The growth in the global Fuel cell market is driven by its environment-friendly nature, technological innovations, and higher efficiency than conventional batteries. Lack of infrastructure is a major factor that limits the market growth. Supportive government initiatives and incentives create new opportunities in the industry for growth.
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Fuel cell is a device that converts chemical energy from fuel into electricity through a chemical reaction. Positively charged hydrogen ions react with hydrogen or other oxidizing agents to convert fuel into electricity, thus being an ecofriendly source of energy. The demand for fuel cells is on a rise to minimize the dependency on nonrenewable energy sources. Applications of these cells are growing in power, cogeneration, automobile, and distributed generation. Moreover, a fuel cell produces less carbon emissions and noise pollution, and is approximately eight times efficient as compared to conventional batteries.
Detailed segmentation of the global fuel cell market is provided in terms of product type, application, and geography.
Based on product type,
Latin America, and
Middle East & Africa.
Key players operating in the industry include
Panasonic, Toshiba, Ballard,
SFC Energy AG,
Plug Power Inc., and
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These players have formulated expansion, partnerships, mergers & acquisitions, new product launches, joint ventures, collaborations, and others to gain a strong foothold in the market.
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