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Fuel cells are similar to batteries in producing direct current (DC) through an electrochemical process without direct combustion of a fuel source. Fuel cells deliver power and operate indefinitely provided the availability of a continuous fuel source. Two electrodes ( cathode and anode) pass charged ions in an electrolyte to generate electricity and heat. Fuel cells are used for clean, quiet, and efficient power generation. Fuel cells have advantages and applications in various fields and sectors like military, space, transportation, and are also used as a source of backup power in residential, commercial, and industrial applications. Fuel cells are also being developed for a number of stationary and vehicle applications.
Based on type, the fuel cells for CHP application market are segmented into the phosphoric acid fuel cell, solid oxide fuel cell, proton exchange membrane fuel cell, and others. Among the given types, proton exchange membrane fuel cells are expected to dominate the market owing to their high energy holding capacity compared to the other available counterparts. Based on the application, the market is segmented into industrial, residential, and commercial sectors. Currently, the residential sector holds the largest share in the utilization of the fuel cells. The factor leading to this has been their deployment in inverters, which are used as a backup source of power. Further, these are majorly seen in areas that are deprived of a stable electric supply.
The key market driver for the fuel cell for the CHP application market is the increasing demand for clean sources of energy with the aim to reduce carbon emissions and their harmful effects on the environment. The other factors which are expected to drive the market growth are its operational characteristics such as higher efficiency and longer life span.
The key market restraint for the market is the high price of the catalyst, which plays a major role in defining the efficiency of operation for the fuel cell. Another factor that can hinder the market growth is the lack of required fuel cell infrastructure in many countries.
Key Market Driver -
Increasing demand for clean sources of energy.
Key Market Restraint -
High cost of the catalyst used for operation of fuel cells.
Some of the major companies in Fuel Cells for CHP application market are Ballard Power Systems, Hydrogenics, SFC Energy AG, Nedstack Fuel Cell Technology, Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power, Plug Power, Nuvera Fuel Cells, Inc. Advent Technologies Inc., GenCell Energy, Altergy Fuel Cells, Fuel Cell Europe, and PowerCell Sweden AB.
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The global fuel cell for the CHP application market is studied across different regions, which include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific currently dominates the market share in terms of volume. This trend is expected to be followed during the forecast period owing to the increased deployment of fuel cells in the region and preference given to renewable sources for power generation. Japan is the major regional market followed by countries like China, India, and Malaysia. The growth can be attributed to the high demand for combined heat and power (CHP) systems in Japan and other countries. North America and Europe follow Asia Pacific market. An increase in the production of fuel cells and focus on renewable energy in countries like Italy, Germany, the US, and others will propel the growth in these regions in the coming years. Latin America and the Middle East & Africa stand as unexplored regions for the market, and following the success in other continents, these too hold growth opportunities for the market in the coming years and enhance the use of fuel cells.
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