A fuel cell is an electrochemical reactor that converts the chemical energy and an oxidant directly to electricity. In recent years, the word fuel cell has been used almost solely to describe a reactor using hydrogen as the chief energy source. Hydrogen has a protracted history of being employed as fuel for versatility. More than 200 years ago, hydrogen was adopted in the first internal combustion engines by igniting the hydrogen itself, like burning gasoline today. Though, this did not prove to be quite successful due to safety affairs and low energy density. Preferably, hydrogen is an energy carrier in a modern fuel cell by reacting with oxygen to form electricity.
Moreover, fuel cell vehicles have become more lucrative in recent years due to higher performance, reduced refuelling time, and long-range offered by the systems. Also, the exhaust in terms of water, a deterioration in emissions dimension, and superior power and torque output play a significant role in adopting fuel cell technologies for automobiles. In addition, the rising environmental issues, such as climate change and low air quality, are due to substantial growth in the regional transportation sector. High fossil fuel consumption has generated the need for clean energy sources, thereby boosting the market’s growth over the forecast period. According to Renub Research, the Global Fuel Cell Vehicle Market awaits to reach 980.00 Thousand Units by 2030.
Impact of COVID-19 on Global Fuel Cell Vehicle Market:
The production & sales of innovative vehicles had come to a standstill across the globe as the entire ecosystem had been obstructed in the initial outbreak of COVID 19. Fuel Cell Vehicles had to pause until lockdowns were lifted to continue blooming, which influenced their businesses. Consequently, vehicle manufacturers had to modify the production volume. Moreover, the automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, during the initial months of the outbreak, the production suspension and lower demand had an unprecedented impact on Fuel Cell Vehicles manufacturers and automotive fuel cell producers.
Hence, the sales also increased along with the demand for zero-emission vehicles during the latter months of 2020. Our research suggests that the Worldwide Hydrogen Fuel Cell Vehicle Market was 25.00 Thousand Units in 2020.
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