The prevalence of these activities and further advancements in the market are opening new ways for the industry to garner great attention. According to a report published by Allied Market Research, the global fuel cell market is projected to hit $8.64 billion by 2022. The growing demand for portable devices and increasing pollution levels are the factors majorly driving the industry. At the same time, the enhanced efficiency of fuel cells and their other advantages lead to augment its demand even more. Nevertheless, the surge in demand for fuel cells in automobiles and the increase in its implementation for other applications are expected to pave the way for numerous prospects in the coming year.
Fuel cells are getting well-liked across the world as a great source to generate electrical power. For a fact, it is getting trusted for powering a wide range of applications including portable uses, stationary installations, and transportation. With their efficiency and longer life spans, fuel cells have enough potential to power nearly any portable device or battery-based machine. However, unlike conventional battery fuel cell does not go dead, as it continuously produces energy for as long as it gets fuel and oxidant. This, in turn, can assist us to use it for our regular stuff including laptop computers, phones, hearing aids, others.
Apart from this, fuel cells are best known for their eco-friendliness, as they produce much smaller quantities of greenhouse gases. What’s more, if pure hydrogen is supplied to fuel cells as fuel, it will only provide heat and water as byproducts.
In the past few years, the impacts of greenhouse gases have been immensely increased. As a result, a number of regions maximized the restrictions in order to control the emission. This, in turn, has acted as a major reason for attraction towards fuel cells. On the other hand, fuel cells are associated with an array of benefits over conventional technology, which has further triggered the manufacturers to adopt this technology. Many manufacturers in the industry are adopting numerous strategies to stay competitive and are investing in further researches and developments for advanced solutions to boost up the market growth. Moreover, there are plenty of activities happening in the market field.
New product launches are one of the most followed trends among the market players. The manufacturers are focusing on introducing the latest fuel cells to provide augmented efficiency and productivity. Recently, a world-leading supplier of methanol-based fuel cell solutions has unveiled the launch of its 4th generation of methanol fuel cell units, Serena. Either stand-alone or hybrid with direct solar and wind energy, the new methanol fuel cell units are designed sustainably, as methanol can be formed by renewable sources and it is easier to store or handle methanol. Also, methanol has become one of the largest commodities all across the world. Moreover, the company aims to offer many benefits with this new generation fuel cell including longer lifespan, low service and maintenances, and advanced total cost of ownership.
Subsequently, fuel cells are highly gaining traction in the automobile industry. Various vehicle manufacturers are keenly investing in fuel cell technologies for transportation. The companies are collaborating and developing new fuel cells to advance the transportation sector.
A British sustainable technologies company, Johnson Matthey has recently announced to develop advanced fuel cell technology for heavy-duty trucks as IMMORTAL, a project under European consortium. Furthermore, the three years project would develop materials for the global leader of fuel cell components especially for heavy-duty truck applications to proliferate the performance. The projects intend to contribute to decarbonizing of freight transportation.
Followed by the same trend, two automotive multinational companies have announced their joint venture to manufacture hydrogen-based fuel cell technology for heavy goods vehicles. Launched under the name JV and later Cell centric, the project purposes to utilize battery power to lower the cargo weights for shorter distances. Also, the fuel cell option can be a preferred choice for denser loads and longer distances.