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