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Saturday, July 9, 2022

Fuel Cell: New Product Launches to Promote Zero Emissions

Fuel Cell: New Product Launches to Promote Zero Emissions

Fuel Cell: New Product Launches to Promote Zero Emissions

Fuel cell is gaining immense traction in various countries across the globe, owing to significant surge in the demand for fuel cell electric vehicles (FCEVs). The automotive industry has gone through transformational changes over the last couple of years, due to the rapid technological advancements and growing demand for automobiles among people. In addition, more and more people around the world are increasingly concerned about the rising adverse emissions from the conventional vehicles, which further results in the rapid adoption of FCEVs. 


Fuel Cell: New Product Launches to Promote Zero Emissions
Fuel Cell: New Product Launches to Promote Zero Emissions

Besides, affordability and maintenance of these vehicles along with remarkable initiatives by the government for rapid adoption of electric vehicles among people to collectively reduce carbon footprint across the globe are expected to increase in the demand for fuel cells. 


In addition, numerous technological investments and financial incentives from the government subsidies for carrying out fuel cell programs to effectively create necessary awareness among people across the globe are further expected to boost the demand for fuel cell in the coming years. 


Moreover, the growing cases of environmental issues such as increase in the global temperature, climate change, low air quality, and rising air pollution is expected to create a general need for clean energy sources. This is mainly due to remarkable surge in the transportation and automobile sector with increase in the standard of living and disposable income among people. 


The fossil fuel consumption has also increased exponentially over the last couple of years due to the rising rate of urbanization and ever-growing population across the globe. Fuel cells are clean and ideal source of energy as they generate zero emissions, and hence play an instrumental role in appreciably eliminating greenhouse gases. A fuel cell notably eliminates its economic dependence on gas and oil by making effective use of methanol or hydrogen whilst enhancing energy security. Thus, rising infrastructure activities related to the construction of hydrogen fuelling stations are predicted to create remunerative opportunities for the automotive fuel cell market in the near future. 


On the other hand, high cost of fuel cells is expected to hinder the growth of the market to some extent. However, shifting consumer focus toward clean energy, growing need for zero-emission fuel sources, increasing installations of mobile charging sources across the globe, growing demand for fuel cell electric vehicles, and rapid installation of charging infrastructures in various countries across the globe are expected to create tremendous opportunities for the growth of the global fuel cell market in the forthcoming years. According to the report published by Allied Market Research, the global fuel cell market is expected to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030. 


Numerous players of the market across the globe are launching new, innovative fuel cell automotives to effectively cater to needs of people. For instance, Toyota, a Japanese multinational automotive manufacturer, launched its new green hydrogen-based advanced fuel cell electric vehicle (FCEV) called Toyota Mirai. 


This revolutionary car was initially launched and unveiled by the Minister for Road Transport & Highways in the Government of India, Nitin Gadkari, as a next step towards sustainability. It is a first-of-its-kind project in India that envisions to generate an ecosystem for sustainable vehicles in the country. This automobile offers one of the best zero-emission solutions as it is completely eco-friendly with no tailpipe emissions other than water.


Nitin Gadkari mentioned that the introduction and large-scale adoption of innovative technology to immerse into the true potential of hydrogen will appreciably play a remarkable role in securing a sustainable and affordable energy future for India. He also outlined that green hydrogen can be conveniently prepared or generated from plentiful and abundantly available biomass and inexhaustible renewable energy sources. 


The trend of launching creative fuel cell automotives continues to gain massive momentum in the rapidly growing automotive industry. For instance, Great Wall Motors (GMW), a China-based dominant manufacturer of SUV, announced the launch of its independent brand for fuel cell passenger vehicles. 


The company has rigorously planned and completed its product planning stage for hydrogen fuel cell passenger cars and plans to launch them under an independent high-end brand. GVM will launch the first SUV with a Class C hydrogen fuel cell in the world. The company is also expected to unveil its first service fleet of high-end passenger cars on the arena of the Olympic Winter Games.


The Chairman of GWM FTXT Energy Technology Co., Ltd., Zhang Tianyu, mentioned that they will become a leader domestically in terms of the number of core power components developed in-house. He further added that they will ride into top three in the global hydrogen market by 2025. Thus, persistent product launches and the ever-growing automotive industry are expected to create ample opportunities for the growth of the market.


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