ReportsnReports.com adds new research report Global Hydrogen Fuel Cell Vehicle Market 2017-2021.
The global hydrogen fuel cell vehicle market study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. The analysts forecast global hydrogen fuel cell vehicle market to grow at a CAGR of 82.06% during the period 2017-2021.
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The following companies are the key players in the global hydrogen fuel cell vehicle market: Daimler, Honda, Hyundai, and Toyota.
Other Prominent Vendors in the market are: Audi, Ballard Power Systems, BMW, Fuel Cell Energy, GM, Hydrogenics, MAN, and Volvo.
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Further, the hydrogen fuel cell vehicle market report states that one of the major factors hindering the growth of this market is reduced HRS and high initial cost of development. The installation of electric vehicle chargers is easy and inexpensive owing to the advances in technologies such as wireless chargers and DC fast chargers, and residential charging units are also available for PEVs. On the contrary, HRS cannot be installed in any residential unit and the installation costs accounts for more than $1 million.
Commenting on the hydrogen fuel cell vehicle market report, an analyst said: “The latest trend gaining momentum in the market is production of clean hydrogen fuel (green fuel). The conventional method to produce hydrogen gas releases GHGs that can diminish the zero-emission advantage of HFCVs. Therefore, R&D to produce hydrogen through clean methods, known as a green fuel, with zero carbon emissions are under progress. Such methods involve renewable energy sources. One such method that is in practice is electrolysis.”
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According to the hydrogen fuel cell vehicle market report, one of the major drivers for this market is development of infrastructure to produce hydrogen. Fuel cell electric vehicles use hydrogen as the primary fuel cell. Currently, around 80 million tons of hydrogen is produced each year worldwide at an average price of $1.75/kg. The global fuel cell market requires the additional production of 90 million tons annually to sustain growth. Significant investments are being made to scale up the production of hydrogen and develop clean and emission-free hydrogen production technologies.
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