Fuel Cell Market - Size, Trends, Analysis and Forecasts

The fuel cell market has seen a lot of expansion in the last few years due to the use of fuel cells in several areas. Fuel cells make use of electrochemical reactions and turn chemical energy into electrical energy. They are of various kinds. These may be solid oxide fuel cell, proton exchange membrane and molten carbonate fuel cell. There are several others as well, differing from one another, depending on the kind of reactions occurring and elements utilized inside the cell. Different types of fuels can be used by fuel cells, ranging from methanol to hydrogen and natural gas to hydrocarbons. These cells, on reaction with hydrogen, produce water as the result and generate electricity with no emission. Gripping Insights Fuel cells are growing in popularity all across the world and have all the say in the fuel cell market. This is owing to more demand for clean energy and constant reduction of the reserves of gas and worldwide oil. Moreover, the attention is moving towards producing renewable energy and is supported by establishments and governments all over. Growing consciousness and requirement for energy reserves with no emission is propelling the requirement for fuel cells. With the advent of scientific and technological developments, the demand for transportable source of electrical energy has risen. This source has increased the number of moveable fuel cells. Fuel cells are increasingly energy effective and conventional batteries are deemed to not give the needed energy for coming-of-age appliances. Thus, these transportable fuel cells are great substitutes to batteries. More implementation of moveable fuel cells is pushing the fuel cell market ahead. It is also generating new prospects for rising participants of the market. Persistent research and development is being carried out to enhance the effectivity of moveable fuel cells. Fuel cells are likely to be used in several places and are supposed to take the place of conventional batteries in the coming years. Worldwide fuel cell deliveries were around 50, 000 units in 2013. They are expected to rise from 2014 to 2020, at a CAGR of almost 50 percent. Rising at this rate, they will reach more than 7, 90,000 units by 2020. Product Overview Proton Exchange Membrane Fuel Cell (PEMFC) was the leading sector of products of the fuel cell market in 2013. It occupied nearly 89 percent of the total units dispatched and 43 percent of the total power that year. Application Overview Portable applications dominated the worldwide fuel cell market and made up for more than 70 percent of all the unit deliveries in 2013. Stationery applications leaded the market in terms of power in that year. Regional Overview North America was the leading client of fuel cells and made up for more than 40 percent of the total power in 2013. As far as all the unit deliveries were concerned, Asia Pacific was the leading client and occupied around 37 percent of the entire fuel cell market that year. More interesting insights on the fuel cell market can be explored in the link, http://www.grandviewresearch.com/industry-analysis/fuel-cell-market which should be checked out, for reference purposes.