- Fuel cells convert chemical energy into electricity. They achieve this via chemical reactions, together with the help of oxidizing agents. Fuel cells are one of the fastest-growing back-up options involving the utilization of hydrogen as fuel. The capacity of fuel cells globally would reach over 664 MW by 2020, rising at a CAGR of 22.1 %, from 2014 to 2020.
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Fuel cells are highly eco-friendly. That is why, governments are coming up with different innovations pertaining to them. Countries such as Denmark, Norway, and Finland have opened hydrogen fuel stations to support hydrogen fuel infrastructure. Some of the key products in the fuel cells market are molten carbonate, phosphoric acid, and direct methanol.
The remaining ones are direct carbon, zinc air, solid oxide, regenerative, alkaline, and proton exchange membrane. Proton exchange membrane fuel cells accounted for over 40% of the worldwide installed capacity. Moreover, in 2013, these cells occupied the highest fuel cells market share (of over 88%) with respect to the overall units shipped.
This was due to their wide usage in data centers, key systems, forklifts, telecommunications, and automobiles. In 2013, direct methanol was the second largest product sector and sold over 3, 000 units. The market applications include portable, transportation, and stationery. Portable fuel cells are used in mobile phones, laptops, APUs, and personal electronics.
In 2013, portable contributed over 70% of the unit sales to the fuel cells market. This sector dominated the applications market that year. Transportation applications comprise auxiliary power units and fuel cell electric vehicles. The stationery applications of fuel cells are seen in the sectors of UPS, CHP, and residential power. In 2013, the installed capacity of stationery fuel cells across the world exceeded 93 MW.
This is expected to grow at a CAGR of over 30% from 2014 to 2020. North America was the leading market in relation to unit shipments and installed capacity. It owed to developments in technologies, and governing scenario of that region. In 2013, North America contributed over 40% of the global installed capacity. Asia Pacific was identified as the second biggest fuel cells market. Market players are busy in developing strategies that would help them profit and remain ahead
Information Source: Grand View Research
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