The North America fuel cell technology market is suggested to have reached a value of around $157.1 million at the beginning of 2013, and is forecast to grow to a total of $667.7 million by 2018. This suggests a CAGR growth rate of around 33.6% between 2013 and 2018.
The United States is currently the largest country in the North America fuel cell technology market. The U.S. market is driven by governmental incentives, without which fuel cells cannot come into the market at the present cost. According to Department of Energy (DOE) forecasts, fuel cell technology will be competitive with other options in terms of cost by 2018. The U.S. and especially California has been the center of all fuel cell demonstration projects. Other major states involved are Connecticut, New York, Ohio, and South Carolina.
Fuel cells convert chemical energy into electrical energy through electromechanical reaction, like a battery; the only difference is that the fuel is supplied from outside; thereby making the fuel cell feel like an engine converting fuel into electricity without burning it. Fuel cells are of different types such as proton exchange membrane (PEM), solid oxide fuel cell (SOFC), molten carbonate fuel cell (MCFC) and many more differentiated ones based on the components used and type of reaction taking place within the cell.
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