According to the latest research estimates, the portable fuel cell market is projected to witness lucrative growth over the coming decade. Demand will witness a sharp recovery with an optimistic growth outlook in the long run. The rising prominence of electric vehicles is projected to ascend the growth in demand over the forecast period.
What is Driving Demand for portable Fuel Cells
The rapid surge in demand for unconventional energy sources is one of the primary driving factors for demand growth. Increasing concerns headed for zero ecological impact are vital aspects influencing the demand for portable fuel cells. In addition, ease of application and eco-friendly nature also paves the way for growth in consumption.
Being one of the most vibrant sectors of the economy, the rapid surge in the growth of the electronic industry has prompted substantial changes in the investments in the electronic manufacturing industry and hence fueling significant demand.
Eco-friendly objectives to eliminate emission rates and boost regulations by the government authorities in developed countries are augmenting the demand for hydrogen power plants during the forecast period. Subsequently, resulting in an upsurge in the consumption of portable fuel cells over the coming years.
An additional pivotal element for the growth in demand for portable fuel cells is the availability of various fuels that can be implemented in fuel cells. Ethanol, Methanol, butane, hydrogen, and diesel are some of the most common fuels used in portable fuel cells.
The relatively easy acquisition of hydrocarbon fuels is creating positive prospects for demand growth by making them affordable and easier.
Rising Investments in Smart Grids to Augment Portable Fuel Cells Consumption
On accounts of substantial efforts by government authorities for power grid enhancements in order to create easy availability of grid power in previously unreachable areas.
Additionally, the adoption and development of smart cities are compelling for the integration of smart grids implemented with IoT-based connecting technologies.
These are impelling the use of locally small-scale self-sustainable energy generation techniques such as wind, hydropower, solar has become cheaper and viable options for portable fuel cells.
The versatile benefits related to portable fuel cells such as improved storage and energy efficiencies, zero emissions, and mobility among others coupled with the rising research & development activities by the manufacturers are paving the way for market growth during the forecast period.
Asia Pacific Market Growth Outlook
Asia Pacific region is anticipated to witness robust growth over the coming years, owing to increasing innovations in consumer electronics and the prominence of electric vehicles in the countries such as China, Japan, etc.
Europe Market Overview
European countries such as Germany, the UK, Norway, the Netherlands, etc. are among the few major investors in fuel cell-powered vehicles.
Correspondingly, resulting in increased consumption of portable fuel cells during the forecast years. For instance, 23 European countries formed a collaboration on the HyLAW EU Project, targeted at recognizing and removing legal and administrative obstructions to the deployment of hydrogen fuel cells and hydrogen applications.
Furthermore, activities for research and product development regarding utilities and autonomous vehicles in the defense sector have been propelled in the recent few years. The high focus on using clean energy sources has resulted in an increase in investments in generating electricity using fuel cells.
