More Than 18,000 Hydrogen Fuel Cell Vehicles Sold So Far
Fuel cells are electrochemical energy conversion devices that are poised to replace traditional sources of energy. There are several types of fuel cells, but this study focuses on the major ones. Currently, the market is spearheaded by LT-PEMFC for mobile applications, and SOFC for stationary applications, and they will continue to be dominant for the next 15 years which is the forecast period of this study.
With the advent of fuel cells, the world is on the cusp of transformation in the electricity generation landscape. Fuel cells, increasingly used as a power source, will produce 450 gigawatts of electricity by 2039, mainly from using hydrogen as fuel. Over the next 15 years, the fuel cells will generate over $536 billion in revenue.
Hydrogen is the fuel of the future. Its use represents a shift away from fossil fuels, currently the main electricity production source. Increasingly, more and more electricity is being produced from fuel cells with hydrogen as the fuel. This study provides in-depth coverage of six types of widely used fuel cells.
Low-temperature fuel cells, mainly proton exchange membrane, are used for driving cars, trucks, and buses. Hydrogen is the cleanest form of fuel because it emits water vapor from the tailpipe of vehicles instead of toxic gases.
High-temperature fuel cells, particularly solid oxide, are used mainly for stationary applications. Currently, high-temperature fuel cells are used for emergency and backup power, and their use in other applications will grow.
The low-temperature fuel cell segment dominates the hydrogen fuel cell market. This type of fuel cell is used widely in mobile and portable applications, giving it a substantial market share. On the other hand, SOFC, which is commonly used in stationary applications, has been growing very rapidly. SOFCs operate at high temperatures, eliminating the need for expensive catalysts.
Hydrogen's potential as a versatile energy carrier is the key to a sustainable and decentralized energy system. Collaborative efforts, technological advancements, and infrastructure development are essential to fully exploit the potential of hydrogen as an energy carrier. By harnessing hydrogen produced from renewable sources, the world can achieve zero-carbon emissions and make a transition to a sustainable clean energy future.
Regarding applications, the stationary segment will remain the most popular application during the forecast period. Fuel cells’ high efficiency and ability to use various fuels drive this popularity.
In addition, fuel cell technology can be used in virtually every kind of transportation, including cars, trucks, buses, forklifts, motorcycles, bicycles, airplanes, ships, submarines, and trams. The transportation sector is experiencing rapid growth as fuel cells are increasingly used to power all kinds of vehicles.
Rising demand for clean energy for generating power for automobiles and for stationary applications, coupled with increasing R&D, is fueling the growth of fuel cells.
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AFC Energy PLC
- Ballard Power Systems
- Bloom Energy Profile
- Ceres Power Profile
- Cummins Inc.
- Doosan Fuel Cell
- FuelCell Energy
- Hyundai Motor
- Intelligent Energy
- Nedstack
- Nissan Motors
- Panasonic Corporation
- Plug Power
- PowerCell Sweden AB
- Pragma Industries
- Toshiba Energy Systems
- Toyota
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