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Automotive Fuel Cell Market is Expected to Grasp the Value with Excellent CAGR by , Size, Share, Dynamic Trends, Growth and Competitive Outlook
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Market Research Future (MRFR) predicts the global automotive fuel cell market to grow at a CAGR of approx. 15% 2023 (forecast period).
Automotive fuel cell technology is an appealing proposition for automakers because it allows them to manufacture high-energy cells capable of powering automobiles. The fuel cells use either hydrogen or methane as the primary energy provider. In comparison to conventional lithium-ion battery cells, which cannot be recycled, both of these components are cleaner sources of fuel. The disposal of lithium-ion battery cells is a major issue, having a significant effect on the environment.
Several factors contribute to the expansion of the global automotive fuel cell industry. To begin, automakers are making conscious decisions to reduce their carbon footprint in order to compensate for large automotive sales. Second, governments in developing countries are taking concrete measures to curb global warming by switching to cleaner and greener fuel alternatives. Third, if not done with caution, traditional cell technology presents a significant risk to the user's physical well-being.
COVID-19 Impact on the Global Automotive Fuel Cell Market
The introduction of a variety of regulations by governments worldwide to deal with the COVID-19 crisis, such as a complete shutdown of manufacturing units, is expected to have an effect on the growth of the global automotive fuel cell industry.
Market Segmentation
The global automotive fuel cell market has been segmented into electrolyte type, components, power output, fuel type, and vehicle type.
By electrolyte type, the global automotive fuel cell market has been segmented into PEMFC and PAFC. The PEMFC (Proton-exchange membrane fuel cell) is favored compared to the PAFC (Phosphoric Acid Fuel Cell). PEMFC produce near-zero-emissions and therefore aid in limiting the greenhouse gases substantially. PEMFC cells are lightweight, easy to install, highly portable, have a high-power density, can be used in varying operating temperatures and are highly efficient.
By components, the global automotive fuel cell market has been segmented into fuel processors, power conditioners, and fuel stacks. The power conditioner is extensively used due to its constant power generation capacity. The fuel processor component needs constant monitoring and routine maintenance.
By power output, the global automotive fuel cell market has been segmented into <100KW, 100-200KW, >200KW. The 100-200 KW variety is the most widely produced since it gives the highest output at a given cost.
By fuel type, the global automotive fuel cell market has been segmented into hydrogen and methanol. The methanol fuel cells relative to the hydrogen variety are easily available, easy to transport, generate low power and involve lesser costs.
By vehicle type, the global automotive fuel cell market has been segmented into passenger vehicles (PV), light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
Regional Analysis
Based on region, the global automotive fuel cell market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World.
The Asia Pacific area is expected to boost sales of the global automotive fuel cell market, making it a constantly rising market. Countries such as China, Japan, and Hong Kong are promoting the use of renewable energy, backed up by supportive policies, in order to limit the negative effects of global warming. Because of the large number of vehicles on the roads, the North American area is taking measures to reduce its carbon footprint. The high demand for passenger and heavy commercial vehicles raises the demand for fuel cells as a greener alternative to traditional cells.
Key Players
The key players in the global automotive fuel cell market are Ballard Power Systems Inc. (Canada), ITM Power (U.K.), Hydrogenics (Canada), Plug Power (U.S.), Automotive Fuel Cell Cooperation (Canada), and Ceramic Fuel Cells Ltd (Australia). Delphi Technologies (U.K.), Doosan Fuel Cell America (U.S.), Nedstack (The Netherlands) and Plug Power (U.S.) are among others.
Summary
The global automotive fuel cell market is predicted to grow with a CAGR of approx. 15% from 2017 to 2023 (forecast period). Several factors contribute to the global growth of the automotive fuel cell industry. Automakers are making deliberate decisions to reduce their carbon footprint in order to compensate for large automotive sales. Governments in developing countries are taking concrete steps to reduce global warming by moving to cleaner and greener fuel alternatives.
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