Fuel Cells Market Turns Bold with Hydrogen Fuel Cells Providing Greener Energy Alternative to Conventional Fossil Fuels

The global fuel cells market has been foreseen to experience a catapulting demand on account of the benefit of alternative green energy technology provided to end users. Over the last decade, fuel cells have been recognized as a cleaner source of power and to be characteristically more efficient than most combustion engines. Hydrogen fuel cells could be an advantageous alternative to any conventional fossil fuel considering their engagement in producing pollution-free energy while emitting only water.
LeHigh University’s materials science and engineering senior professor, Christopher J. Kiely has authored a Science journal publication that defines a catalyst employed to convert carbon monoxide and water into a put form of hydrogen gas and another type of gas. Carbon monoxide poisoning that hampers the growth of hydrogen fuel cells due to the unobtainability of pure hydrogen could be effectively countered with this discovery.

Envisaged to rise at a 23.64% CAGR, the global fuel cells market could attain a revenue of US$27.25 bn by the end of 2024. In 2015, the market had marked a US$3.59 bn.
How will Hydrogen Fuel Cells Intensify Demand in Market?
The supply of emission-free power is expected to fuel the demand for fuel cells as a fast-emerging technology and heat source in commercial structures. The trend of gradual substitution of traditional batteries in some facilities and escalating demand for various stationary applications could aggravate the growth of the world fuel cells market. Hydrogen fuel cells and proton exchange membrane fuel cells (PEMFCs) are envisioned to gain a whole lot of significance in the coming years owing to their benefit of providing a continuous supply of power to a range of end-use sectors.
Automotive and transportation industries are projected to demonstrate a high share in the world fuel cells market with a large number of car companies improving the potential of hydrogen fuel cells to fit power models.
Asia Pacific or North America to Top Global Share?
Although North America could second Asia Pacific in the international fuel cells market because of the elevating adoption of emerging power generation fuel cells and application in uninterruptible power source (UPS), its contribution cannot be ignored. Nevertheless, the emerging region is forecasted to hold the reins of the growth of fuel cells for the next few years. This could be for the reason that the region is experiencing a rising growth in population, surging the demand for power. Other factors that are prognosticated to propel the demand for fuel cells in Asia Pacific include the decreasing dependence on fossil fuels and speedy adoption of greener technologies. Research analysts hold the view that burgeoning industrialization rate and strict government regulations to control carbon emissions could also add to the growth of the Asia Pacific fuel cells market.


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