Global Residential Fuel Cell Market – Trends, Drivers, and Challenges | Technavio
LONDON–(BUSINESS WIRE)–#Energy–The global
residential fuel cell market is expected to grow at a CAGR of
above 15% during the period 2018-2022, according to a new market
research study by Technavio.
The report presents a comprehensive research of the global
residential fuel cell market by product, including PEMFC and
SOFC. The report also determines the geographic breakdown of the market
in terms of detailed analysis and impact, which includes key geographies
such as APAC, the Americas, and EMEA.
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Market driver: growing demand for efficient and cleaner technologies
Globally, there has been a constant increase in the population, which
led to a rise in urbanization, which has had a direct impact on the
power consumption. Most power needs are met by fossil fuels, which is
having a significant impact on the environment due to its harmful
emissions into the atmosphere. Thus, cleaner and efficient power sources
are being adopted to reduce climate changes. Fuel cells are capable of
supplying heat and power at high efficiency and considered to be a
reliable and efficient technology. Fuel cells come in various sizes and
are scalable. This allows them to be used as primary and backup power in
both grid and off-grid areas and can fulfill the needs of individual
houses or even power facilities such as data centers and warehouses.
According to a senior analyst at Technavio for power
research, “In fuel cells, power is produced through an
electrochemical reaction and does not involve any combustion for the
conversion of fuel to electricity. Emissions from the conversion process
are usually zero or nearly zero, depending on the source of the fuel,
and water and heat are the by-products from the process. Even the heat
that is produced from the fuel cell can be captured as CHP units or for
cogeneration to increase the effectiveness of the system.”
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Market trend: growing affinity for self-generation
The adoption of distributed energy generation is being driven by the
growing need for uninterrupted and reliable power supplies in the
developed countries. In developing countries, it is being used to
increase the electrification rate. Natural calamities often disrupt the
continuous flow of power, due to which consumers are seeking increased
reliability and resiliency. Residential users are moving toward
self-generation of power as they are less affected when the grid power
falls, improved efficiency saves energy costs, and allows greater
control of the power generation resources.
Market challenge: competition from alternative technologies
The presence of many manufacturers has made the market for fuel cells
highly competitive. The presence of both local and international
manufacturers has led to stiff competition from not only other fuel cell
manufacturers but also from alternative technologies such as
microturbines, backup generators, energy storage systems providers, and
renewable energy system providers. These technologies have already
gained traction in the market, thereby making it a challenge for fuel
cells to gain wider acceptance.
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