Fuel cells convert chemical energy into electrical energy through an electromechanical reaction. They are similar to batteries. A fuel cell consists of two electrodes, anode (positive) and cathode (negative), and an electrolyte that carry electrically charged elements from one electrode to another. A catalyst is required in the fuel cell, which speeds up the reaction taking place in the electrodes. Fuel cells create little pollution, because they use hydrogen as fuel. The hydrogen combines with oxygen to form water, which is a harmless by-product. This pollution reduction is one of the major reasons for the increased growth of the Fuel Cell Market in North America . Various fuels that can be used in a fuel cell are methanol, biogas, hydrogen, natural gas, and hydrocarbons.
TechNavio's analysts forecast the Fuel Cell Market in North America to grow at a CAGR of 33.14 percent in terms of unit shipment and at 38.59 percent in terms of MW shipment over the period 2014-2019.
Covered in this Report
The Fuel Cell Market in North America can be divided into the following segments on the basis of application: Stationary, Portable, and Transportation. Based on fuel cell type, the market can be categorized into the following segments: PEMFC, SOFC, DMFC, PAFC, AFC, and MCFC.
TechNavio's report, Fuel Cell Market in North America 2015-2019 , has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.Key Vendors
Ballard Power SystemsBloom EnergyDoosan Fuel CellFuelcell EnergyHydrogenics
Abundant Energy Sources and Emerging Applications For a full, detailed list, view our report
Functional IssuesFor a full, detailed list, view our report
Increased Investments in R&DFor a full, detailed list, view our report
Key Questions Answered in this Report
What will the market size be in 2019 and what will the growth rate be?What are the key market trends?What is driving this market?What are the challenges to market growth?Who are the key vendors in this market space?What are the market opportunities and threats faced by the key vendors?What are the strengths and weaknesses of the key vendors?
Technavio Announces the Publication of its Research Report – Fuel Cell Market in North America 2015-2019
Technavio recognizes the following companies as the key players in the Fuel Cell Market in North America: Ballard Power Systems Inc., Bloom Energy Corp., Doosan Fuel Cell, FuelCell Energy, Inc. and Hydrogenics Corporation
Other Prominent Vendors in the market are: Acumentrics SOFC, Altergy Systems, CSA Group, DDI Energy, Delphi Automotive Systems, ElectroChem, Nuvera Fuel Cells, Oorja Protonics, Plug Power, Protonex Technology Corporation and Relion
Commenting on the report, an analyst from Technavio’s team said: “Increased investments in R&D are one of the key trends being witnessed in this market. Many universities and government organizations are engaged in research and demonstration projects of new technologies in the industry.”
According to the report, abundant energy sources and emerging applications are a major factor driving the Fuel Cell market in North America. Hydrogen is used in stationary fuel cells as it is the lightest, most abundant chemical in the universe.
Further, the report states that functional issues and the technologies related to fuel cell applications comprise challenges that hinder the growth of the Fuel Cell market in North America. Current compressor technologies are not suitable for fuel cell applications, which make air management difficult.