Hydrogen Vehicle market research study in brief
The business intelligence study for the Hydrogen Vehicle market provides an extensive synopsis of essential aspects involving the product classification, important definitions, and other industry-specific parameters. The report also covers the key factors associated with the current events such as alliances, mergers & acquisitions, and new product launches.
Additionally, the Hydrogen Vehicle market study puts forth a rigid basis for collecting a cluster of insights that potential customers can use to enhance their revenues and reduce costs. The illustration of data on Hydrogen Vehicle market segmentation by type, application, and geography offers a critical viewpoint of, what manufacturers are eyeing for the stipulated timeframe, 2018 – 2027.
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Hydrogen Vehicle Market: Demand to Remain Concentrated in the Transportation and Aviation Industry
Transportation system across the globe entirely depends on fossil fuels, which leads to increasing emission of carbon dioxide in the environment. Increased emission of carbon dioxide can adversely impact human health, and lead to an increase in the prevalence of chronic diseases. In order to implement environment-friendly solutions, governments across countries are pushing the automotive manufacturers to adopt relatively cleaner fuels, such as hydrogen fuel cells. Incorporation of hydrogen fuel cells in the automotive industry can lower emission levels, reduce greenhouse effect, and offer enhanced driving experience.
With the growing emphasis on decarbonization by the ruling authorities in various countries, leading manufacturers are also diversifying their focus towards developing hydrogen fuel cells for aircraft and ships. To offer improved services, major manufacturers such as Airbus and Hyundai in the aviation and shipping industry are utilizing battery cells and hydrogen for effective outcome and improved efficiency of the aircraft and ships. Governments in both developing and developed countries are significantly pushing leading manufacturers to use hydrogen vehicles as it lowers the dependence on other oil imports, while augmenting the domestic energy production.
Hydrogen Vehicle Market: Innovative Product Launches to Boost Market Growth
To consolidate their position, leading automotive manufacturers are focusing on developing innovative combustion engine central to the requirements of various vehicles. For instance, UK-based companies Innovate UK and ULEMCo entered into a partnership recently and developed world’s first hydrogen combustion truck. These companies jointly developed a new hydrogen-fuelled zero-emission truck that does not emit carbon monoxide and minimizes the cost of change for potential customers.
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In addition, major automotive companies such as Toyota Motor Corporation are focusing on diversifying their scope of developing hydrogen fuel cells towards hydrogen refueling station in the U.S. Recently, Toyota Motor Corporation collaborated with Shell, an energy company to develop world’s first hydrogen truck refueling station. The companies have received an award of nearly US$ 8 Mn for this project and stated that with the invention of the hydrogen truck refueling station, they intend to encourage decarbonization with the increased use the zero-emission hydrogen fuel cell electric trucks.
Hydrogen Vehicle Market: Collaborations and Partnerships to Create Growth Opportunities
On account of increase in the number of hydrogen fuel cell-powered vehicles, demand for hydrogen refueling stations has witnessed a surge. Capitalizing on the growing requirement, leading companies are focusing on investing their efforts in developing hydrogen refueling station across countries. For instance, Shell has recently announced that the opening of a hydrogen refueling station in the U.K. in collaboration with ITM power. The hydrogen refueling station will offer the drivers a range of choices to align with the traditional transport fuel system.
Also, three companies based in the U.S. – PDC Machines, McPhy Energy N.A., and IVYS Energy Solutions have recently entered into partnership and developed small-scale hydrogen appliances that were mainly designed for the small-scale hydrogen dispensing markets. These appliances will witness significant demand for refueling the fuel cell vehicle fleets, local or distributed refueling of FCEVs. These appliances use electricity and water to produce the high purity fuel cell-grade hydrogen through the process of electrolysis. Major market players are concentrating on adopting marketing strategies such as collaborations and partnerships to sustain their lead in the competitive market.
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Overall, the business intelligence study is a valuable source of information and analysis for stakeholders in the global hydrogen vehicle market. Readers can expect in-depth and unbiased qualitative and quantitative insights that they can feed into their business strategy.
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