along with the mergers & acquisitions are the key strategies adopted by industry players to develop the end
users.
Product Insights
Although the configurations of the fuel cells are the same, it is classified primarily by electrolyte used which also
determines the most suitable application for them. In 2015, PEMFC product segment dominated the global
market and accounted for approximately 65% of the total shipments. Broad scope in varied applications such as
telecommunications, forklifts, automobile, data centers, backup systems and primary centers has led to the
growth of the product in the market.
SOFC does not lose electrolyte owing to its all solid components, which gives it the ability to operate at high
temperatures and reduces the need for expensive catalysts. Regarding revenue, the product is most likely to
witness the fastest growth rate with the estimated CAGR of over 20% over the forecast period.
Stationary fuel cells such MCFC are the largest and most popular fuel cells. They are designed to supply reliable
and clean on-site power. The products are installed in big stationary power plants, which makes them possess
thus making them the second largest for installed capacity.
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Application Insights
Stationary hydrogen power plants are designed to power banks, hospitals, airports, schools, military bases, and
homes, and is anticipated to capture more than 70% of the overall shipments and thereby to emerge as the
leading application segment of the industry. Its ability to use various fuels and use of direct current are the
significant factors likely to increase the demand for the sector.
The fuel cell can help power the cars with hydrogen replacing the traditional petroleum fuel. Thus, increasing
the demand for hydrogen-powered forklifts in the transportation segment. Research and development activities
are actively being carried out by manufacturers to bring advancement in the transportation using the fuel cell
technologies. However, Hydrogen-powered vehicles are still not so popular among the masses due to high cost
and lack of infrastructure. However, growing technological shift and continues advancement in technology is
expected to drive the growth of hydrogen powered vehicle industry over the forecast period.