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Automotive Fuel Cell Market Share, Size, Key Players, Technology,
Application, Research and Forecasts to 2024 | Hexa Research
“ The global automotive fuel cell market was estimated over 5, 000 units in
2015. It would grow at a CAGR of nearly 13%.”
21 November 2018
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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