- The fuel cell vehicles market is estimated to expand in view of stern ecological regulations by organizations such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and EPA (Environment Protection Agency). These regulations control dangerous vehicular emissions leading to health and ecological issues.
Due to their distinctiveness and eco-friendliness, fuel cells have gained popularity. Fuel cell technology can power various vehicles. These may range from power forklifts to heavy duty vehicles, and from airport tugs to passenger vehicles.
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Fuel cell technology displays favorable properties. Some of these include efficiency conversion, high power density, and noise-free operations. These augur well for the market and boost the utilization of fuel cell technology in the aforementioned vehicles.
The primary manufacturers of automobiles have begun using fuel cell vehicle programs due to emission standards by governing bodies. To reduce ecological effects from automobile emissions, the U.S. Department of Energy has set some targets.
The fuel cell vehicles market is able to meet these targets, which makes these vehicles a decent substitute to normal fuel-based vehicles. Huge demand in the fuel-cell based automobile market is estimated to generate considerable employment and business opportunities in research and development.
Fuel cell vehicles in transportation assist in minimizing environmental effects. It also aids in diversifying energy sources. This lowers carbon emissions and decreases global warming and air contaminants. The National Research Council states that emissions of greenhouse gases have reduced in the last few years due to hydrogen-based fuel cell vehicles.
It also notes a reduction in the consumption of oil, primarily in the transportation segment. According to it, the commercialization of vehicles will begin in 2015 and number of automobiles would be more than 2 million by 2020. The worldwide fuel cell vehicles market is divided into trams, forklifts, airplanes, boats, buses, motorcycles & bicycles, and submarines.
Buses will occupy the dominant market share and be followed by motorcycles and bicycles. Forklifts and airplanes are likely to grow at substantially in the upcoming years. Owing to governmental initiatives to endorse hydrogen fuel cell vehicles in North America, the region led the worldwide market. Asia Pacific would grow at the maximum rate over the forecast period.
Some of the dominating firms in the fuel cell vehicles market include Ballard Power Systems, BIC Consumer Products, Ceramic Fuel Cells Ltd., Altergy Systems, and Automotive Fuel Cell Cooperation Corp.
Information Source: Grand View Research
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