Global Fuel Cell Market in the Automotive Industry 2015-2019
About Fuel Cell Market in the Automotive Industry
A fuel cell converts chemical energy into electrical energy through an electromechanical reaction. A typical fuel cell consists of two electrodes, the anode and the cathode, which react to generate electricity. While liquid electrolytes carry electrically charged elements from one electrode to another, a catalyst is required to speed up the chemical reaction inside the fuel cell. Methanol, biogas, hydrogen, natural gas, and hydrocarbons are various fuels used in fuel cells. Fuel cells generate less pollution as hydrogen combines with oxygen to form water, a harmless by-product.
Technavio’s analysts forecast the global fuel cell market in the automotive industry to grow at a CAGR of 45.27% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global fuel cell market in the automotive industry for 2015-2019. The market size has been calculated based on the revenue generated from the global units and MW shipments of fuel cells in the automotive industry.
The market is divided into the following segments based on type of vehicle:
Technavio Announces the Publication of its Research Report – Global Fuel Cell Market in the Automotive Industry 2015-2019
Technavio recognizes the following companies as the key players in the Global Fuel Cell Market in the Automotive Industry: Ballard Power Systems, ACAL, Nuvera Fuel Cells, Plug Power and Hydrogenics
Other Prominent Vendors in the market are: Delphi Automotive Systems, EnergyOR Technologies, H2 Logic, Symbio FCell, Proton Motors, Oorja Protonics, Nuvera Fuel Cell, Intelligent Energy and Infintium Fuel Cell Systems
Commenting on the report, an analyst from Technavio’s team said: “Companies are making huge investments in R&D in the fuel cell industry. Many universities and government organizations are engaged in research and demonstration projects of new technologies in the industry. For instance, the National Energy Foundation is working with New Energy and Industrial Technology Development Organization (NEDO) in the UK on various fuel cell research projects.”
According to the report, development of the hydrogen infrastructure is the key driver for the growth of this market. Since hydrogen is the primary fuel used in fuel cell electric vehicles (FCEVs), around 80 million tons of hydrogen is produced every year to meet the growing need for hydrogen fuel cells in FCEVs
Further, the report states that vendors need to address some functional issues associated with fuel cell systems, which include improving thermal, air, and water management.
Ballard Power Systems, ACAL, Nuvera Fuel Cells, Plug Power, Hydrogenics, Delphi Automotive Systems, EnergyOR Technologies, H2 Logic, Symbio FCell, Proton Motors, Oorja Protonics, Nuvera Fuel Cell, Intelligent Energy, Infintium Fuel Cell Systems
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