Fuel Cells Market
electronics such as laptops, tablets, mobiles, and cameras. The use of fuel cells in the transportation sector
is moderate. However, constant research and development activities going on by different governments
and companies to integrate efficient fuel cell system in vehicles such as buses, trucks, cars etc. would
boost the demand for fuel cells in transportation sector in the next few years.
The fuel cells market has been segmented in terms of type, application and geography. By type, the fuel
cell market has been segmented into proton exchange membrane fuel cells (PEMFC), direct methanol fuel
cells (DMFC), solid oxide fuel cells (SOFC), and others. By Application, the market has been segmented into
stationary, portable, and transport. By type, proton exchange membrane fuel cells (PEMFC) held the
largest share (62.42%) of the market in 2015. By application, stationary held the largest share (64.82%) for
the market in 2015.
Growth in the fuel cells market is driven by the need for adoption of cleaner fuel sources, high electricity
demand, excess depletion of fossil fuels and stringent regulatory norms to minimize carbon emissions.
Rapid population growth followed by high electricity demand has resulted in a paradigm shift towards
alternate sources of electricity generation such as fuel cells. Rapid rise in the industrial application of
hydrogen gas is expected to boost the demand for fuel cells globally. However, distribution and
transportation challenges associated with hydrogen coupled with the high cost of fuel used in fuel cells
such as hydrogen or other gas as against fossil fuels may restrain growth of the fuel cells market. Key
players in the fuel cells market include AFC Energy PLC, Ballard Power Systems Inc., Doosan Fuel Cell
America, Inc., FuelCell Energy, Inc., Hydrogenics Corporation, Nedstack Fuel Cell Technology B.V., Plug
Power, Inc., Panasonic Corporation, SFC Energy AG, and Toshiba Corporation. The fuel cells market has
been segmented as follows:
Fuel Cells Market: By Type
•
Proton Exchange Membrane Fuel Cells (PEMFC)
•
Direct Methanol Fuel Cells (DMFC)
•
Solid Oxide Fuel Cells (SOFC)
•
Others
Fuel Cells Market: By Application
•
Stationary
•
Portable
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