A regenerative fuel cell (RFC) 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 other fuel cells such as methanol fuel cell, polymer electrolyte membrane (PEM) cell, and others. They are being increasingly used as an alternative source to rechargeable batteries. They consist of a storage system for the reactants, and electrolyzer, and a fuel cell. Traditional batteries require several hours to get regenerative fuel cells can be recharged within a few minutes.
RFCs are expected to make a significant impact on the growth of distributed power generation systems. On account of technological benefits and cost-efficiency associated with the product, the global regenerative fuel cell technologies market is expected to pick up traction in the coming years. The staggering expense of activity and support is limiting the development of regenerative fuel cell technologies market. Besides, low accessibility of fuel and low solidness of fuel cells, particularly at hoisted temperatures are factors adversely influencing the development of the market.
COVID-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and it had a big impact on the regenerative fuel cell market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the regenerative fuel cell market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
Top Impacting Factors
The rise in 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 during the forecast period. RFCs have a 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. Over the coming years, North America is expected to hold a dominant share in the global regenerative fuel cell market. This could be attributed to the increasing investments made by the U.S. government into ensuring clean energy. Several vendors in the region focus on the development of efficient production facilities, which augments the demand for regenerative fuel cell technologies.
Market Trends
- Growing Awareness towards Global Carbon Emissions and Adopting Eco-friendly Practices is A Key Driver for Market Growth
- Nations globally have resolved to utilize clean energy sources and moved far from ordinary fuels, which causes antagonistic impacts on condition. The fuel cells can be utilized to connect the interest supply hole of power, caused by decrease in utilization of customary fuels. Also, stringent ecological standards are probably going to declare the interest for cleaner fuels, which thusly would drive the market for regenerative fuel cells.
- Advancement and Increase in R&D Programs in Automobile Sector bolster Demand in Market
- Asia-Pacific is expected to witness significant growth in the global regenerative fuel cell market during the forecast period. This is attributed to grow the demand for RFCs in automotive vehicles, resulting in the growth of the automotive industry in this region. On the basis of application, the spacecraft segment is projected to witness significant growth in the global regenerative fuel cell market. Regenerative fuel cell technology offers large scale energy storage at specific energy level, which is expected to drive the growth.
- Growing Urbanization and Industrialization Process in Asia-Pacific Helps in Market Growth
- Asia-Pacific has highest share in the regenerative fuel cells market, owing to huge investments made in fuel cell technologies in countries such as Japan and South Korea. Japan and South Korea have planned to reduce the usage of nuclear energy, thereby leading to increased opportunities for alternate power source, which in turn, is a big driver for the regenerative fuel cells market. Asia-Pacific offers immense market opportunities for regenerative fuel cells on account of widespread adoption of electric vehicles. The energy density of regenerative fuel cells is much higher than that of batteries, which is likely to bolster its demand as clean fuel in the transportation sector.
Key Benefits of Report
- This study presents the analytical depiction of the regenerative fuel cell industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the regenerative fuel cell market share.
- The current market is quantitatively analyzed to highlight the regenerative fuel cell market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed regenerative fuel cell market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in Regenerative Fuel Cell Market Report
- Who are the leading market players active in the regenerative fuel cell market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Regenerative Fuel Cell Market Report Highlights
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