Fuel cell technology is unique and has the potential to power forklifts, airport tugs, passenger vehicles and heavy duty vehicles. Major automobile companies have started fuel cell vehicle programs, and the technology has rapidly advanced thereby gaining popularity, over the last few years. Fuel cell vehicles have made considerable progress towards meeting the goals set by the U.S. Department of Energy. Some first generation fuel cell vehicles have shown immaculate durability, which indicates significant progress toward meeting the goals set by the authorities. Present generation vehicles are well composed to show notable durability improvements. Benchmark durability has already exceeded the U.S. Department of Energy’s goals. Current vehicles are near to meet the target range set by DOE’s. These programs have proven that hydrogen fuel cell vehicles and transit buses can meet the customer demands.
Hydrogen and fuel cell vehicles are likely to generate business and employment opportunities primarily in the research and development sector. Hydrogen fuel cell technologies aid in substantially decreasing greenhouse gas emissions and local air pollutants, thereby diversifying energy sources to reduce the dependency on conventional sources. A recent study from National Research Council has found that the level of greenhouse gases declined over the couple of years with increased usage of hydrogen fuel cell vehicles. Growing acceptance and implementation of hydrogen fuel cell vehicles chiefly in the public transit systems is likely to fuel the market growth over the coming years. The analysis provided by National Research Council states that, hydrogen fuel cell vehicles resulted in the deep cuts to oil usage and green house gas emissions. The study recognized that commercialization is anticipated to begin in the year 2015 and lead to a maximum of two million fuel cell vehicle on the road by 2020. The National Hydrogen Association recently assessed the potential for hydrogen fuel cell vehicles to meet goals for reducing oil consumption, greenhouse gas emissions and local air pollution.
Fuel cell vehicles have the potential to strongly reduce our dependence on oil imports and curtail harmful emissions that contributes to the climate change. Reduced dependency on the oil imports would equally aid in balancing the trade deficit of respective emerging countries across the globe. Fuel cell vehicles run on hydrogen gas rather than gasoline and emit negligible harmful emissions. Certain challenges are required to be resolved before these vehicles are competitive with the conventional vehicles; however the potential benefits associated with this technology are substantial.
Fuel cell vehicles are similar to conventional vehicles however; they are internally equipped with technologically advanced components that are not found in conventional vehicles. The most evident difference is the fuel cell stack that transforms hydrogen gas stored into electricity to drive the electric motor that propels the vehicle. Major components of a typical fuel cell vehicle are power control units, hydrogen storage tank, electric motor, fuel cell stack and high output battery.
High efficiency conversion, silent operations and high power density are some of the key drivers of the fuel cell vehicle market. However, large cost required in comparison to other energy systems can hamper the growth of the fuel cell vehicle market. Ample amount of opportunities are there for the fuel cell vehicle market owing to stringent environmental norms and strong participation by the key industry leaders.
Some of the key players in the business of fuel cells are Acumentrics SOFC Corporation, AFC Energy, Altergy Systems, Automotive Fuel Cell Cooperation Corp., Ballard Power Systems, BIC Consumer Products, Cellkraft AB and Ceramic Fuel Cells Ltd. among others. Various automobile companies such as Audi AG, BMW AG, Daimler AG, Nissan Motor Company Ltd. and Toyota Motor Corporation among others are manufacturing vehicles using fuel cell technology.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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