San Francisco, California, December 22, 2017 – The international market for fuel cells is analyzed to witness vast growth opportunities in the years to come, as per a publication by TMR Research. The report by the market research company, bearing the title “Fuel cells market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” sheds light on how the growing demand for cleaner sources of fuel is essentially bolstering the market. Notwithstanding that, thorough innovative work is being relied upon to accelerate the progress and augment the market capacity in such a way that various market vendors can benefit in an unprecedented way.
Fuel cells come with the basic job of providing backup power for a specific period of time or just as long as fuel is provided. Hence, they are widely being used in various unmoving applications like CHP, backup power systems, in the transportation sector, and movable applications like consumer electronics. Although the utilization of fuel cells for the industry of transportation is estimated to be limited, current research and development work is predicted to provide efficient and improved systems of fuel cells in motor vehicles, and hence fuelling the progress of the segment.
The rise of the world fuel cells market is also due to the urgent requirement of cleaner sources of fuel, increasing pollution, and diminishing source of conventional energy. Researchers hope that the market would also be led by the burgeoning demand for stringent measures to curb carbon emissions and electricity. The unmanageable rise in human population coupled with over dependence of the human race on various fossil fuels are anticipated to trigger market growth for fuel cells. The report also mentions that soaring greenhouse emissions and temperatures are also likely to be the reasons for the future adoption of fuels cells.
The changing perceptions of various governments are anticipated to provide a positive effect on the progress of the world market for fuel cells. For example, Canadian government has made a commitment to back technologies that would be in the best interest of the environment and climate. The government is also willing to offer jobs which will promote greener and cleaner output. In line with this emotion, the said government has come up with its plans to make an investment of around US$10 mn in Automotive Fuel Cell Cooperation (AFCC) as non-repayable contribution.
The market for fuel cells market has been regionally classified into Rest of the World, Asia Pacific, North America, and Europe. The report forecasts that Japan would rule the international market for fuel cells following an increase in the requirement for combined heat systems and power in the island nation. The emergence of various hydrogen power plants at various parts of Asia Pacific is foreseen to fuel the need for fuel cells.
North America is also estimated to be a significant contributor of the market due to its technological advancements together with regulatory measures supporting fuel cells by the government.
Europe and rest of the world have been forecasted to contribute towards the market for fuel cells owing to increasing awareness about the benefits of cleaner fuels and harmful effects of fossil fuels. Furthermore, governments are also making every effort to back measures to augment the usage of fuel cells.
Some of the topnotch vendors of international fuel cells market are Doosan Fuel Cell America, Inc, Hydrogenics Corporation, AFC Energy PLC,., Plug Power, Inc., Nedstack Fuel Cell Technology B.V, Panasonic Corporation, SFC Energy AG, Ballard Power Systems Inc., Toshiba Corporation, and FuelCell Energy, Inc.
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