The global fuel cell market is expected to witness a robust growth in the upcoming years. This can be accredited to several initiatives implemented by the governments of Australia, Germany, Korea, Japan, etc. to increase the employment of hydrogen fuel cells in the production of automobiles and gas distribution systems so as to curb their carbon footprint.
IMARC Group’s latest study, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global fuel cell market reached a value of more than US$ 4.0 Billion in 2017. A fuel cell refers to an electrochemical energy conversion device which contains two electrodes. It also includes an electrolyte which carries ions between the electrodes and a catalyst to speed up the reaction. Owing to the advantages offered by fuel cells, such as easy maintenance, high operating time and better efficiency, they find applications in automobiles, data centres, forklifts, telecommunications, etc. Moreover, as modern fuel cells work on pure hydrogen, they emit negligible amount of greenhouse gases in comparison to diesel- or gas-based fuel cells which makes them environment-friendly in nature.
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