Market Revenue Fuel Cell Technology Market Status and Prospect

Fuel Cell Technology Market Status and Prospect, Segment by
Application To 2025
“Fuel Cell Technology Industry is expected to witness significant growth on
account of rising need for alternative energy sources and zero emission
energy. The energy density of non-conventional cell is more than the
conventional battery; this makes it a better environment friendly option.”
Fuel cell helps to generate electrical energy from chemical energy through electrochemical process, the
chemical is not burned therefore it is a source of clean fuel. The Fuel Cell Technology Industry is expected to
witness significant growth on account of rising need for alternative energy sources and zero emission energy.
Increase in demand of clean energy and large investments related to hydrogen storage infrastructure
development are fuelling the growth of this industry.
To promote use of clean and green energy government has invested heavily on exploration of this technology
and has made strict government regulation to protect the environment which has propelled the demand.
Conventional battery cannot store more energy and need continuous replacement. The energy density of non-
conventional cell is more than the conventional battery; this makes it a better environment friendly option.
Growing need to derive energy from renewable source to save the conventional resources and increasing
concern for environment protection is expected to propel the demand for the forecast period.
Platinum and Ruthenium Alloy are catalyst used to convert the chemical energy to electrical energy through
electrochemical reaction. These catalysts are costly which increases the installation cost making the installation
costly and to store more energy more cells are required which is a challenge for this industry. This technology
for vehicle is gaining importance globally due to its uniqueness and environment-friendly nature. The technology
has the ability to generate all vehicle types such as heavy duty, power forklifts, passenger, and airport tugs.
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