The global automotive fuel cell market was
estimated over 5, 000 units in 2015. It would grow at a CAGR of nearly 13% in the forecast period (2016-2024). The market
can reach over 10, 850 units by 2024. Expansion across fuel cell vehicles or
FCVs owing to pollution-awareness will drive the industry in the near future.
FCVs or fuel cell
electric vehicles (FCEVs) run primarily on hydrogen. About 80 million tons of
hydrogen are generated each year to cater to the demand for hydrogen fuel cells
in FCEVs. Hydrogen infrastructural developments are the key market propeller.
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In 2015, the
transportation sector largely contributed to carbon dioxide emissions in the
U.S., adding to the greenhouse gas problem. The use of FCEVs may curb
pollution. A fuel cell contains electrodes. It converts chemical energy into
electrical through electromechanical reactions. Electrolytes move
electrically-charged elements from one electrode to another, speeding-up chemical
reactions in cells.
Biogas, natural
gas, and other alternatives are used in fuel cells. This aids in reducing &
eliminating noise & air pollution, as hydrogen in combination with oxygen,
creates water. FCEVs are free of combustion during energy production.
Low corrosion and
lack of ‘high operation temperature’ owing to the absence of combustion are
likely to boost the longevity of vehicles. This coupled with their lower
maintenance costs can add industry growth. Research & development (R &
D) activities should create business opportunities, leading to more
employments.
High costs of
automotive fuel cells are predicted to hamper the industry. Moreover, lack of
technological advancements can hinder the industry. The Automotive Fuel Cell
Market is split into applications and regions.
Applications
include light-duty vehicles and materials handling. The former accounted for
over 50% of the worldwide consumption in 2015. It will also dominate during the
next eight years.
Many vehicle
manufacturing firms have begun running ‘automotive fuel cell’ programs to
encourage technological advancements. Light duty vehicles would grow at around
12.5% CAGR from 2016 to 2023. Their growth should be attributed to
technological innovations and their reducing costs.
Materials handling
is projected to witness a CAGR of about 15% in the near future. Its
applications across airports, distribution centers, and inventory management
can contribute segment expansion in the eight years ahead.
In addition,
minimal operating costs and low-needed maintenance of these cells can raise
market incomes. Regions encompass North America, Latin America, Europe, Asia
Pacific, and the Middle East and Africa (MEA). Asia Pacific led in terms of
demand, capturing over60% of the total volumes in 2015. It is anticipated to
display significant growth accredited to regional support on product
promotions.
Europe may surface
as a key region. To commercialize fuel cell technology, the U.S. Department of
Energy (DOE) rewarded over USD 7 million in 2013. Due to constant assistance
from the U.S. DOE, private firms, & national laboratories; the Automotive
Fuel Cell Market has noticed upward trends in the last few
years.
The worldwide
market is highly competitive and characterized by numerous large players and
small & medium-sized enterprises. Major competitors are Toshiba, Panasonic,
Ballard, Plug Power Inc., and Acumentrics SOFC Corporation
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