Product ID: SQMIG10B2034
Global Fuel Cell Market Size, Share, Growth Analysis, By Product(Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell), By Application(Stationary, Transportation) - Industry Forecast 2024-2031
Report ID:
SQMIG10B2034 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
65 |
Figures:
75
Global Fuel Cell Market Insights
Fuel Cell Market size was valued at USD 2.03 billion in 2019 and is poised to grow from USD 2.91 billion in 2023 to USD 10.01 billion by 2031, growing at a CAGR of 16.67% in the forecast period (2024-2031).
A fuel cell is an electrochemical device that converts the chemical energy of a fuel into electricity through a chemical reaction with an oxidizing agent. Fuel cells are typically composed of an electrolyte, which is a substance that allows charged particles to move between two electrodes, and two electrodes, one positive and one negative.
There are many different types of fuel cells, but they all operate on the same basic principle. Hydrogen is the most common fuel used in fuel cells, but other fuels such as methanol and natural gas can also be used. When hydrogen fuel is supplied to the anode of a fuel cell, it is ionized and releases electrons. These electrons flow through an external circuit, generating electricity, while the hydrogen ions are drawn through the electrolyte to the cathode. At the cathode, the hydrogen ions react with oxygen from the air to form water, completing the electrochemical reaction.
Fuel cells have several advantages over traditional internal combustion engines. They are more efficient, producing electricity with less waste heat, and they produce zero emissions, making them a clean and environmentally friendly power source. Fuel cells are also relatively quiet and can operate at a steady output, making them suitable for use in a variety of applications including transportation, backup power, and portable power.
However, fuel cells also have some limitations. They are relatively expensive to produce and require specialized infrastructure for fueling and maintenance. Hydrogen, the most common fuel for fuel cells, is also difficult to store and transport, which can be a barrier to widespread adoption. Despite these challenges, fuel cells are an important emerging technology that has the potential to play a significant role in the transition to a low-carbon economy.
US Fuel Cell Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Fuel Cell Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
