LONDON--(BUSINESS WIRE)--The global residential fuel cell market is expected to grow at a CAGR of above 15% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global residential fuel cell market by product, including PEMFC and SOFC. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing demand for efficient and cleaner technologies
Globally, there has been a constant increase in the population, which led to a rise in urbanization, which has had a direct impact on the power consumption. Most power needs are met by fossil fuels, which is having a significant impact on the environment due to its harmful emissions into the atmosphere. Thus, cleaner and efficient power sources are being adopted to reduce climate changes. Fuel cells are capable of supplying heat and power at high efficiency and considered to be a reliable and efficient technology. Fuel cells come in various sizes and are scalable. This allows them to be used as primary and backup power in both grid and off-grid areas and can fulfill the needs of individual houses or even power facilities such as data centers and warehouses.
According to a senior analyst at Technavio for power research, “In fuel cells, power is produced through an electrochemical reaction and does not involve any combustion for the conversion of fuel to electricity. Emissions from the conversion process are usually zero or nearly zero, depending on the source of the fuel, and water and heat are the by-products from the process. Even the heat that is produced from the fuel cell can be captured as CHP units or for cogeneration to increase the effectiveness of the system.”
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Market trend: growing affinity for self-generation
The adoption of distributed energy generation is being driven by the growing need for uninterrupted and reliable power supplies in the developed countries. In developing countries, it is being used to increase the electrification rate. Natural calamities often disrupt the continuous flow of power, due to which consumers are seeking increased reliability and resiliency. Residential users are moving toward self-generation of power as they are less affected when the grid power falls, improved efficiency saves energy costs, and allows greater control of the power generation resources.
Market challenge: competition from alternative technologies
The presence of many manufacturers has made the market for fuel cells highly competitive. The presence of both local and international manufacturers has led to stiff competition from not only other fuel cell manufacturers but also from alternative technologies such as microturbines, backup generators, energy storage systems providers, and renewable energy system providers. These technologies have already gained traction in the market, thereby making it a challenge for fuel cells to gain wider acceptance.
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