Fuel cells have emerged as the saviour of our environment over the past decade. Since its inception, fuel cells have revolutionized the energy and fossil fuels consuming sectors. During the oil crisis of the 1970s, the governments of western countries, especially the United States, emphasised to develop renewable energy resources on a commercial scale, including fuel cell technologies. The developments in the fuel cell technologies and their commercialization has opened a wide horizon for their application, and some of the important sectors, which are a potential market for fuel cell technology, are transportation and power generation (TPG), and combined heat & power (CHP).
Fossil fuels are depleting at a rapid rate at present and the dependency of transportation sector on these non-renewable resource is huge. The use of fossil fuels is spread across the transportation sector, from passenger vehicles, to cargo ships and aeroplanes. The number of vehicles on the road is increasing, so is the rate of emissions from combustion engines of vehicles of all types, which is degrading our environment at a rapid pace. Electric vehicles (EVs), hybrid vehicles and fuel cell technologies are being introduced and developed to match the performance of the combustion engines, and to address this growing concern. Although hybrid vehicles and EVs are slowly gaining momentum in developed countries, the consumption of fossil fuels is still huge in transportation sector.
The share of greenhouse gases emission is the largest for the energy generation sector, because of the usage of coal to generate electricity. There has been development in the renewable energy sector in terms of electricity generation, especially in North America, Europe and China, with the utilisation of solar power and wind energy, but these sources are not available all-round the year. Hence, fossil fuels are still being used on a large scale across the globe for power generation.
Although fuel cell technologies, such as Solid Oxide Fuel Cells (SOFC), Proton Exchange Membrane Fuel Cells (PEMFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC) and others, have the potential to change the transportation and energy generation sector, by providing more efficient and reliable systems. But the high cost of installing these systems is holding the global fuel cell technology market back.
With increased promotions of fuel cell technology, escalating government incentives, funding, subsidies and environmental regulations, the global fuel cell technology market is expected to grow exponentially over the period of 2016 to 2022. The application of fuel cells is expanding over a wide spectrum, from primary and secondary power back up systems, to telecom towers and fuel cell powered vehicles, and fuel cells are becoming the pioneer of a cleaner and environment friendly future.
The major players of the fuel cell technology market, such as Ballard Power Systems, Fuel Cell Energy, Aisin Seiki, Doosan Corporation etc., are concentrating on manufacturing fuel cell systems to incorporate it in various products such as Ballard Power Systems, Fuel Cell Energy, Aisin Seiki, Doosan Corporation etc. Governments and companies are investing huge amount of money in the research and development of fuel cell technology, along with subsidies, tax waivers, public-private partnerships, etc.
BIS Research has compiled an extensive market research report on ‘Global Fuel Cells Market- A Global Study (2016-2022)’. The market analysis report will provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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