Automotive Fuel Cell Market 2019 Global Size, Share, Trends, And Growth Forecast To 2023, is depth analysis report on Global Automotive Fuel Cell Market, added by MarketResearchFuture. Report provides comprehensive information on current turnover, share, and forecast market for Automotive Fuel Cell Industry.
— Global Automotive Fuel Cell Market analyzed by Electrolyte Type (PEMFC, PAFC), by Components (Fuel Processor, Power Conditioner and Fuel Stack), by Power Output (200KW), Fuel Type (Hydrogen, Methanol), Vehicle Type, and regional forecast 2019 to 2023.
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Automotive Fuel Cell Global Market Overview:
Automotive Fuel Cell Market Size To Expand at a Notable CAGR Of 15% During 2019 to 2023. Automotive Fuel cells technology is an attractive proposition for automakers, which helps them manufacture high energy cells capable of powering the automobiles using oxygen from the air and compressed hydrogen. The major factor supporting the global automotive fuel cell market growth is conscious decisions by the automakers to reduce the carbon footprint in order to compensate the large automotive sales. The second factor is government initiatives in developed countries to find cleaner and greener alternatives to fuel. The third factor is the threat posed to the physical wellbeing of the user by conventional cell technology.
The fuel cells use either hydrogen or methane as the primary energy provider. Both these elements are cleaner sources of fuel, as against the conventional lithium-ion battery cells, which cannot be recycled. The lithium-ion battery cells pose the problem of disposal, thus impacting the environment considerably.
The regional segmentation of the global automotive fuel cell market segments the market into regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). During the forecast period, the Asia Pacific region is expected to drive maximum sales of the global automotive fuel cell market, making it a continually growing market. The governments of countries like China, Hong Kong, and Japan are encouraging the use of renewable energies backed with favorable initiatives and policies to restrict carbon emissions and the ill effects of global warming. Another important country-specific market in this India, followed by the remaining countries of the Asia Pacific region.
North America is also taking steps to reduce carbon emissions due to a large number of vehicles plying on the roads. The high demand for passenger vehicles and heavy commercial vehicles always raises the demand as well as the market for the fuel cell as a greener alternative to the traditional cells. The major country-specific markets in this region are the USA and Canada. Many key market players are based in North America, especially in the USA.
Europe is a significant regional Automotive Fuel Cell Market due to the presence of many key market players, the presence of some key market players, and government-imposed restrictions to curb environmental pollution. The vital country-specific markets are Spain and Germany, followed by the remaining countries in Europe. France and UK can be considered as potential markets in future as they are among the strongest economies in Europe.
Automotive Fuel Cell Market Segmentation:
Based on the electrolyte type, the PEMFC (Proton-exchange membrane fuel cell) is preferred compared to the PAFC (Phosphoric Acid Fuel Cell). PEMFC produce near-zero emissions and thus 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. Based on the components, the power conditioner is widely used due to its constant power generation capacity. The fuel processor component requires constant monitoring and routine maintenance. Based on the fuel type, the hydrogen-powered cells can generate high power and are small in size. The methanol fuel cells comparative to the hydrogen variety are easily available, easy to transport, generate low power and involve lesser costs. Based on power output, the 100-200 KW variety is the most widely produced, since it gives the highest output at a given cost.
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