Fuel Cell Market Growth, Development and Demand Forecast Report 2030

submitted 1 year ago by leeb57555 to news

A fuel cell can be defined as a device or equipment that generates electricity by chemical reaction. A fuel cell includes two electrodes- a negative and a positive, also known as anode and cathode. It utilizes fuel in the anode, and air in the cathode, a catalyst present at the anode is used for the separation of protons and electrons from hydrogen molecules, that take different paths to the cathode. Electrons run through the external circuit and create electricity flow, while protons migrate through the electrolyte to cathode and further unites with oxygen and electrons to release heat and water.

In 2021, fuel cells capture sales worth $1,799.9 million and it is expected to rise to $23,743.4 million by 2030, growing at a rate of 33.2% in the near future. Fuel cells function as batteries but they neither run downs nor require recharging. Therefore, they are highly utilized for various commercial and residential applications to produce electricity and heat by fuel present in them.

The polymer electrolyte membrane or PEM fuel cells convert chemical energy into electrical energy and releases water only as a by-product. It has the potential to reduce energy consumption, dependence on fossil fuels, and pollution emissions. During the last couple of decades or so, fundamental research has made advancements in fuel technology.