Fuel Cells Market: Rising Trend Towards Eco-Friendly Energy Production To Soar Market Growth

With the ability to convert chemical energy into electrical energy, fuel cells find massive application in automobiles, buildings, portable power systems, smartphone, fuelling stations, and notebook computers. The intense requirement for bringing down GHG emissions, while minimizing dependence on fossil fuel utilization is likely to boost the product demand over the coming years.

Many of the renowned players are trying to develop new technologies in an effort to minimize the total costs of fuel cell installations, thereby accelerating the product deployment speed. Fuel cells, which are also referred as electrochemical cells, are environment-friendly as they do not emit green gases making their use more prominent across various industries.

Growing awareness pertaining to the benefits offered by the fuel cell applications is anticipated to elevate the demand curve of fuel cells industry in the years ahead. However, poor fuel cell infrastructure along with low fuel cell costs can cause a hindrance to the profitable roadmap of the industry.

Recently, The Federal Ministry for Economic Affairs & Energy has introduced a second phase of the project popularly referred as “Hydrogen and Fuel Cell Technology 2016–2026”. The key objective of the venture is to promote the use of fuel cell technology across Germany. Sources cite that the government of Germany is planning to create a strong infrastructure facility for promoting the energy generation through its fuel cell strategy.

Even the countries such as U.S. are lagging in promoting the propagation of the fuel cell applications. In March 2018, the U.S. Department of Energy declared to allocate large funds for carrying out research & development activities for promoting the use of solid oxide fuel cell technologies in the country.  

Last year, Canadian Government had introduced a zero-emission program that was targeted at reducing GHG emissions to a larger extent in the near future, thereby indirectly promoting the use of fuel cells that are known largely to reduce the GHG emissions largely responsible for environmental pollution.