LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global fuel cells market for the automotive industry report until 2021. This research report also lists 12 other prominent vendors that are expected to impact the market during the forecast period.
The fuel cells market for the automotive industry is expected to grow significantly during the forecast period. This is largely because of increasing demand for fuel cells in material-handling vehicles, light-duty vehicles, buses, and the aerospace sector. One of the most important areas for climate change mitigation is controlling the emissions from the transportation sector. For instance, in the European Union (EU), passenger cars need to achieve a 95 g/km emission limit by 2021. Such emission norms will push the demand for fuel cells in the transportation sector as they have higher efficiency than diesel-powered engines. Because of these regulations, prominent automobile manufacturers such as Daimler, Hyundai, Toyota, and Honda are planning to commercialize fuel cell electric vehicles (FCEVs) on a global scale during the forecast period, especially in regions with developed hydrogen infrastructure.
Competitive vendor landscape
The global fuel cells market for the automotive industry is in a developing stage with the presence of several vendors worldwide. Numerous small and medium enterprises and large players compete for a higher market share. The introduction of new technologies and increased investments in the market are likely to intensify the competition among these players.
Thanikachalam Chandrasekaran, an industry expert at Technavio for research on power, says, “In several developing and underdeveloped economies, local or regional vendors dominate the market. The market is expected to grow with the rise in the need for energy-efficient technology. Therefore, vendors will try to innovate and enhance their technologies to meet the demand, intensifying the competition in the market. As the market is fragmented, there are no clear market leaders with strong positions.”
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Top five vendors of fuel cells market for the automotive industry
Ballard Power Systems
Ballard Power Systems develops and commercializes PEM fuel cells. The company carries out its business operations through the three major segments which include power products, technology solutions, protonex. The company has executed several strategic initiatives to maintain its position in the sector.
Hydrogenics
Hydrogenics manufactures and mounts commercial and industrial hydrogen systems. Its hydrogen generation and fuel cell products are built on water electrolysis and PEM technologies. The key products of hydrogenics engineering are mobility power and hydrogen refueling.
Nuvera Fuel Cells
Nuvera Fuel Cells manufactures and markets fuel cell systems, hydrogen generation, and dispensing products for end-users and OEMs. It operates as a subsidiary of NACCO Materials Handling Group. The company offers PEM fuel cell stacks. Unlike a battery, a PEM fuel cell combines hydrogen fuel and air in a chemical and non-combustion reaction.
Oorja Fuel Cells
Oorja Fuel Cells develops, manufactures, and commercializes DMFC (ranging in power from 1 kW to 5 kW). It is used in a wide range of applications such as telecommunications (wireless), supplying backup power, and materials-handling industries. The DMFC fuel cells provide a high-power solution, which reduces operating costs and greenhouse gas emissions.
PLUG POWER
PLUG POWER provides alternative energy technology. It designs, develops, markets, and provides hydrogen fuel cell systems used for industrial off-road market and stationary power market. The company concentrates on PEM, fuel cell battery hybrid technologies, fuel cell, associated hydrogen storage, fuel processing technologies, and dispensing infrastructure from which multiple products are obtained.
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