The Global Fuel Cell Technology Market accounted for $11.94 Billion in 2020 and anticipated to reach $54.07 Billion by 2028, increasing at a compound annual growth rate of 15.3% from 2021 to 2028.
A fuel system is a system that efficiently conducts and produces electricity by merging anode and a cathode absorbed in an electrolyte medium.
Chemical energy is converted into electrical energy by fuel cells. Buildings use fuel cells as source of heat and energy as well as electrical power sources for electrical motors that drives cars. As long as fuel cells have access to fuel and oxygen and can generate electricity, they don’t need to be charged externally.
One of the major growth motivators for the Globally Fuel Cells Technology Market is the increasing demand for plug-in hybrid vehicles, hybrid electric vehicles and electric vehicles. Therefore the strong demand for fuel cells is due to the increase demand for electric cars. Government interests have been heightened after realizing that electric and plug-in hybrid cars lessens carbon emissions; thus reducing dependency on oil, diesel and other non-conventional energy sources. By relying on diesel, gasoline and other fossil fuels, fuel cells act as alternative to traditional and unconventional energy sources, therefore as a result, environmental issues have been raised due to excessive CO2, CO, NOx, SOx emissions from traditional petroleum products and oils. Fuel cells have a strong acceptance rate in the transportation sector due to the growing need for environmentally sustainable cars. As the need for fuel cell vehicles, buses and trucks grows so does the government’s commitment to reducing greenhouse emissions. Due to globalisation, the demand for stationary fuel cells in shopping centers, buildings and schools has increased. Fuel cells have been described as a profitable target market for investment and are expected to become more widely used in handheld devices such as smartphones, PC’s and tablets, as well as power backup batteries.
The Global Fuel Cell Technology Market has been growing rapidly as the demand for fuel has increased. The Covid-19 pandemic is mainly responsible for demand growth resulting in project delays, supply chain shortages and lack of financial funding for R&D operations. Hydrogen-based systems, requiring a well-coordinated supply chain and a huge amount of resources to demonstrate, has been affected. According to the International Energy Agency, the Covid-19 outbreak impacted existing hydrogen demand from oil refining, steel production and the chemical industry. The usage for jet fuel usage will drop by 26%; gasoline usage to drop by 9% and diesel usage by 6%; while core hydrogen-based chemicals, e.g. methanol demand will decrease by 7% as announced by the IEA. Hydrogen-based fuel-cell vehicle sales has increased in 2019 and was forecast that it would set a new sales milestone in early 2020.
Ballard Power Systems, Ceres Power, Fuel Cell Energy, Hydrogenics corporation and plug technology, for example, have a high level of convergence across the value chain and have developed themselves as major producers. To improve on low-cost fuel cell technologies for the car industry they have to focus on R&D’s activities. Product releases, as well as Mergers and acquisitions are some of the main tactics used by industry participants. Honda R&D Co Ltd and Ceres Power have agreed on collaboration on the construction of solid oxide fuel cell stacks. This effort aids the organization in gaining acceptance for its steel cell technology.
North America, the U.S and Canada to be specific, has the largest sales spot using Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells, Molten Carbonate Fuel Cells, Phosphoric Acid Fuel Cells, and others, to name a few. These types of fuel cell Technology is used in the production of transport, Stationary Buildings, and Portable technology such as handheld devices.
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