Global Alkaline Fuel Cell Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)
The global alkaline fuel cell market is likely to experience a significant growth rate, on account of technological benefits associated with the same. Alkaline fuel cells have better fuel efficiency, ease-of-start even at low temperatures, high conductivity, and cheap availability of electrodes, in comparison to other fuel cells. The fuel cells are anticipated to provide a handy alternate for power supply. The alkaline fuel cell technology is a new development that is predicted to make a remarkable impact on the energy storage market. The alkaline fuel cells are suitable for space programs on account of its property of being operational at low temperatures. The operational efficiency of fuel cells is more than 60% and they allow more kilowatt hour storage of energy, as compared to batteries of the same weight. The fuel cells have niche application in certain markets, which is a big boost for its market. Apart from that, widespread R&D activities are being conducted on fuel cell technologies to enhance their utility. The paradigm shift in energy policy has led to a huge stress on alternate energy, globally, that creates major opportunity for new technologies that provide clean energy in an efficient manner. North America is the largest market for alkaline fuel cells on account of huge energy consumption and policies focused on consumption of clean energy in the region, with majority of the market share in 2017, and is expected to maintain its dominating market position during 2018-2023 (henceforth referred to as the forecast period).
Growing EV Market Accelerates Growth
Electric vehicles are expected to be a major driver for the fuel cell market in the coming years. The governments across the world have stressed on the use of electric vehicles, in order to reduce the pollution caused from the automotive sector. The policy-level initiatives result in huge penetration of electric vehicles, globally, which is expected to result in a massive expansion in the production electric vehicles. The batteries that are used to fuel electric vehicles need to be of high quality to render better performance. Fuel cell systems can be extremely efficient over a large range of sizes (from 1 kW to hundreds of megawatts). Some systems can achieve overall efficiencies of 80% or more when heat production is combined with power generation. Fuel cell systems integrated with hydrogen production and storage can provide fuel for vehicles. The fuel cell technologies can be implemented in power electric vehicles, which is anticipated to drive its market.
North America to Dominate the Market Growth
The North American region is expected to dominate the market, owing to increasing requirement of clean energy sources. The region is one of the major emitters of green-house gases on account of high level of consumption of energy, which is largely met by conventional sources of electricity coal and oil. The development of fuel cell technologies is expected to result in a widespread adoption of electric vehicles in the region. The governments in the North American countries have ambitious plans for the implementation of electric vehicles in the region. Therefore, with increasing requirements of clean energy sources and growing penetration of electric vehicles, the market for alkaline fuel cells is likely to expand.
Key Developments in the market
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