Fuel Cell Market Revenue, Opportunity, Forecast 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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Rising environmental concerns along with stringent regulations,...