LONDON--(BUSINESS WIRE)--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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