Market Research Report
Published: April 1, 2021
Global Industry Analysts, Inc.
Content info: 540 Pages
Delivery time: 1-2 business days
The global market for Fuel Cells is projected to reach US$14. 6 billion by 2027, driven by the technology's very vital role in helping build a clean and sustainable world for future generations. The market is expected to stage a quick recovery from the COVID-19 pandemic and the resulting recession largely due to the fact that a clean and sustainable world also means a pandemic-free world. Greenhouse gas emissions are rising to unsustainable levels with the climate change threat worsening each year. Climate change and increasing human encroachment into fragile wildlife ecological ecosystems are identified as key reasons for the emergence and spread of zoonotic diseases. The current COVID-19 pandemic has unveiled the unholy alliance between new infectious diseases, a heating planet, ecological change and disruption, migration of wildlife, changing animal behavior, growing food demand and ensuing preference for wildlife meat. Increasing temperatures and humidity affect the development, survival & spread of pathogens. Changing climate makes animal-borne diseases more frequent and the risk of disease "spillover" from animals to humans very real. Over 80% of infectious diseases over the last decades have come from animals i. e. HIV. Avian flu. Ebola. SARS. New studies are revealing the link between deforestation, land use changes and outbreaks of new emerging diseases. This pandemic will have a lasting economic, political and social impact and as it wanes, efforts will be directed at restarting economies left in shambles. In the aftermath of the crisis, a poorer and divided world will need to face the challenge of climate change and habitat destruction. A large portion of rebuilding efforts will be directed towards building a different economy. An economy that will be more cleaner, sustainable and disease-free. Economic stimulus packages will be directed at the environment creating a real opportunity for sustainable energy technologies. Fuel Cell is a technology that takes on climate change head-on by eliminating pollution caused by burning fossil fuels.
A fuel cell features an electrochemical energy conversion mechanism that converts hydrogen and oxygen into electricity and heat. A fuel cell is similar to a battery in that it can be recharged while power is being drawn from it. But, a fuel cell is recharged using hydrogen and oxygen, instead of electricity as in the case of a battery. The basic system includes two electrodes, an anode and a cathode, divided by an electrolyte. The process of formation of ions (charged particles) at one end of electrodes with the help of a catalyst, which are then passed via the electrolyte, causes production of power electrochemically. This power can be used for generating electricity. A fuel cell uses chemical reactions instead of combustion process. Fuel cell is basically small and modular in nature, which makes it perfect for use as power source in various applications ranging from electric vehicles to grid-connected utility power units Fuel cell technology, with its ability to replace traditional power generating technologies based on combustion methods for stationary and mobile applications, is being promoted as a new clean and green power generation approach. In an era characterized by rising concerns over greenhouse gases, carbon footprint and climate change, the technology is steadily gaining popularity by virtue of its ability to reduce emissions of greenhouse gases, toxic pollutants and reliance on imported fuels, and also enhance global energy security. Depleting stocks and rising costs of fossil fuels are triggering concerns over how the world would address future fuel needs in industrial and transportation applications. Multi-fuel fuel cells have lower nitrogen and Sulphur emissions.
Select Competitors (Total 66 Featured) -