The global hydrogen fuel cell vehicle market witnessed around 3 thousand units of HFCV shipped in 2016 and is expected to reach 62 thousand units by 2021, says Technavio.
Technavio has announced its latest market research report on the global hydrogen fuel cell vehicle market, under its automotive manufacturing portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Daimler, Honda, Hyundai, and Toyota.
According to Sharan Raj, a lead analyst for automotive manufacturing research at Technavio, “The development of infrastructure to produce hydrogen is expected to drive growth in the global hydrogen fuel cell vehicle market. Fuel cell electric vehicles use hydrogen as the primary fuel cell. Significant investments are being made to scale up the production of hydrogen and develop clean and emission-free hydrogen production technologies.”
The application of fuel cells in fuel cell electric vehicles is directly related to the existence of hydrogen infrastructure. Many national hydrogen initiatives are driving the growth of the hydrogen infrastructure. Germany’s National organization of hydrogen fuel cell technology, H2Mobility, and Clean Energy Partnerships, have extended their commitment to develop hydrogen infrastructure in Germany during the forecast period.
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Advances in technology and future potential in HFCV market
Improved R&D in hydrogen fuel cell technology is increasing the number of partnerships and joint developments regarding market adoption, safety solutions, and reducing overall costs and weight. One of the important alliances in the market is the European union’s Trans-European Transportation Network (TEN-T), which will develop national implementation plans of HFCVs and HRS in Belgium, Finland, and Poland. Joint ventures and technological advances will increase the adoption of HFCVs by mass market consumers.
Production of clean hydrogen fuel (green fuel)
The conventional method to produce hydrogen gas releases GHGs that can diminish the zero-emission advantage of HFCVs. Therefore, R&D to produce hydrogen through clean methods, known as a green fuel, with zero carbon emissions are under progress. Such methods involve renewable energy sources, and one such method that is in practice is electrolysis. In electrolysis, the electricity needed can be generated from solar or wind power, which will generate hydrogen without the release of GHGs and is considered eco-friendly.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Hydrogen Fuel Cell Vehicle Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Direct Methanol Fuel Cell Market 2016-2020
- Global Electric Vehicle Market 2016-2020
- Global Unmanned Aerial Vehicle Battery Market 2016-2020
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