Editor’s note: Fuel cells, whether in vehicles or stationary, will likely use hydrogen, which will probably be electrolyzed from water. And the power for that, if we really want a clean environment, will come from wind generating sources.
Global Market Insights says increasing investments toward the development of hydrogen refueling station coupled with rising demand for space heating across commercial and residential establishments will drive the fuel cell market share. An upsurge in the installation of portable charging sources owing to increasing recreation activities will further stimulate the industry outlook. In 2017, the Government of UK granted a funding of $30.6 million toward the development of hydrogen vehicles and infrastructure.
Favorable government policies pertaining to sustainable energy technologies along with increasing demand for fuel cell EVs (FCEVs) will drive the fuel cell market share. An upsurge in funding by private institutions and government organizations including DOE, DAG Ventures and Credit Suisse toward technological advancement and innovations will stimulate the business landscape. In 2015, Credit Suisse funded $130 million in the Bloom Energy toward the development of Solid Oxide Fuel Cell (SOFC) technology in the U.S.
The Japanese fuel cell market is set to exceed 70 MW by 2024. Increasing concerns pertaining to security of supply, along with growing adoption of clean energy technologies, will propel the industry growth. The Government there has backed extensive research and development projects along with the development of hydrogen infrastructure across the nation will complement the industry outlook. In 2017, Hyundai unveiled its plan to launch second generation, hydrogen fuel-cell vehicles, which will enhance the properties of the technology.
Wide application areas, including FCEV’s, forklift trucks, two and three wheelers, light vehicles, trams, ferries, small boats and goods-handling vehicles, will boost the product adoption across transport sector. Ongoing deployment in e-bikes, UAVs, and numerous commercial vehicles will further complement the fuel cell market growth. In 2016, the fuel cell vehicle sales in the U.S. grew to 5,000 units. In 2015, it was 4,000 units.
SOFC in 2016 accounted for over 40% of the global fuel cell market share. Ongoing adoption of fuel cells across small and large stationary power generation systems will stimulate the industry growth. These cells operate at high temperatures ranging from 8,000°C to 10,000°C and have an efficiency of over 60% when converted from fuel to electricity. A few key features that will enhance the product penetration include high efficiency, stability, comparatively low cost, fuel flexibility, and low emissions.
Regulatory policies pertaining to emissions along with increasing investments toward development of hydrogen infrastructure will drive the UK fuel cell market share. Increasing focus to replace the conventional power sources with the sustainable energy systems will further stimulate the industry growth. The U.K. has planned 65 hydrogen refueling station by 2020 and 1,150 by 2030.
Key industry players across the fuel cell market include Ceres Power, Hydrogenics Corporation, SFC, Ballard, Horizon, Bloom Energy, Plug Power, FuelCell Energy, Arcola, Toshiba, AFC Energy, UTC Power, Doosan, and Panasonic. The industry has witnessed numerous mergers and acquisitions by industry players to expand their regional presence.
Global fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units, MW and from 2013 to 2024.
For more on the fuel cell report: https://www.gminsights.com/industry-analysis/fuel-cell-market
Filed Under: Energy storage