Fuel Cell Market Revenue and Value Chain 2014-2020
� Fuel cells convert electrical energy sourced from chemical energy , through an electromechanical reaction with oxygen or other oxidizing agents . Primarily , a fuel cell functions as a battery , but is different in the way that in a fuel cell , fuel is supplied from an external source and fuel is converted to electricity without any involvement of a burning process . The demand for alternative energy sources is growing at a global level , which in turn propels the development of associated products . The first commercial application of fuel cells happened with NASA ’ s space programs . Fuel cells were used for application in probes , satellites and space capsules . Generally , fuel cells utilize oxygen and hydrogen during the electrochemical reaction process and generate electricity , heat and water . These cells are used where continuous flow of electricity is required . The cells provide continuous flow of electricity as long as source fuel is supplied . As fuel cells are carbon-free due to their non-burning nature , environmental norms support the development of this market .
� At a global level , various fuel cell design modifications are available . This includes solid oxide fuel cell ( SOFC ), proton exchange membrane ( PEM ), molten carbonate fuel cell ( MCFC ) and a few others . Furthermore , the fuel cell market can be categorized on the basis of source type as hydrogen powered , methanol powered , biogas powered , natural gas powered and hydrocarbons powered . Fuel cell technology finds application in stationary power , portable power and transportation power , and specialty vehicles , fuel cell electric vehicles , auxiliary power units and material handling equipments . Fuel cell technology has become one of the dominant technologies in the power generation industry owing to its carbon-free , non-burning nature and safe energy source .
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