Global Regenerative Fuel Cells Market - Growth, Trends, and Forecast (2018 - 2023)
The global regenerative fuel cells market is in nascent phase and it is likely to grow at a rapid rate on account of increasing demand for clean energy and shifting focus to increase use of fuel cell technology as a source of energy. Globally, the rising concern regarding pollution caused from conventional sources of energy has led to explore the alternate sources of energy. Regenerative fuel cell systems were identified years ago as a possible alternative to rechargeable batteries. Regenerative fuel cell systems are based on hydrogen and oxygen consists of a storage system for reactants (H2, O2 and H2O), a fuel cell and an electrolyser. In combination these components act as a rechargeable battery. The regenerative fuel cells have significant advantage over batteries i.e. conventional batteries take hours to recharge whereas regenerative fuel cells can be refueled within minutes. The distributed power generation system is witnessing widespread growth due to techno-economic benefits associated with the same. Fuel cells can make a significant impact on development of distributed energy system. Apart from that the technological advancements, research and development work associated with fuel cell technologies and global commitment on reduction of green-house gases emissions from power sector are likely to drive the regenerative fuel cells market.
Increasing awareness about clean energy - Driving the Market
Globally, the increasing awareness about clean energy is providing a huge impetus to alternate sources of energy. As per the Paris climate deal, the countries across the globe have committed to use clean energy sources and move away from conventional fuels which cause adverse effects on environment. The fuel cells can be used to bridge the demand supply gap of electricity caused by reduction in usage of conventional fuels. Furthermore, stringent environmental norms is likely to promulgate the demand for cleaner fuels, which in turn would drive the market for regenerative fuel cells.
Asia Pacific - Region with the Highest Market Share
Asia Pacific region has highest share in regenerative fuel cells market, owing to huge investments made in fuel cell technologies in countries such as Japan and South Korea. Japan and South Korea have planned to reduce the usage of nuclear energy thereby leading to increased opportunities for alternate power source, which in turn, is a big driver for regenerative fuel cells market. The Asia Pacific region offers immense market opportunities for regenerative fuel cells on account of widespread adoption of electric vehicles. The energy density of regenerative fuel cells is much higher than that of batteries which is likely to bolster its demand as clean fuel in transportation sector.
United States to Dominate the Market Growth
The US is anticipated to dominate the market growth for regenerative fuel cells on account of increased focus on deployment of clean energy solutions. The per capita emission of carbon dioxide in the US very high and overall carbon dioxide emissions is second after China. The US government provide huge incentive to fuel cell technology and according to the Department of Energy (DOE), the fuel cell technology will be cost competitive with other options by 2018. This in turn is likely to surge the market growth for regenerative fuel cells in the US at a rapid rate.
The major players include - Dupont Fuel Cell, Hitachi Ltd., Cmr Fuel Cells Plc, Panasonic Corp, Samsung Sdi Co Ltd, amongst others.
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Current and future regenerative fuel cells market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments and strategies employed by the major market players.
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