Automotive Fuel Cell Market Overview
The
global Automotive fuel cell market
is anticipated to expand the market growth at 34.1% CAGR during the forecast
period of 2023 to 2032. Moreover, a significant value has been generated in the
market size during the research period.
The
worldwide Automotive fuel cell market growth is driven due to the increased
driving range and better fuel economy. Moreover, the increasing demand for fuel
cell vehicles in the transportation and automotive industry might bring
significant opportunities for the manufacturers and key players.
However,
the high initial investments in hydrogen fuelling infrastructure might affect
the Automotive fuel cell industry in the forecast period. Apart from this, the
global market might experience challenges due to the high vehicle cost.
Get
a free sample report of Automotive Fuel Cell Market
Automotive
Fuel Cell Market Segmentation
The
global Automotive fuel cell market is segmentally divided into different
segments such as fuel type, components, electrolyte type,
Depending
on the fuel type segment, the current market has been segmented into methanol,
hydrogen and others. The methanol fuel cells are easily available, involve
lesser costs, generate low power, and are easy to transport. The
hydrogen-powered cells are basically small in size and able to produce high
power. In terms of the electrolyte type segment, the global market has been
segmented into PAFC (Phosphoric Acid Fuel Cell) and PEMFC (Proton-exchange
membrane fuel cell). Among these, the PEMFC electrolyte is widely preferred
across the world because it helps in reducing greenhouse gases and produces near-zero-emissions.
Apart from these, this type of electrolyte has many advantages that include
being easy to install, lightweight, having a high-power density, highly
portable, highly efficient, and used in varying operating temperatures.
Based
on the component segment, the global Automotive fuel cell market has
been classified into fuel stack, fuel processor, and power conditioner. Out of
all, the power conditioner is extensively preferred because it has the capacity
to produce constant power. In contrast, the fuel processor needs constant
routine maintenance and monitoring. In terms of the power output segment, the worldwide
market has been divided into <100KW, 100-200 KW, and >200 KW. Among
these, the 100-200 KW output gives the highest output at the best price. On the
basis of vehicle type segment, the global market has been segregated into heavy
commercial vehicles (HCV), light commercial vehicles (LCV), and passenger
vehicles (PV).
Key
Players
- Ballard Power Systems Inc. (Canada)
- ITM Power (U.K.)
- Hydrogenics (Canada)
- Plug Power (U.S.)
- Automotive Fuel Cell Cooperation (Canada)
- Ceramic Fuel Cells Ltd (Australia)
- Delphi Technologies (U.K.)
- Doosan Fuel Cell America (U.S.)
- Nedstack (The Netherlands)
- Plug Power (U.S.)
Automotive
Fuel Cell Market Regional Analysis
Regionally,
the worldwide Automotive fuel cell market is classified based on
different regions such as Asia Pacific, North America, Europe, and the rest of
the world.
Among
all regions, the Asia Pacific regional market is projected to generate
significant market growth during the research timeframe. This region is growing
due to the continuous support of the government from different countries like
Japan, China, and Hong Kong towards the use of renewable energies. Also,
favourable policies are introduced in the region to reduce the effects of
global warming, which is fuelling the regional market growth.
Automotive
Fuel Cell Industry News
In
February 2022, the implementation of the "Renewable Energy Research and
Technology Development" program was announced by the Ministry of New and
Renewable Energy of India. This has aimed to support research in different
aspects of renewable energy, such as fuel cell development and inter-alia
hydrogen-based transportation.
Read more insightful
report:
Automotive Over-The-Air (OTA) Updates Market
Light Commercial Vehicles Market
.png)
.png)
No comments:
Post a Comment