An electrochemical cell that can convert chemical energy from a fuel into electricity through an electrochemical reaction of hydrogen fuel with oxygen or another oxidizing agent can be referred to as a fuel cell. Fuel cells are primarily used to power fuel cell vehicles that can include forklifts, automobiles, buses, boats, motorcycles, and submarines.
There are various types of fuel cells, but basic composition includes an anode, a cathode, and an electrolyte that allows positively charged hydrogen ions (protons) to move between both sides of a fuel cell. Fuel cells are generally considered as an energy efficient and eco-friendly source of energy.
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Rising demand for fuel cells from the automotive industry, and stringent government regulations to reduce carbon emissions in developed economies are key factors driving growth of the global fuel cell market. In addition, technological advancements in fuel cell, government incentives for fuel cell vehicles, and increasing use of fuel cells in various end use industries are major factors expected to fuel growth of the global fuel cell market over the forecast period.
A major and rising trend in the global fuel cell market is increasing investments by governments and private organizations into development of cost-effective fuel cell technologies.
Currently, the market in North America dominates the global fuel cell market in revenue terms owing to increasing government investment into development of fuel cell technologies, and subsidies and incentives offered by the governments in countries in the region.
The market in Europe accounted for second-highest revenue share in the global fuel cell market, due to increasing adoption of fuel cells in commercial vehicles, followed by markets in Latin America, Asia Pacific, and Middle East & Africa respectively.
Global fuel cell market segmentation by product type:
- Polymer/Proton Exchange Membrane (PEM) Fuel Cell
- Direct Methanol Fuel Cell (DMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Molten Carbonate Fuel Cells (MCFC)
- Solid Oxide Fuel Cell (SOFC)
Global fuel cell market segmentation by application:
Global fuel cell market segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa