Global Fuel Cells Market: Revenue Generation to Aggravate from US$3.59 bn to US$27.25 bn by 2024, predicts TMR
The world fuel cells market is anticipated to rise at a CAGR of 23.64% to reach US$27.25 bn by 2024 from a mere US$3.59 bn in 2015. In terms of type, proton exchange membrane fuel cells (PEMFC) are foretold to take the lead by a whopping 62.85% market share in 2024. However, the increase is only by a few decimals from the 2015 share. Geographically, the global market will have the same leader from 2015 as Asia Pacific continues to reign by an almost 61.0% share even in 2024.
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Fuel Cells Outshine with Higher Backup Capacity and Lesser Maintenance
The role of fuel cells in backup power options is unmatchable. They can back up anywhere between eight hours to three days and require limited space to be integrated into different appliances such as refrigerator. Moreover, they eliminate the heating issue, which is common with traditional batteries, by operating at a lower temperature. Fuel cells are also a great replacement for lithium ion batteries, considering their advancements and inventions over time. With less than a minute’s maintenance required in six years, these cells can constantly provide power during power failures.
Fuel cells are quite eco-friendly compared to its competitive cell types as they release only nitrogen oxide as a byproduct. A traditional gasoline internal combustion engine vehicle (ICEV) can be easily replaced by a hydrogen-powered fuel cell vehicle (FCV) with a minimum 50.0% reduction in fuel consumption. This has provided a significant boost to the advancement of the international fuel cells market.
It has been proved that fuel cells can provide eight times more efficiency than the currently used batteries. Hydrogen fuel cells carry an energy density of approximately 400 watts per hour whereas lithium ion batteries offer only 150 watts per hour.
Extortionate Cost Due to Low Production and High Investment Poses Threat
The low production of fuel cells and heavy investments required in research and development are studied to emerge as the inhibiting factors for the growth of the global fuel cells market. As a result, only those players with relevant expertise and vast funds can find it less challenging to enter the world market. Besides this, the unavailability of hydrogen fueling stations and hydrogen infrastructure could cut the wings of the market. The high cost of switching to a new plant is another factor that could obstruct the growth of the market.
Nevertheless, market opportunities are expected to take ground on the back of the rising concerns about environmental crisis. The U.S. Energy Information Administration (EIA) has already announced a 1.9% annual expectation rate of the global carbon dioxide emissions. Strict government regulations have shifted the focus to fuel cells as a step toward the adoption of green and clean energy. The U.S. Environmental Protection Agency (EPA) has made amendments to reduce the emission of carbon dioxide in the form of Clean Air Act. Fuel cells can cut down emissions from 35.0% to 85.0%. More opportunities are envisaged to rise from the decreasing prices of fuel cells.
The study presented here is based on a report by TMR, titled “Fuel Cells Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024.”
The global fuel cells market has been segmented in the following arrangement.
Fuel Cells Market: By Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
Fuel Cells Market: By Application
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