Increasing Demand for Energy Boosts Global Fuel Cells Market

Published By : 22 Jun 2016 | Published By : QYRESEARCH

The global market for fuel cells is gaining strong growth from the rising demand for energy across the world. The higher energy density of fuel cells compared to conventional batteries, together with their eco-friendly characteristics, is boosting their demand significantly in the global arena. The investment influx in the global fuel cells market is likely to rise extensively in the coming years.

Fuel Cells Experience Highest Demand from Stationary Segment Experience

The fuel cells market is in its initial stage as the technology is quite new. The main utilization of these cells is as a source of electricity and heat in residential and commercial buildings. Apart from this, the application of these cells is projected to increase substantially in the stationary, portable devices, and transportation sectors over the next few years as more strict environmental norms are implemented across the world.

At present, the demand for fuel cells is the highest in the stationary applications, such as in backup power systems and combined heat and power (CHP), whereas, fuel cells are moderately utilized in the transportation industry. However, continual research and development activities by various governments and non-governmental organizations for the integration of effective fuel cell systems in automobiles, such as trucks, buses, and cars, is likely to boost the application of fuel cells in the transportation sector in coming years. In portable devices, fuel cells are utilized in laptops, mobile phones, tablets, and cameras.

Asia Pacific Leads Global Fuel Cells Market

Asia Pacific is leading the global fuel cells market. In 2015, the regional market acquired a share of approximately 60% in the overall market.

The worldwide fuel cells market exhibits moderately fragmented structure. It is mainly driven by SFC Energy AG, Toshiba Corp., Hydrogenics Corp., FuelCell Energy Inc., Panasonic Corp., Nedstack Fuel Cell Technology B.V., AFC Energy Plc, Ballard Power Systems Inc., Plug Power Inc., and Doosan Fuel Cell America Inc.

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