There are a variety of vehicles that use hydrogen fuel for their driving motive power. A fuel cell functions by the reaction of hydrogen and oxygen in order to run electric motors or it implicates conversion of chemical energy to mechanical energy through the process of burning hydrogen. Electric vehicles that require fuel cells are essentially driven by hydrogen. This has consequently increased the production rate of hydrogen in terms of large tons.
The global fuel cell market is heavily driven by the growing demands imposed by consistent energy requirements. Hydrogen cars have gotten their hype through the marketability furnished by popular brands like Toyota, Hyundai and Honda. The three popular hydrogen cars in the market include Toyota Mirai, Hyundai ix35 FCEV and Honda Clarity. Most of the hydrogen fuel is generated from non renewable resources like natural gas. Although it is pondered beneficial and ecologically sustainable to produce hydrogen fuel from renewable resources, it is inordinately expensive. Type of vehicles that could possibly use hydrogen as fuel cell include buses, trams, bicycles, automobiles, Quads, tractors, airplanes, motorcycles, rockets, fork trucks, heavy trucks and scooters.
Market value of hydrogen fuel cell vehicles:
The Global market value of hydrogen fuel cell vehicles market is expected to reach a new high in the impending years with an impressive Cumulative Average Growth Rate (CAGR) percent, as divulged by various market analysts. The market is crucially driven by the growing demand for fuel requirements. The inception of new alternative fuel sources to replace depleting fuel sources has always been the vital reason for the growth of this market. However, the replacement of non-renewable resources with renewable resources takes excessive time and cost. The pivotal competitors in the market of hydrogen fuel cell vehicles market include Honda, Toyota, Daimler and Hyundai. The market also consists of players like Fuel cell energy, GM, Hydrogenics, Ballard Power systems, BMW, Audi and MAN.
The growing requirements for the additional production of hydrogen fuel has increased manifold in order to achieve sustainable growth. Vendors have started producing vehicles that give off less emission to efficiently outshine other competitors in the market. The market is also driven by the inception of ameliorated infrastructures for the production of hydrogen fuel cells.
Factors like less production run, inordinate financial requirements, and incorporation of sophisticated technological advancements could heavily constrain the growth rate of this market. However, the advantages of hydrogen fuels over fossil fuels have heavily influenced the growth rate of this market. Less pollution in the environment and prevalence of innocuous climatic conditions through the usage of hydrogen fuel cells could significantly boost the growth rate of this market.