A fuel cell is a device that generates electricity by a chemical reaction. Every fuel cell has two electrodes, the positive one is called anode and the negative is the cathode. The reactions that produce electricity take place at the electrodes. Every fuel cell also has an electrolyte, which carries electrically charged particles from one electrode to the other, and a catalyst, which speeds the reactions at the electrodes. Hydrogen is the basic fuel, but fuel cells also require oxygen. One great appeal of fuel cells is that they generate electricity with very little pollution. Since, hydrogen and oxygen used in generating electricity ultimately combine to form a harmless byproduct, namely water.According to AMA, the market for Fuel Cell is expected to register a CAGR of 18.12% during the forecast period to 2024. This growth is primarily driven by Stringent Government Rules and Regulations to Prohibit Pollution, Increase in demand for Fuel Cell Contained Vehicles and Comparatively greater efficiency of Fuel Cell than Conventional Cells and other power generators.
Globally, a noticeable market trend is evident Use of Hydrocarbon Fuel Cells instead of Pure Hydrogen-Oxygen Fuel Cells Introduction to Commercial Fuel Cell Vehicles. Major Manufacturers, such as Ballard Power System, Inc.(Canada), Ceramic Fuel Cells Limited (Australia), FuelCell Energy, Inc. (United States), Hydrogenics Corporation (Canada), AFC Energy PLC (United Kingdom), Bloom Energy (United States), Ceres Power Holdings PLC (United Kingdom), Doosan Corporation (South Korea), Plug Power Inc. (United States) and POSCO Energy Co.Ltd. (South Korea) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Stringent Government Rules and Regulations to Prohibit Pollution
- Increase in demand for Fuel Cell Contained Vehicles
- Comparatively greater efficiency of Fuel Cell than Conventional Cells and other power generators
- Use of Hydrocarbon Fuel Cells instead of Pure Hydrogen-Oxygen Fuel Cells Introduction to Commercial Fuel Cell Vehicles
- Lack of Hydrogen Occurrence and Expensive to Produce Due to the High Cost of Catalysts (Platinum)
- Comparatively Expensive Energy Generation
Growing Hydrogen Infrastructure in Developed Countries, Adoption of Fuel Cells in Various Applications for Energy Generation and Increasing Stationary Hydrogen Power Plants
Reduction of the Overall Operating Cost and Increased Need for Operating Efficiency and Meeting Regulatory Demands at the same time
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