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Fuel cells convert the chemical energy stored in the molecular bonds into electrical energy. The fuel cells produce water heat and electricity and owing to this, they are environment-friendly and have zero emissions. Fuel cell stack is an assembly of more than two individual fuel cells stacked over each other in order to achieve higher power ratings and voltage.
Fuel cell stack possesses flexible power output, allows easy addition and removal of fuel cells, and has modular designs among other features. The fuel cell stack provides a wide range of power ratings, operating temperature ranges, and have applications in the portable power supply.
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By type, the fuel cell stack market is bifurcated based on the cooling mechanism used, i.e. air-cooled and liquid-cooled fuel cell stack. The air-cooled fuel cell stack has lower power ratings and is used in applications such as battery range extenders and portable power. The liquid-cooled fuel cell stack has a higher power rating as compared to the air-cooled fuel cell stack.
The liquid-cooled fuel stack has applications in hybrid batteries, primary power for grid backup, and power unit among others. Owing to a broader range of applications, the liquid-cooled fuel cell stacks are expected to hold the lion's share in the global fuel cell stack market by type during the forecast period. By application, the fuel cell stack market is categorized on the basis of the uses in portable power, backup power, motive power, and material handling equipment among others.
Fuel cell stacks are highly efficient and are widely in demand for automotive industry applications. The growth in demand for the vehicles and increasing on-road fleet are expected to drive the automotive industry in the coming years. Owing to this, the fuel cell stack market is expected to grow at a healthy rate in the near future. The fuel cell stacks are totally environment-friendly and have zero carbon emissions.
The efficiency of the fuel cell stacks is higher as compared to its other counterparts such as batteries. Owing to this, the fuel cell stack manufacturers are focused on investing massive amounts into the research and development of fuel stacks. This is likely to boost the growth of the fuel cell stack market in the near future.
Fuel cell stack is at the introduction phase in the market and is not fully commercialized. The other counterparts such as batteries are economical in cost as compared to the fuel cell stack. This is expected to have a negative impact on the growth of the fuel cell stack market in the coming years.
Some of the major companies that are present in the global fuel cell stack market are Solvay, Dana Incorporated, Freudenberg Group, TOTO Ltd, Commonwealth Automation Technologies, Inc, Robert Bosch GmbH, Horizon Fuel Cell Technologies, Ballard Power Systems, Nedstack, ElringKlinger AG, Pragama Industries, FuelCell Energy Solutions GmbH, Nuvera Fuel Cells, LLC, Nissan Motor Corporation and Palcan Energy Corporation among others.
· Air Cooled
· Liquid Cooled
· Portable Power
· Backup Power
· Motive Power
· Material Handling Equipment
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global fuel cell stack market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region has witnessed a surge in demand for portable power and material handling equipment in the recent past. The growth of the food and beverage and retail industry in the region has been a key driving force for the demand for material handling equipment in the region. The growth in the demand for portable power and material handling equipment in North America is expected to boost the market growth of fuel cell stacks in the near future. Latin America region has a high potential for the growth of the power generation industry. The region is focused on increasing its grid connectivity. Owing to this, the fuel cell stack market is expected to witness a steady growth for grid backup in the region. The Europe region is highly focused on promoting electric and hybrid vehicles. Countries such as Norway, Sweden, and Germany are key markets that drive electric vehicle sales in Europe. The growth in the automotive industry in Europe is forecast to augment the market growth of the fuel cell stack. China is among the key markets for the sales of electric vehicles around the globe. Countries such as India have reduced taxes imposed on electric vehicles. Owing to the increasing demand for electric vehicles, the automobile industry in the Asia Pacific region is expected to gain traction in the coming years. The growth automobile industry in the Asia Pacific region is likely to drive the fuel stack cell market during the forecast period. The Middle East and Africa region has installed new capacities of renewable energy grids and is forecast to witness a surge in the power generation industry owing to the inclination of the local governments in the region towards renewables. The growth in the grid connectivity in the Middle East and Africa is expected to aid in the growth of the fuel cell stack market in the region.
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