Automotive Fuel Cell Market Analysis , Size , Share , Growth Industry Trends and Forecast to 2024 | Hexa Research
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Automotive Fuel Cell Market Analysis , Size , Share , Growth Industry Trends and Forecast to 2024 | Hexa Research
" The worldwide Automotive Fuel Cell Market was valued over 5 , 000 units in 2015 . It can grow at close to 13 % CAGR during the forecast period ( 2016-2024 )."
The global automotive fuel cell market was estimated over 5 , 000 units in 2015 . It would grow at a CAGR of nearly 13 % in the forecast period ( 2016-2024 ). The market can reach over 10 , 850 units by 2024 . Expansion across fuel cell vehicles or FCVs owing to pollution-awareness will drive the industry in the near future .
FCVs or fuel cell electric vehicles ( FCEVs ) run primarily on hydrogen . About 80 million tons of hydrogen are generated each year to cater to the demand for hydrogen fuel cells in FCEVs . Hydrogen infrastructural developments are the key market propeller .
In 2015 , the transportation sector largely contributed to carbon dioxide emissions in the U . S ., adding to the greenhouse gas problem . The use of FCEVs may curb pollution . A fuel cell contains electrodes . It converts chemical energy into electrical through electromechanical reactions . Electrolytes move electrically -charged elements from one electrode to another , speeding-up chemical reactions in cells . Biogas , natural gas , and other alternatives are used in fuel cells . This aids in reducing & eliminating noise & air pollution , as hydrogen in combination with oxygen , creates water . FCEVs are free of combustion during energy production .
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