Growing Focus on Clean Technologies Drives Demand for Fuel Cells, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) June 09, 2014 -- Follow us on LinkedIn – In an increasingly energy hungry world, poised to gain are technologies which are efficient and environmentally sustainable. Against this backdrop, fuel cell technologies are attractively positioned for growth. Fuel cells are touted as green, environment friendly alternative to traditionally polluting fossil fuel combustion technologies, with the only waste generated being in the form of water. Decades of refining developments in Alkali, Phosphoric Acid, Solid Oxide, Molten Carbonate, Proton Exchange Membrane PEM, and Direct Methanol (DMFC) based fuel cells have helped steadily expand applications of fuel cells. In addition to load leveling in electric utilities, fuel cells are today used to power electronic gadgets, automobiles, and traffic signaling systems, among others. The fuel cells market has been witnessing strong growth over the last few years, largely supported by advanced R&D activities and declining production costs as a result of advancements in component design, fabrication, and raw materials.
Sustainable energy generation is one among the key factors driving the adoption of fuel cell technology worldwide. Fuel cell technology holds the promise of strengthening and complementing energy security goals of countries worldwide by minimizing dependence on petroleum imports. Most governments across the world are initiating social programs for mass adoption of fuel cell systems. Global shipments of fuel cells are continuing to benefit from increased integration of fuel cells with other technologies such as solar, biogas, and wind. Despite the opportunities for growth, the market will continue to face challenges manifested in the form of technology glitches, engineering challenges, production bottlenecks, high prices, lack of standards, codes, high operating costs and capital requirements, and shortfalls on counts of durability and reliability as against conventional technologies. Technology penetration, in the long-term, nevertheless is expected to benefit from incremental technology improvements, rise in production volumes, and the ensuing realization of economies of scale and cost benefits. The ever-rising demand for energy and the overhanging thereat of energy crisis will help drive future growth and development of fuel cells.
Breakthrough advancements in fuel cell technology will help expand applications in traditionally difficult sectors, such as, transportation, automobiles (fuel-cell-powered vehicle), military and defense, and remote, premium and portable power applications. As centralized energy grids creak under the overload of demand surges and modern cities choke on vehicular emissions, energy generation and the automotive industry are poised to emerge into promising application areas for fuel cells of the future. With several governments across the world exhibiting Interest in zero pollution transportation, fuel cell buses are expected to be increasingly deployed in public transportation. The growing focus on intelligent transportation systems and sustainable mobility is poised to benefit deployment of fuel cell buses as mass transit buses.
As stated by the new market research report on Fuel Cells, Japan represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 29.5% over the analysis period. Growth in the region is led by South Korea and China. Growing focus on renewable energy, strong government R&D support for green technologies including fuel cells, and targets for emission reduction set under the Kyoto protocol agreement, represent key factors driving growth in the region. Proton Exchange Membrane Fuel Cells are forecast to witness healthy growth given their suitability for primary as well as backup power applications in various end-use markets.
Major players in the market include Acumentrics Corp, AFC Energy PLC, Air Liquide, Apollo Energy Systems Inc., Areva Group, Ballard Power Systems Inc., Bloom Energy Corporation, Ceramic Fuel Cells Ltd., Ceres Power Holdings Plc, ClearEdge Power Inc., Fuel Cell Energy Inc., Horizon Fuel Cell Technologies Pte. Ltd., Hydrogenics Corporation (Canada), ITM Power Plc, Lilliputian Systems Inc., Mitsubishi Heavy Industries Ltd. Neah Power Systems Inc., Nuvera Fuel Cells Inc., Plug Power Inc., Palcan Energy Corporation, Proton OnSite, Protonex Technology Corp., RWE AG, SFC Smart Fuel Cell AG, Siemens Industry Inc., SiGNa Chemistry Inc., Teledyne Energy Systems Inc., and UltraCell LLC.
The research report titled “Fuel Cells: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, South Korea and Rest of Asia-Pacific) and Rest of World. Product segments analyzed include Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells and Other Fuel Cells.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Fuel_Cells_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Web Site: http://www.StrategyR.com/
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Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
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