Fuel Cell Market With Current Trends Analysis,2014-2020 FMI | Page 3

Report
Description
Report Description
Fuel cells convert electrical energy sourced from chemical energy, through an
electromechanical reaction with oxygen or other oxidizing agents. Primarily, a fuel cell
functions as a battery, but is different in the way that in a fuel cell, fuel is supplied from
an external source and fuel is converted to electricity without any involvement of a
burning process. The demand for alternative energy sources is growing at a global level,
which in turn propels the development of associated products. The first commercial
application of fuel cells happened with NASA’s space programs. Fuel cells were used for
application in probes, satellites and space capsules. Generally, fuel cells utilize oxygen
and hydrogen during the electrochemical reaction process and generate electricity, heat
and water. These cells are used where continuous flow of electricity is required. The cells
provide continuous flow of electricity as long as source fuel is supplied. As fuel cells are
carbon-free due to their non-burning nature, environmental norms support the
development of this market.
At a global level, various fuel cell design modifications are available. This includes solid
oxide fuel cell (SOFC), proton exchange membrane (PEM), molten carbonate fuel cell
(MCFC) and a few others. Furthermore, the fuel cell market can be categorized on the
basis of source type as hydrogen powered, methanol powered, biogas powered, natural
gas powered and hydrocarbons powered. Fuel cell technology finds application in
stationary power, portable power and transportation power, and specialty vehicles, fuel
cell electric vehicles, auxiliary power units and material handling equipments. Fuel cell
technology has become one of the dominant technologies in the power generation
industry owing to its carbon-free, non-burning nature and safe energy source.