NEW YORK, Oct. 3, 2017 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05126486
Factors such as use of fuel cells as environmentally viable energy-on-demand solution, enhanced efficiency of fuel cells and increasing awareness about the benefits of the fuel cell are boosting the market growth. In addition, acceptance of fuel cells to decrease dependence on imported oil is one of the key trends which help the market to grow. However, lack of fuel cell infrastructure and high price of the catalyst, which raises the price of fuel cell are restricting the market.
Direct Methanol Fuel Cell (DMFC) is a fuel cell that runs directly on methanol (or various liquid fuels) without having to first convert those fuels into hydrogen gas. It consists of two electrodes separated by a proton exchange membrane (PEM) and connected via an external circuit that allows the conversion of free energy from the chemical reaction of methanol with air or oxygen to be directly converted into electrical energy. A solid oxide fuel cell is a fuel cell that produces electricity through an electrochemical process and offers many benefits. Its flexibility in the usage of fuels is an important factor that will encourage the prospects for market growth.
Easy operation and portability of SOFC devices has led to rising applications in military. Emerging fuels such as syngas, pure and impure hydrogen, and biofuels can be used to operate solid oxide fuel cell. Because these fuel cells can tolerate fossil fuel impurities like ammonia and chlorides, they are extensively being used for a number of applications.
The global market consists of different international, regional, and local vendors. The market competition is expected to grow higher with the increase in technological advancements and mergers & acquisitions activities in the future.
Moreover, many local and regional vendors are offering specific application products for varied end-users. Asia-Pacific is likely to register major value generating region during the forecast period. Countries such as China, Japan, South Korea, and Taiwan will account for the high market share where the growth of the market is mainly driven by the rise in investments and advancements in technology.
Some of the key players in global market include WATT Fuel Cell Corporation, Ultracell, SFC Energy, Protonex, Neah Power Systems, General Motors, Direct Methanol Fuel Cell Corporation, Delphi Automotive, Bloom Energy and Altergy.
• Solid Oxide Fuel Cell (SOFC)
• Direct-methanol fuel cells (DMFC)
• Polymer Electrolyte Membrane (PEM)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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