Fuel Cell Technology Market growing at exponential compound annual growth rate by forecast period of 2018 to 2023. Fuel Cell Technology Market is majorly driven by factors such as growing public private relationships, rising prices of crude oil and increasing demand for fuel cells from applications such as power suppliers, automobile, residential builders and electronic companies. However, Policies of European government which would bring high opportunities in fuel cell technology market in the region are pending to approve and thus hindering the growth of the Fuel cell technology market.
Fuel Cell Technology Key Companies Market Analyzed For This Research Report Are:
AFC Energy (U.K.), Heliocentris (Germany), Topsoe (Denmark) and Genport SRL (Italy) are some of the European companies manufacturing fuel cells for various applications.
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A fuel cell is a kind of battery which generates electricity from an electrochemical reaction. It uses an external supply which works continuously as long as it is supplied hydrogen and oxygen. In the process of oxidation, hydrogen by making chemical reaction with oxygen and release water which is used in the process where electrons is released and hence produce electric current. There are various types of fuel cells such as Proton exchange membrane (PEM), Solid oxide fuel cells (SOFC), among others. Fuel cell is a kind of alternative energy where it has been commercialized into micro cogeneration & heat production, and backup power for telecom towers. It is showing strong growth in future as it offers more applicability and reliability than other alternatives such as wind and sun.
Europe is one of the fastest growing regions in fuel cell technology market due to creating a roadmap of reducing emission of carbon di oxide by more than 80% by 2050. To achieve the target Europe is planning to improve the infrastructure and reducing the cost of the fuel cells. It is estimated that European Fuel Cell market will grow with a CAGR of more than 70% during the forecasted period 2015-2027 due to increasing government initiatives and motivation under new renewable heat incentive policy which offers incentives for the installation of more than 2KW microchip.
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