Global fuel cell capacity is expected to reach 664.5 MW by 2020, growing at a CAGR of 22.6% from 2014 to 2020. Government support across various nations to develop hydrogen fuel station is expected to remain a major driving factor for the market over the next six years. In addition, favorable regulatory scenario owing to shift in focus towards developing renewable energy is also expected to boost the global fuel cell market over the forecast period. However, high switching cost and lack of infrastructure in developing countries are identified as major restraints to the market.
Fuel cells are devices which convert chemical energy possessed within the fuel into electricity via a chemical reaction with the help of an oxidizing agent. Fuel cells produce electricity using hydrogen or other hydrocarbon fuels such as natural gas or methanol. Fuel cell is one of the fastest growing alternate backup power options primarily due to the utilization of hydrogen as fuel. Conventional electricity generation methods utilize fossil fuels and considering the depleting fuel reserves, fuel cells are a feasible option as hydrogen is abundantly available. In addition, fuel cells are eco friendly as their by product only comprises of nitrous oxide unlike conventional technologies. In addition, the lack of moving parts or combustion process results in lower noise levels for fuel cells as compared to other incumbent technologies.
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