Addressing energy & environmental concerns is becoming increasingly important on a global scale. Many countries are rigorously conducting R&D activities on developing & implementing renewable energy technologies to reduce the burden on fossil fuels & contribute to a green future. Fuel Cells (FC) have emerged as a promising solution for vehicular power sources & distributed power units, owing mainly to their high efficiency & eco-friendliness, which have made them highly popular in recent years.
A large number of industries are adopting this technology to minimize their carbon footprints and attain high efficiency & productivity. Automakers are working on introducing & expanding the production of FCVs (Fuel-Cell Vehicles) to promote green transportation & meet their carbon-zero targets. Consequently, consumers are adopting clean energy sources and showing active interest in such vehicles, thereby escalating the demand for fuel cells globally. In view of this, a recent research study has revealed that the Global Fuel Cell Market is set to record 28% CAGR during 2022-27.
Proton Exchange Membrane (PEM) Fuel Cells & their Ever-Rising Demand
The growing requirements for PEM (Proton Exchange Membrane) fuel cells for long-haul transport & material handling equipment are significantly contributing to the fuel cell industry globally. This FC technology operates at a lower temperature, has a high energy density & durability, and low weight & volume, & less refueling time. Governments of various countries have imposed several norms for using renewable energy resources.
As they are working rigorously on developing hydrogen-based fuel cells & refueling stations for vehicles, automotive OEMs are substantially investing in implementing PEM FC technology into their product offerings. Characteristics like quick start-up & incredible power-to-weight ratio make PEM fuel cells ideal for transportation applications for powering buses & cars. With some technological advancements toward increasing their efficiency, the world would be seeing a dramatic use of PEM FC technology in the coming years, which, in turn, would create lucrative prospects for companies participating in the fuel cell market globally.
Transportation Sector is the Key to Fuel Cells’ Success
Since Li-ion batteries & ICEs emit a massive amount of greenhouse gases, there's an ever-growing demand for fuel-cell-based automobiles for transportation applications to attain better energy conversion efficiencies. Many countries are conducting rigorous R&D activities toward introducing hybrid vehicles driven by hydrogen fuel cells due to benefits like highly optimized performance & quick refueling. In addition, government authorities across different countries are imposing various norms & providing subsidies for the same. Hence, as more & more consumers are showing interest in green transportation to reduce carbon emissions & mitigate climate change, it is creating remunerative prospects for companies operating in the fuel cell industry.
How is Asia-Pacific the Massive Fuel Cell Market?
China, Japan, & South Korea are the key areas across Asia-Pacific for the fuel cell industry to witness significant growth in the future. Favorable policies & subsidies for developing & implementing renewable energy sources like fuel cells are leading to the flourishing hydrogen infrastructure and the burgeoning production of FCVs across these countries. Both governments and public/private companies in the region are substantially investing in promoting the development of clean & efficient energy sources. Have a look:
Fuel cells promise to be a crucial energy conversion technology to reduce carbon emissions in the future. Considerable R&D efforts, collaborations, & investments by not only government authorities & research institutes but also from industrial developers & private investors shall drive the development of commercially viable & competitive FC technologies for energy convention & power source applications and, in turn, would provide a significant boost to the global fuel cell market in the future.