Regenerative Fuel Cell Technologies MarketSize and Trends

Market Dynamics

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.

Market Trends

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.