Fuel Cell Technology Market
Posted by Abhijeet Bendre on September 27th, 2019
Market Research Future published a half-cooked research report on “Global Fuel Cell Technology Market ” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2027
Fuel Cell Technology is a highly efficient process of electricity generation than combustion technology. Allowing the convenience of portability, Fuel Cell generates clean energy (sound/ air pollution less) to suffice all general electrical needs (stationary) and can power up electric vehicles (Transports) as well.
Growing ecological concerns are prompting the need for alternative energy generation sources that can output cleaner energy. Fuel Cell without burning its fuel (hydrogen) delivers equivalent output as generators; with less or absolutely zero-emission when the hydrogen is in its purest form. This very aspect is allowing Fuel Cell Technology to garner a lot of prominences escalating its market to perceive phenomenal accruals.
In its recently published study report; foretelling the market insights up to 2027 Market Research Future states that the Fuel Cell Technology has the potential to evolve & expand further. And hence the Global Fuel Cell market is projected to experience an exponential growth by 2027 registering a fabulous CAGR during 2017 - 2027.
Fuel Cell Technology offers more applicability and reliability than other alternatives such as wind and sun. This allows the technology to garner an extensive uptake across industries leading to generate an augmented demand which then results in increasing its marker size. Additional factors that contribute to the market growth include a growing population, urbanization & industrialization across the globe. The emergence of Electric Vehicles has brought about the largest scope for the market to expand globally.
The rising prices of crude oil along with the increasing demand for fuel cells from power suppliers, automobile, residential builders and electronic companies attributing to the increasing consumer awareness towards advantages of Fuel Cell are some of the major driving forces substantiating the growth of the global fuel cell technology market.
Despite the most promising fuel cell types to power cars and electronics; the PEM fuel cells were still witnessing a restricted uptake in future cars for turning up to be an expensive option making these cars unaffordable. Nevertheless, researchers at the University of California have proved that incorporating cobalt instead of platinum as a catalyst material would make polymer electrolyte membrane (PEM) 100 times cheaper. This inexpensive, efficient catalyst material developed by UCR Scientists would augment the adoption of fuel cells in future cars making them substantially affordable.
Similar researches that would get transpired in due time, would present Fuel Cells as the most cost-effective, cleaner and greener alternative energy source promising a galore fortune.
Fuel Cell Technology Market - Geographical Analysis
The EU2020 – a strategy proposed by Europe that focuses on improving the infrastructure and decreasing the cost of the fuel cells, augments the demand for the product.
Germany has a strong value chain with a number of small and large companies like Siemens Westinghouse, and SFC Energy, providing a big scope for the Fuel Cell Technology to grow.
The Asia Pacific region is one of the leading revenue generators for Fuel Cell Technology with Japan and South Korea being the major chunk of the revenue generation regions. Favorable government policies and regulations is another factor that is allowing the fuel cell technology market to gain tremendous growth in this region.
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About the AuthorAbhijeet Bendre
Joined: September 5th, 2019
Articles Posted: 214
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