LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global fuel cell market for prime power to grow at a CAGR of nearly 28% during the forecast period, according to their latest market research report.
The increasing R&D activities is one of the major trends being witnessed in the global fuel cell market for prime power 2019-2023. One of the major factors hindering the adoption of fuel cell systems is cost. These systems have high upfront costs compared with other alternative technologies. However, fuel cells hold immense potential in supporting the transition toward clean energy production and are highly efficient. Several governments have initiated extensive R&D programs to reduce costs, as well as increase the deployment of fuel cells. Countries such as South Korea, Japan, the US, the UK, and Germany are leading the market, in terms of R&D activities for fuel cells.
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According to Technavio analysts, one of the key factors contributing to the growth of the global fuel cell market for prime power is the growing demand for efficient and cleaner technologies:
Global fuel cell market for prime power: Growing demand for efficient and cleaner technologies
Globally, fossil fuels are the most dominant source of electricity generation. For example, in 2016, coal-generated electricity amounted to 38.40% of the total electricity generated by the source, as per International Energy Agency (IEA) Key World Energy Statistics 2018. Apart from electricity generation, coal is also predominantly used for heat generation. As a result, coal is one of the largest contributors to global CO2 emissions, which has a high negative impact on the environment. Therefore, the adoption of cleaner and efficient power sources is increasing to mitigate climate changes amidst the growing environmental concerns.
According to a senior analyst at Technavio for research on energy storage, “Fuel cells have emerged as an efficient and reliable alternate technology for electricity generation, heating, and other prime power applications, as they can supply heat and power with high efficiency. Fuel cells are available in various sizes and power output and are scalable in nature, which makes them highly compatible for providing prime power. Fuel cells produce power through an electrochemical reaction and do not involve any combustion process to convert fuel into electricity. Depending on the fuel sources, emissions can only be zero or nearly zero. Moreover, these emissions, which include a nitrous oxide or particulate matter, are not harmful and primarily take the form of water and heat.”
Global fuel cell market for prime power: Segmentation analysis
The global fuel cell market for prime power research report provides market segmentation by product (PEMFC, PAFC, and SOFC) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The PEMFC segment held the largest market share in 2018, accounting for nearly 33% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of over 37%. However, by 2023, APAC is expected to surpass the Americas to become the leading region, accounting for a market share of over 41%.
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