The Fortune report adds that fuel cell electric vehicles are “the leading alternatives to the widely used internal combustion engine automobiles.” The lion’s share of the growth, Fortune adds, will be in the Asia-Pacific region. “The global automotive fuel cell market size was USD1.07 billion in 2020…this market exhibited a stellar growth of 44% in 2020,” according to a Fortune Business Insights study, and “is projected to grow from USD $1.73 billion in 2021 to UD $34.63 billion in 2028 at a stellar compound adjusted growth rate of 53.5% in the 2021-2028 period.” Hydrogen plays have been in market focus, and valuations are lofty.” This is an opportunity for the China hydrogen ecosystem to develop approaches to overcome technical and economic challenges, necessary for more widespread future applications. “Fuel Cell EVs appear to be emerging as an early use case. Morgan research analysts Han Fu and Stephen Tsui write, “Green hydrogen, a clean form of energy, clearly holds potential to play a critical role in China’s 2060 carbon neutrality ambitions. In a March 2021 report entitled “China’s gateway to a hydrogen future,” J.P. But batteries can’t power long-range freight transportation by truck and rail, and China is making a decisive commitment to hydrogen.Ĭhina’s commitment to hydrogen has drawn the attention of global investors. For the next decade or so, battery-powered passenger vehicles will dominate the market for low-carbon substitutes for the internal combustion engine. That’s changing in a big way, mainly because China has made hydrogen-powered ground transport one of the top priorities of its $560 billion a year technology investment budget.Įurope and Japan – Germany has declared 2021 the year of hydrogen technology – are running only slightly behind China.
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