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A new report from Research and Markets is predicting that the global hydrogen fuel cell electric vehicle market will grow at a CAGR of 82% from 2017 to 2021, with Daimler, Honda, Hyundai, and Toyata leading.
The report, Global Hydrogen Fuel Cell Vehicle Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is 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. One such method that is in practice is electrolysis.
According to the report, one of the major drivers for this market is development of infrastructure to produce hydrogen. Fuel cell electric vehicles use hydrogen as the primary fuel. Currently, around 80 million tons of hydrogen is produced each year worldwide at an average price of $1.75/kg. The global fuel cell market requires the additional production of 90 million tons annually to sustain growth. Significant investments are being made to scale up the production of hydrogen and develop clean and emission-free hydrogen production technologies.
Further, the report states that one of the major factors hindering the growth of this market is limited availability of hydrogen refueling stations and high initial cost of development. The installation of electric vehicle chargers is easy and inexpensive owing to the advances in technologies such as wireless chargers and DC fast chargers, and residential charging units are also available for PEVs. Hydrogen refueling stations, however, cannot be installed in any residential unit; the installation costs accounts for more than $1 million.
Research and Markets’ report lists key vendors in the hydrogen fuel cell electric vehicle market as Daimler, Honda, Hyundai, and Toyota. Other prominent vendors include Audi, Ballard Power Systems, BMW, Fuel Cell Energy, GM, Hydrogenics, and MAN.