Noida, UP -- (SBWire) -- 03/15/2011 -- Fuel cell technology offers various benefits over conventional energy sources. The technology is fast gaining acceptance worldwide.
The fuel cell market has been rapidly growing for the past few years in the backdrop of rising demand to curb costs, improved efficiency levels, and reduced dependence on oil. In future also, it is anticipated to reach new heights. According to our research report “Fuel Cell Industry Analysis”, the fuel cell market is expected to touch the market size of US$ 4.2 Billion by the end of 2012. The main factor, which has fuelled growth in the fuel cell market, is the extensive government support.
Various governments across the world are investing heavily on the development of advanced fuel cells and are also providing incentives and subsidies on the usage of fuel cells. Governments in countries like the US, Germany, the UK, Denmark, and South Korea are intensively supporting fuel cell developments in the form of subsidies and by supporting R&D. Besides government support, we have analyzed other factors that are fuelling growth in the fuel cell industry.
From the market perspective, our research shows that during the commercialization phase (starting from 2010), Japan, North America, and Europe will be the major markets for the fuel cell technology. The prime reasons for this are the high-energy cost, early adoption of the technology, and advanced environmental policies. In this regard, our study provides a country level analysis examining fuel cell market in the United States, Canada, Korea, Japan, China, India, Germany, Denmark, and South Africa.
“Fuel Cell Industry Analysis” also provides an insight on certain issues that needs to be taken care of. It has also studied the different types of fuel cells and the developments that have taken place in their markets. Moreover, our study has analyzed the current and future performance of fuel cell industry by various applications including transportation, stationary, and portables and by research developments. Additionally, the report presents the analysis of key players of the industry.
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RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
Government Support Driving Fuel Cell Industry
On the back of government support, the fuel cell market is expected to reach US$ 4.2 Billion by the end of 2012, says RNCOS in its report.