Global fuel cell market is expected to drive on account of stringent environment regulations by regional bodies such as the EPA and the REACH to control harmful emissions from vehicle resulting into numerous health and environmental problems.
Fuel cell technology for vehicle is gaining importance globally owing to its uniqueness and environment-friendly nature. The technology has the ability to power all vehicle types such as heavy duty, power forklifts, passenger, and airport tugs.
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Their favorable features such as high power density & efficiency conversion and noise-free operations are increasing their demand in these automobile types. Key automobile manufacturers have also started adopting fuel cell vehicle program on account of emission standards by the regulatory bodies.
To minimize environmental effects from automobile emissions, the U.S. Department of Energy has set certain goals and standards. Fuel cell vehicle are capable of meeting these standards, which make them more suitable alternative to normal fuel-based vehicle.
Durability is another major factor, which is important for customers. There is a certain durability range set by the U.S. Department of Energy. The product is considered to meet these ranges and is expected to meet the customer demand over the forecast period.
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High demand in fuel cell-based automobile market is also expected to create significant number of employment and business prospects mainly in research and development field as the market is still at its initial development stage.
The product use in transportation sector helps in diversifying energy sources and minimizes environmental effects, such as lower carbon emission levels, resulting into less greenhouse effect & global warming and decrease in air pollutants.
According to the National Research Council, there is a decrease in greenhouse gases emission level from the past few years on account of increasing hydrogen-based fuel cell vehicle. The study also mentioned that there is a downfall in oil consumption level, mainly in transportation sector.
Decrease in oil consumption means reduction in oil import dependence, while minimal air pollutants and green house emissions will result into no climate change. Reduction in oil import dependence will further result into trade deficit balance, mainly in emerging regions.
The analysis by the council also explained the fuel cell automobile potential as they are expected to reduce oil demand, harmful air pollutants, and greenhouse gas emissions.
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