Fuel Cells Market
REPORT DESCRIPTION
Fuel Cells Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 2024
Transparency Market Research has released a new market report titled “Fuel Cells Market - Global Industry
Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024”. According to this report, the global fuel
cells market volume stood at 186,210 units and is expected to reach 1504,005 units by 2024 at a CAGR of
24.58% from 2016 to 2024. The global market for fuel cells, by revenue stood at US$ 3.59 Bn in 2015 and
is expected to reach US$ 27.25 Bn by 2024 at a CAGR 23.64% from 2016 to 2024.
Complete Report with TOC : http://www.transparencymarketresearch.com/fuel-cell-market.html
Fuel cells are electro-chemical devices that transform the chemical energy into heat and electricity by the
oxidation of fuel (hydrogen, natural gas and methanol) contained in the fuel cell. The fuel cells usually
comprises electrodes and electrolytes between which the oxidation reaction takes place. Electrolytes used
in fuel cells are materials that contain many ions (atoms or molecules that have a net electrical charge),
making it easy for an electric current to flow through them. Basic fuel cell components include electrodes,
membranes, catalysts, polymers, and ceramics. These components are procured from the suppliers along
with the components such as valves subsystem, membrane electrode assembly (MEA), which are then
forwarded to the system integrators. Catalysts (platinum, nickel, and conductive ceramics) are used to
speed up the reaction at the electrodes
The only byproducts are water and a small amount of nitrous oxide due to which fuel cells are eco-friendly,
safe, and secure to use. Fuel cells are not thermal energy based, they generate power using hydrogen as a
basic ingredient. The heat and electricity generated from fuel cells is utilized in various industries for
different applications such as stationary, transportation, and portable. Fuel cells involve hydrogen and
other gases as one of the basic components for generating power. Hydrocarbon fuels such as methanol,
ethanol are also used in extracting hydrogen during reformation procedure. This procedure leads to carbon
dioxide emissions up to a certain extent, however, highly efficient plants release negligible amounts of
carbon dioxide.
Research and development activities in demonstration and adoption of improved and efficient fuel cell
technology would reduce carbon dioxide emissions and enhance the efficiency of power delivered. Rapid
population growth, high dependency on fossil fuels, increasing electricity demand, strict government
regulations to minimize carbon emissions, and high awareness in different countries about clean energy
usage are the main drivers for the fuel cells market
Fuel cells are emerging technologies, which are currently utilized as a source of heat and electricity in
buildings and the commercial sector. The use of fuel cells in applications such as stationary, portable, and
transport is expected to increase significantly throughout the forecast period as even more stringent
environmental legislation are enforced. Currently, stationary applications of fuel cells, such as in CHP and
backup power systems, dominates the market for fuel cells. Portable applications mainly include consumer
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