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Rising Crude Oil Prices to Drive Fuel Cell Technology MarketMarket Research Future (MRFR) announces a new report on the global fuel cell technology market. The global fuel cell technology market has been assessed in terms of its applications and regional segmentation in order to derive accurate projections for the market’s growth over the forecast period (2017-2024). The report provides comprehensive forecasts for the previously mentioned forecast period through a detailed study of the various factors affecting the growth trajectory of the Fuel Cell Technology Market.
Fuel cell technology consists of batteries that run on a continuous supply of hydrogen or other fuels, which undergo a chemical reaction to produce electricity. Fuel cells differ from regular batteries in that they need a continuous supply of fuels, but they also differ from internal combustion engines in that the reaction is much more controlled and manageable. They gained attention in the global energy sector in recent years due to their high efficiency of fuel use and the environmental viability of their emissions. The rising support for environmentally oriented measures and growing government support to technological innovation into reducing the human impact on the planet is likely to drive the Global Fuel Cell Technology Market over the forecast period.
Rising prices of crude oil have necessitated the use of other fuel technologies in the automotive sector. Crude oil is an exhaustible resource and predictions have indicated a dire-to-moderate need to start looking for alternatives to crude oil derivatives, as global reserves of the same have started to run dry. This is likely to be a major driver for the Global Fuel Cell Technology Market over the forecast period.
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Segmental Analysis:
The report segments the Global Fuel Cell Technology Market by method, application, and fuel type.
By method, the Global Fuel Cell Technology Market is segmented into polymer/proton exchange membrane fuel cells (PEM), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), protonic ceramic fuel cells (PCFC), alkaline fuel cells (AFC), microbial fuel cells (MFC), direct methanol fuel cells (DMFC), direct carbon fuel cells (DCFC), zinc air fuel cells (ZAFC), and others.
The Global Fuel Cell Technology Market is segmented by application into transportation, stationary, and portable. Transportation applications include uses such as buses, cars, and APUs. Proton exchange membrane fuel cells and alkaline fuel cells are primarily used in transportation applications. In stationary applications such as residential power, backup power, and DG, solid oxide fuel cells and molten carbonate fuel cells are used in addition to the aforementioned two types. Portable applications primarily use direct methanol fuel cells and alkaline fuel cells. These applications include providing a charging point for electronics and batteries.
By Fuel Type, the Global Fuel Cell Technology Market is segmented into hydrogen, natural gas/methane, methanol, anaerobic digester gas, and others.
Regional Analysis:
The Global Fuel Cell Technology Market is segmented on the basis of geography into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Europe is the leading regional market for fuel cell technology, due to the highly supportive regulatory framework constructed by governments in the region. European countries have designed a roadmap for reducing carbon dioxide emissions by 80% till 2050, and the use of fuel cell technology comprises an important part of the region’s plans to achieve the goal. Germany is the leading market for fuel cell technology within Europe and is likely to retain its place over the forecast period due to the strong support for research initiatives into fuel cell technology among Germany’s universities and research institutes.
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Competitive Analysis:
Leading companies in the global fuel cell technology market include AFC Energy, Topsoe, Heliocentris, and Genport SRL. Companies in fuel cell technology have been looking to cooperate with national and regional governments to speed up the adoption of fuel cells in specific regions. For instance, AFC Energy has signed a cooperation agreement with the Thai government to drive the adoption of fuel cells in upcoming projects in Thailand.
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