Hydrogen Fuel Cell Car Market, Trend Analysis, Huge Growth and Forecast till 2030
The global Hydrogen Fuel Cell Car market was valued at USD 14.72 Billion in 2021 and is projected to grow at a CAGR of 21.2% from 2021 to reach USD 80.48 Billion by the year 2030. Hydrogen Fuel Cell Car s are known to be used in a broad range of applications like cars, buildings, electronic devices, trucks, and/or backup power systems. As those Hydrogen Fuel Cell Cars can be grid-independent, they are an attractive option for critical load functions such as telecommunication towers, data centers, emergency response systems, hospitals, and even military applications for national defense.
A Hydrogen Fuel Cell Car is a device that generates
electrical power by a chemical reaction via conversion of fuel (hydrogen) into
electricity. Although Hydrogen Fuel Cell Cars are considered to be
electrochemical cells and consist of similar structures, Hydrogen Fuel Cell Cars
require an uninterrupted source of oxygen and fuel to run, similar to how an
internal combustion engine that needs a constant flow of gasoline or diesel.
Manufacturers are zeroing-in on the hydrogen economy
as the concern for the environment is growing. Hydrogen Fuel Cell Car are also
scalable. They can be combined to form stacks, which in turn can be combined to
form larger systems. These fuel systems vary in sizes and power, from portable
systems for smartphone battery recharging, to combustion engine replacements
for electric vehicles, to large-scale, multi-megawatt installations providing
electricity directly to the utility grid.
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Growth in demand for electric vehicles is driving the
market for Hydrogen Fuel Cell Car s. An increase in carbon emissions has
attracted the government’s attention to the usage of electric vehicles. Another
factor impacting the market is the growing concern for the environment. The
over-exploitation of fossil fuels has created ecological concerns due to
harmful gas emissions. The need for reduced dependence on oil and diesel are
propelling the demand of the market.
Europe is taking giant steps towards the adoption of Hydrogen
Fuel Cell Car s. The world’s first hydrogen-powered trains are currently
operational in northern Germany on a 100km stretch of track. Even though it is
costlier than the existing diesel locomotives, the new zero-emissions engines
are kinder to the environment.
Key companies profiled in the report are:
· Hydrogen
Fuel Cell Car Energy Inc
· Cummins
Inc
· Ballard
Power Systems
· Plug
Power Inc
· Bloom
Energy
· AFC
Energy Plc
· Dossan
Hydrogen Fuel Cell Car Co. Ltd
· Toshiba
International Corporation Limited
· Hyster-Yale
Materials Handling Inc
· Panasonic
Holding Corporation
· Intelligent
Energy Limited
· Pearl
Hydrogen.
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Further key findings from the report
suggest
- Polymer Exchange Membrane Hydrogen Fuel Cell
Cars uses precious metals like platinum, along with a polymer for the
catalyst. It is known to be preferable over other technologies so that it
can be operated at cooler temperatures that are between 80 to 200 degrees
Fahrenheit. It operates between 40%-60% efficiency, which can also handle
large and sudden shifts in power output; also, they are used in
telecommunications, residential markets, and data centers.
- The air-cooled type has dominated the segment
of Hydrogen Fuel Cell Car product type attaining a CAGR of 26.5%. Passing
of ambient air either through the additional cooling plates or cathode is
the simplest method of removing waste heat from Hydrogen Fuel Cell Cars.
Examples like the Suzuki Burgmann Hydrogen Fuel Cell Car scooter which
utilizes a 1.6 kW air-cooled stack, and the Microcap H2EV which utilizes a
3.0 kW Horizon open cathode Hydrogen Fuel Cell Car in a battery hybrid
arrangement.
- Hydrogen Fuel Cell Car vehicles also combine
the refueling and range of conventional cars and the recreational benefits
of driving on electricity. Refueling a Hydrogen Fuel Cell Car vehicle is
compared to refuel a car or a truck. Pressurized hydrogen is available at
hydrogen refueling stations, and takes less than 10 minutes to fill
current models.
- The Asia-Pacific region is emerging as a hub
for the adoption of hydrogen power cell technology with the highest CAGR
of 24.6%. The region counts many countries as pioneers, like Japan, South
Korea, and more recently, China.
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Segments covered in the report
Product Type Outlook (Revenue, USD
Billion; 2019-2030)
- Liquid-Cooled Type
- Air-Cooled Type
By Vehicle Type Outlook (Revenue, USD
Billion; 2019-2030)
- Passenger Cars
- Buses & Coaches
- Other Commercial Vehicles
Technology Type Outlook (Revenue, USD
Billion; 2019-2030)
- Polymer Exchange Membrane Hydrogen Fuel Cell
Cars (PEMFC)
- Phosphoric Acid Hydrogen Fuel Cell Cars (PAFC)
- Solid Oxide Hydrogen Fuel Cell Cars (SOFC)
- Direct Methanol Hydrogen Fuel Cell Cars (DMFC)
- Molten Carbonate Hydrogen Fuel Cell Cars (MCFC)
Application Outlook (Revenue, USD Billion;
2019-2030)
- Automotive
- Stationary
- Material Handling Equipment
By End-Use Outlook (Revenue, USD
Billion; 2019-2030)
- Public
- Private
Regional Outlook (Revenue, USD Billion;
2019-2030))
·
North America
·
Europe
·
Asia Pacific
·
MEA
·
Latin America
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