
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Global HydrogenFuel Cells Market: Geographical Analysis
On the basis of geography, the marketis segmented into Asia Pacific, North America, Europe, and the Rest of theWorld. Of these, Asia Pacific is leading in the market and will continue toexpand at a significant CAGR in the coming years. The growing use of hydrogenfuel cells in South Korea and Japan in hybrid cars coupled with strictenvironmental norms are behind the growth of this market. North Americafollowed by Europe are also expected to be potential markets for hydrogen fuelcells. Subsidies on purchase of hybrid vehicles is one of the key factorsdriving the growth of the market in these regions.
Global HydrogenFuel Cells Market: Companies Mentioned
The global hydrogen fuel cells marketis consolidated with only a few companies operating in the market. However, onaccount of the market attractiveness the number of new companies to enter intothe market is expected to increase in the near future. Some of the playerscurrently operating in the hydrogen fuel cells market include SFC Energy AG,Plug Power Inc., Panasonic Corporation, AFC Energy PLC, Hydrogenics, NedstackFuel Cells Technology B.V., ClearEdge Power, and Toshiba Corporation. Leadingcompanies are investing in research and development in order to grow in theindustry and come up with innovations.
