LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global fuel cells market for industrial and military applications is expected to ship 355.63 MW in 2021, growing at a CAGR of more than 14%.
This research report titled ‘Global Fuel Cells Market for Industrial and Military Applications 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends.
The global fuel cell market for industrial and military applications is expected to grow steadily during the forecast period. A fuel cell is a promising power source that has high potential, which can play an important role in meeting the power needs of both the industrial and the military sectors. Supportive government policies, especially in countries such as the US, member countries of the EU, the UK, China, Japan, and South Korea for technologies powered by alternate fuel sources, which have a less detrimental impact on the environment, have boosted the market growth.
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Technavio’s energy analysts categorize the global fuel cells market for industrial and military applications into three major segments by application:
Global fuel cells market for industrial and military applications for stationary application
The demand for fuel cells as a stationary application in the industrial and military application is expected to grow steadily during the forecast period. The need for reliable power and the ability to stack fuel cells to create a power station are the primary growth drivers for fuel cells usage in the industry and military sectors. Both the sectors are reliant on the grid for their power needs.
According to Thanikachalam Chandrasekaran, a lead energy storage research analyst from Technavio, “Alternate technologies such as fuel cells are being adopted to improve energy security and reduce the dependence on the grid. Fuel cells have lower emissions as compared to their fossil fuel alternatives, which is also helping to reduce harmful emissions.”
Global fuel cells market for industrial and military applications for transportation application
There has been a high uptake of fuel cell forklifts. The most common fuel cells used for forklifts are direct-methanol fuel cells (DMFC) as they involve faster refilling times and lower GHG emissions. In a battery-powered forklift, the battery needs to be charged or replaced from time to time. However, in the case of DMFC, the refueling process is quick.
“DMFC trickle charges the battery even while in operation, when used as a hybrid in the forklift. This eliminates the need for constant battery replacement, facilitating the economy of the fleet. The use of DMFC in combination with batteries in forklifts extends the working lifetime and reduces the GHG emissions and the operating cost,” says Thanikachalam.
Global fuel cells market for industrial and military applications for portable application
The military sector is an attractive area for portable fuel cell application. DMFC is the most common type of fuel cell used in such portable applications as it provides higher energy density. Traditionally, conventional batteries have been used to power soldiers' equipment, but they alone cannot meet the full requirement during long assignments.
Hence, soldiers need to carry extra batteries, which compromise on the space required for ammunition and other vital supplies. DMFC has an exceptionally high theoretical specific energy density that exceeds more than 48 times that of Li-ion batteries, which lessens the need for additional batteries on a multi-day mission, enabling it to be extensively used in military missions.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Ballard Power Systems
- Bloom Energy
- NUVERA FUEL CELLS
- SFC Energy
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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