A regenerative fuel cell uses oxygen and hydrogen for the production of water, electricity, and waste heat. In a regenerative fuel cell, the conversion of fuel cell reactants into products and reconversion of fuel cell products into reactants are the two stages involved in the process of producing electrical energy. This type of fuel cell can store extremely high specific energy as compared to the other fuel cells such as methanol fuel cell, polymer electrolyte membrane (PEM) cell, and others. According to the U.S. Department of Energy, the packed specific energy in RFC is up to 1,000 W-hr/Kg whereas that of nickel/cadmium (Ni/Cd) and Lithium ion (Li/ion) batteries is less than 100 W-hr/Kg.
Rising usage of regenerative fuel cells both commercial and non-commercially, owing to factors such as high reliability, environmentally friendly, and renewable energy conversion is one of the major factors that is expected to drive growth of regenerative fuel cell technologies market over the forecast period. RFCs have wide range of applications such as backup or emergency power generation, storage of energy for remote off-grid power sources, high-altitude, long-endurance solar rechargeable aircraft, and hybrid energy storage/propulsion systems for spacecraft.
However, high cost of operation and maintenance is restraining the growth of regenerative fuel cell technologies market. Furthermore, low availability of fuel and low durability of fuel cells, especially at elevated temperatures are factors negatively affecting the growth of RFC technologies market.
On the basis of product type, hydrogen oxygen fuel cell segment is expected to witness significant growth in global regenerative fuel cell technologies market over the forecast period. The hydrogen fuel cell does not emit green house gases or other pollutants into the atmosphere as compared to other fossil fuels, which is one of the factors expected to boost growth of the market. According to the Environmental Protection Agency (EPA), which is an agency of the U.S. federal government for the protection of environment, hydrogen fuel cells attain zero emissions and can achieve 40% to 70% efficiency when compared to conventional fuel cell which uses gasoline or diesel.
On the basis of application, spacecraft segment is projected to witness significant growth in the global regenerative fuel cell technologies market. Regenerative fuel cell technology offers large scale energy storage at specific energy level, which is expected to drive the growth of this segment. The researchers in Glenn Research Center (NASA) developed regenerative fuel cell concepts in 2005 for storing energy in the International Space Station (IIS), high-altitude aircraft, and balloons.
North America is projected to exhibit a significant growth in global regenerative fuel cell technologies market over the forecast period, owing to increasing demand for clean energy. The government of the U.S. is investing in clean energy to meet this increasing demand. According to the U.S. Department of Energy, investment in clean energy grew by over 4% compared to last year, globally and in the U.S., with an increase of 10%, the investment totaled US$ 45 bn in 2015. Furthermore, manufacturers are focusing towards developing manufacturing plants, in order to meet the increasing demand for fuel cells, thereby fueling growth of the market. For instance, in March 2017, Honda and General Motors (GM) developed a new hydrogen fuel cell manufacturing plant to produce advanced hydrogen fuel cells in the U.S.
Asia Pacific is expected to witness significant growth in global regenerative fuel cell technologies market over the forecast period. This is attributed to growing demand for RFCs in automotive vehicles, resulting in the growth of the automotive industry in this region. According to the India Brand Equity Foundation (IBEF), in India, the automobile industry was valued at US$ 74 bn and is expected to reach US$ 300 bn by 2026.
Key players are focused towards adopting various organic and inorganic growth strategies such as mergers and acquisitions, joint ventures, partnerships, product or technological innovations, and market expansion to retain position in the regenerative fuel cell technologies market. For instance, in April 2016, as part of the mass production design phase, ZincNyx Energy Solutions Inc., the subsidiary of MGX Minerals Inc., expanded its capacity of zinc-air fuel cell battery, which stores energy in the form of zinc particles and does not contain any high cost battery commodities such as vanadium, cobalt or lithium.
Some of the leading players operating in the global regenerative fuel cell technologies market include Hitachi Group, Infinity Fuel Cell and Hydrogen, Inc., Toshiba Corporation, UltraCell LLC, Sharp Corporation, and ZincNyx Energy Solutions, Inc., among others.
On the basis of product type, the regenerative fuel cell technologies market is segmented into:
On the basis of application, the regenerative fuel cell technologies market is segmented into:
On the basis of end-use industry, the regenerative fuel cell technologies market is segmented into:
On the basis of region, the regenerative fuel cell technologies market is segmented into:
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.