Global Fuel Cell Market – Decarbonization of Transportation Industry to Promote Growth | Technavio

LONDON–(BUSINESS WIRE)–#Power–Technavio’s latest market research report on the global
fuel cell market provides an analysis of the most important
trends expected to impact the market outlook from 2018-2022. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

According to Technavio analysts, the global fuel cell market will grow
at a CAGR of approximately 22% during the forecast period. The
decarbonization of transportation industry is a major factor driving the
market’s growth.

There are rising concerns about the amount of greenhouse emission across
the globe, particularly on the CO2 produced from various actions. CO2
emissions have been increasing due to the increase in economic and
commercial activities. Efforts by various countries across the globe in
decarbonizing the power system by shifting to the alternative source
(renewable energy) have aided in controlling CO2 emissions. Even though
the economy has witnessed growth since 2014, there has been no
substantial increase in the global CO2 emissions, thereby decoupling
economic activity and CO2 emissions.

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In this report, Technavio highlights the diversifying applications of
fuel cells as one of the key emerging trends driving the global fuel
cell market:

Diversifying applications of fuel cells

Fuel cell technology has been slowly gaining traction due to the
technological advances. The continuous R&D has helped in decreasing the
size of the components and improving the efficiency. Also, the fuel cell
manufacturers have been able to reduce the usage of platinum as a
catalyst, which has made the stack cost less expensive. The development
of technology has qualified fuel
cells for commercial use in the automotive sector. FCEVs
are the only zero emission-free vehicles, and unlike EVs that rely on
batteries and electricity recharge, these vehicles are like conventional
gas-powered vehicles in terms of range and refueling process.

“Fuel cell vehicles have been regarded as a revolutionary technology,
which can help in reducing the pollution in the automotive sector
because the only by-product of the chemical synthesis is water vapor.
Fuel cells were primarily used in passenger vehicles such as cars and
buses and material-handling units. But, the fuel cell applications have
increased, and they are being tested in other modes of transport such as
marine, railways, and in the aviation industry,” says a senior
analyst at Technavio for research on power.

In the aviation industry, the fuel cells are being tested on
small/ultra-light models to check the feasibility of the technology in
flight operations. The military sector is also testing fuel cell-based
UAVs. Diesel or electricity is the key source of power in locomotives in
a major portion of the world. Fuel cell rails can provide pollution-free
commute and incur low infrastructure cost when compared with electric
rail infrastructure as they eliminate the use of overhead lines.

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Global fuel cell market segmentation

This market research report segments the global
fuel cell market into the following products (PEMFC, SOFC, and
MCFC), by applications (transport, stationary, and portable), and key
regions (the Americas, APAC, and EMEA).

The PEMFC segment dominated the market in 2017 by holding around 69% of
the unit shipments. The market share occupied by this segment is
expected to increase slightly during the forecast period.

The Americas was the leading region for the global fuel cell market in
2017, accounting for a market share of approximately 48%. APAC held the
second largest share in the market. The market share of the Americas is
expected to decrease slightly during the forecast period, whereas the
market share occupied by EMEA will witness an increase.

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