Fuel cells are types of devices that generate energy from a chemical reaction inside them, and they are expected to increase in popularity in the coming years. This is due to the fuel cell's strategic advantages, which include increased performance, environmental friendliness, and a longer life cycle as compared to other technologies. Fuel cells are expected to become more widely used in the transportation market, such as in vehicles and buses, in the coming years. —
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Furthermore, the demand for handheld products, strict government legislation aimed at lowering the emission levels, and improved fuel cell performance are some of the market's other driving forces. The effect of these drivers is projected to grow rapidly as the advantages of the fuel cell become more widely known. The high cost of the catalyst, which increases the cost of the fuel cell, and the shortage of fuel cell infrastructure are two of the industry's and market's constraints. The cost of a fuel cell is predicted to drop in the coming years as technology advances.
The global fuel cell industry has a lot of room for expansion. While the industry is mature, its exposure to the global market is projected to grow rapidly over the next six years. The high cost of fuel cells is a big stumbling block for their adoption. Current advances, such as embedding high-efficiency wearable technologies, are more likely to appeal to a larger audience. A slew of new competitors is flooding the industry with cutting-edge goods. In the coming years, emerging technologies, such as new types of fuel cells is likely to intensify competition.
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Fuel cells use a water-based acid polymer membrane as an electrolyte and platinum-based electrodes. It has a low operating temperature and can provide enough electricity to satisfy the dynamic power requirements. Some of the main features that will fuel product demand include lightweight, excellent, dynamic, high performance, and high power density.
Global Fuel Cell Industry to Attract Automotive Sector in 2019
• Hyundai is all set to make the sale of its new Nexo-fuel-cell vehicle. The model is available in Blue and Limited edition with the Blue edition costing USD 59,345 and edition Limited USD 62,845. Furthermore, buyers will also get hydrogen fueling cards of worth USD 13,000.
• Toyota introduced semi-trucks operating on hydrogen fuel cell in a CES show organized by Consumer Technology Association
• PACCAR's Kenworth and Toyota have entered into a joint project to build Class 8 hydrogen fuel-cell semi tractors.
Key players in this market include Panasonic, Toshiba, Hydrogenics Corporation, Ballard Power Systems, Horizon Fuel Cell Technologies, Nedstack Fuel Cell Technology BV., Aisin Seiki Co., Ltd., FuelCell Energy, Inc., NUVERA FUEL CELLS, LLC, SFC Energy AG, Ceramic Fuel Cells, Ltd, Plug Power Inc., Bloom Energy, UTC Power Corporation, Doosan Fuel Cell America, and Arcola Energy.
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Key segments of the global fuel cell market
Product Overview, 2015-2026 (USD Million)
• Low Temperature Fuel Cells (LTFC)
o Proton-exchange membrane fuel cell (PEMFC)
o Direct methanol fuel cell (DMFC)
o Alkaline Fuel Cell (AFC)
• High Temperature Fuel Cells (HTFC)
o Phosphoric acid fuel cell (PAFC)
o Molten carbonate fuel cell (MCFC)
o Solid oxide fuel cell (SOFC))
Application Overview, 2015-2026 (USD Million)
Regional Overview, 2015-2026 (USD Million)
• North America
• Asia Pacific
o New Zealand
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
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