Press release
Automotive Fuel Cell Market Trends Analysis By Top Companies: Toshiba, Acumentrics SOFC Corporation, Altergy Fuel Cells, AFCC Automotive Fuel Cell Cooperation Corp. (AFCC), Ballard Power Systems, FuelCell Energy Solutions GmbH, Plug Power, Hydrogenics, Pa
Automotive Fuel Cell Market
Europe automotive fuel cell market share is projected to expand substantially over the next seven years on account of favorable government measures to cut greenhouse gas emission. The European Commission has set a 2020 package with an aim to meet climate and energy targets by 2020. The three key targets under the 2020 package include 20% cut in GHG emissions from 1990 levels, 20% improvement in energy efficiency, and 20% of energy from renewables.
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Automotive fuel cell market is likely to reach 14,765 units by 2023. Increasing fuel cell vehicle (FCV) market size across the globe owing to rising consciousness regarding effects of pollution caused is likely to drive growth. In addition, low operating cost associated is also likely to propel the automotive fuel cell market share.
Light duty vehicles market share in 2015, accounted for over 50% of the consumption. Reducing product cost along with rapid innovations and technology advancements will propel the light duty vehicles application. In the U.S., the Fuel Cell Technologies Office (FCTO) focuses mainly on innovation and R&D to advance fuel & hydrogen cells for transportation and diverse applications.
In June 2017, the U.S. Department of Energy announced to invest approximately USD 15.8 million in 30 new projects for the development and discovery of novel, low cost materials required for hydrogen production & storage and for fuel cells involved with light-duty vehicles.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:
1. Toshiba
2. Panasonic
3. Acumentrics SOFC Corporation
4. Altergy Fuel Cells
5. AFCC Automotive Fuel Cell Cooperation Corp. (AFCC)
6. Ballard Power Systems
7. FuelCell Energy Solutions GmbH
8. Plug Power
9. Hydrogenics
10. Bloom Energy
Growth Drivers:
1. Growing automotive industry
2. Low operating cost
3. Environmentally friendly
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Rising consciousness regarding effects of pollution caused by traditionally fueled vehicles is anticipated to remain the key driver for the automotive fuel cell market. High pricing as compared to other zero emission vehicles plays a considerable role in the buying decision.
Surging R&D in the fuel cell vehicles market is likely to create high employment as well as business opportunities to industry participants. High benefits offered by these vehicles are likely to boost the implementation and application in the public transit systems.
Participants occupying major automotive fuel cell market share Acumentrics SOFC Corporation, Altergy Systems, AFCC Automotive Fuel Cell Cooperation Corp. (AFCC), Ballard Power Systems, FuelCell Energy Solutions GmbH, Toshiba, Plug Power Inc., Hydrogenics Corporation, BIC Consumer Products, Cellkraft AB, Panasonic , Bloom Energy, Convion Ltd., M-FIELD Energy Ltd.
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