Decrease in oil consumption by the vehicles is need of the hour and this technology is the solution which makes it a golden market to explore . Major automobile companies are launching new cars which work on this technology such Toyota has launched Mira , Honda has launched Clarity , Mercedes is doing research on cars powered by these non-conventional batteries . Advancement in hydrogen storage know-how is another opportunity that is yet to be explored ; it is expected to increase the stationary power , portable power , and transportation of power .
The global fuel cell technology industry is segmented on the basis of applications such as transportation , portable , and stationary applications . Furthermore , it is segmented on the basis of technology such as Direct Methanol , Polymer / Proton Exchange Membrane ( PEM ), Molten Carbonate , Phosphoric Acid , and Solid Oxide . The technology is growing rapidly with multiple benefits such as it has portable applications such as nonconventional battery can be used for devices such as laptop , mobiles and camera as a rechargeable battery . Portable fuel cells are expected to augment or replace battery technology and use either DMFC , or PEM .
Proton Exchange Membrane Fuel Cell ( PEMFC ) these are extensively used across the globe , its power to area ratio ( absorbs more power per unit area ) is higher which makes it ideal to produce more energy when compared to others . North America and Europe are the key contributor in this market owing to awareness to protect the environment and encouragement from government to use and harness clean energy .
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Asia-Pacific is expected to have significant growth for the forecast period owing to the largest value generating region for these cells , with Japan and South Korea being the major countries driving the market . In Middle East and African region , the market is growing at a slower rate due to lesser awareness , although Middle East and African regions comprise the future markets for this technology , these markets are considered as major emerging markets .
Key players in this industry are Aisin Seiki Co . Ltd ., AFC Energy , Bloom Energy , Ballard Power Systems Inc ., Ceres Power Holdings PLC , Ceramic Fuel Cells Limited , Fuelcell Energy , Doosan Corporation , Kyocera , Hydrogenics Corporation , and Plug Power Inc . In January 2016 , Fuelcell Energy a leader in manufacturing , designing , operation , and service of clean energy has announced to install a plant of 5.6-megawatt power generation plant for Pfizer Inc . world ’ s largest biopharmaceutical company to provide reliable and low carbon electricity . This power plant will be built by using this knowledge to produce clean and green energy .
In January 2016 , Bloom Energy announced the first ever high rise project for producing clean and green energy at Morgan Stanley global head quarter . This project will operate using this technology and expected to produce