Market Research Report
Fuel Cell Market: Global Industry Trends, Size, Share, Growth, Opportunities and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||865005|
|Published||Content info||109 Pages
Delivery time: 2-3 business days
|Fuel Cell Market: Global Industry Trends, Size, Share, Growth, Opportunities and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 109 Pages||
A fuel cell refers to an electrochemical cell which converts the chemical energy from a fuel to electricity. The major components of a fuel cell include anode, cathode and electrolyte. Some of the advantages offered by fuel cells are energy-efficiency, high operating time, ease of maintenance, etc. Apart from this, they are environment-friendly in nature as they prevent production of air pollutants or greenhouse gases. Owing to this, they are used to provide power to vehicles like forklifts, automobiles, buses, boats, motorcycles, etc. According to the latest report by IMARC Group, titled "Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global fuel cell market reached a value of US$ 4.5 Billion in 2018.
Various initiatives and favourable policies by governments supporting the use of sustainable energy substitutes represents one of the major factors catalysing the growth of the global fuel cell market. Moreover, as fuel cells do not require conventional fuels such as oil or gas, it reduces economic dependence on oil producing countries, thereby broadening the growth prospects of the market. Other growth inducing factors include technological advancements, constant depletion of fossil fuels and rising awareness about the benefits of fuel cells. Looking forward, the market value is projected to reach a value US$ 9.5 Billion by 2024, registering a CAGR of 13.2% during 2019-2024.