The report is titled as ‘Fuel Cell Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the Fuel Cell market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market.
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Fuel Cell Introduction
A fuel cell refers to an electrochemical cell that produces electrical energy by means of fuel through an electrochemical reaction. Fuel cells need an uninterrupted intake of fuel and an oxidizing agent (usually oxygen) so as to uphold the reactions that produce the electricity. As a result, these cells can continuously produce electricity up to the supply of oxygen and fuel is lop off. Fuel cells are unparalleled in respect of the range of their promising applications, as fuel cells can utilize a comprehensive variety of feedstocks and fuels and can offer power for systems as huge as a utility power station and as minor as a laptop computer.
The growing demand for unconventional sources of energy, in present times, is majorly boosting the demand of fuel cells across the global markets. Significantly, fuel cells have a number of benefits over standard combustion-based technologies commonly employed in various vehicles and power plants. Fuel cells can function at greater efficiencies in comparison to the combustion engines and can transform the chemical energy in the fuel straightaway to electrical energy with efficiencies able to exceed 60%. In addition to that, fuel cells diminish or have zero emissions in contrast to combustion engines. Attributing to such factors, the global fuel cell market is projected to grow significantly over the following years.
In terms of region, In 2021, the Asia Pacific is accounted to hold the largest market share in comparison to other regions and expected to maintain its dominance throughout the forecast period. Owing to, rapid growth of technologies such as fuel cell vehicles in China is expected to boost the fuel cell market in the region.
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Fuel Cell Market Segmentation
The fuel cell market is segmented on the basis of source, product type, cell stack, application, and end user, and region.
By Source
- Hydrogen Powered
- Methanol Powered
- Biogas Powered
- Natural Gas Powered
- Hydrocarbons Powered
By Product Type
- Polymer Electrolyte Fuel Cell (PEFC)
- Alkaline Fuel Cell (AFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Molten Carbonate Fuel Cell (MCFC)
- Solid Oxide Fuel Cell (SOFC)
- Others
By Application
- Stationary Power
- Portable Power
- Transportation Power
- Specialty Vehicles
- Fuel Cell Electric Vehicles
- Auxiliary Power Units
- Material Handling Equipment
By Cell Stack
- Panel Bipolar Stack
- Stack With Tubular Cells
By End User
- Commercial & Industrial
- Data Centers
- Transportation
- Military & Defense
- Residential
- Utilitis & Government/Municipal Institute
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
Fuel Cell Market Key Players
Some of the key participating players in fuel cell market are:
- BLOOM ENERGY
- DOOSAN FUEL CELL CO., LTD.
- AISIN CORPORATION
- PLUG POWER INC.
- KYOCERA CORPORATION
- CERES
- CUMMINS INC.
- POWERCELL SWEDEN AB
- TOSHIBA CORPORATION
- BALLARD POWER SYSTEMS
- SFC ENERGY AG
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- AFC ENERGY PLC
- ELRINGKLINGER AG
- FUJI ELECTRIC CO., LTD.
- PROTON MOTOR POWER SYSTEMS PLC
- ADAPTIVE ENERGY
- ADELAN
- SPECIAL POWER SOURCE
- ZTEK CORPORATION, INC.
- SOLIDPOWER S.P.A
- WATT FUEL CELL CORPORATION
- AVL LIST GMBH
- ALTERGY
- MICRORGANIC TECHNOLGIES
- NEDSTACK FUEL CELL TECHNOLOGY BV
- INTELLIGENT ENERGY LIMITED
- HORIZON FUEL CELL TECHNOLOGIES
- NUVERA FUEL CELLS, LLC
- POWERUP ENERGY TECHNOLOGIES
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