Fuel Cell Powertrain Market Overview:
In addition, the worldwide fuel cell powertrain market has been expected to grow at a CAGR of 40.06%, with a value of USD 14.2 billion over the forecasting period of 2027.
Governments and environmental service providers are establishing tougher emission rules and legislation in response to rising environmental concerns, which are projected to raise the production cost of fuel-efficient diesel engines in the future years. As a result, the new commercial vehicle diesel engines category is likely to increase slowly in the immediate future. Furthermore, traditional fossil-fuel-powered commercial vehicles, particularly trucks and buses, contribute to increased transportation emissions. The introduction of fuel cell commercial vehicles, which are low or zero-emission vehicles, is expected to minimize vehicular emissions released by large commercial vehicles.
Hydrogen is essential for fuel cell operations. Hydrogen infrastructure consists of hydrogen generation, storage, transportation, and distribution. Once hydrogen has been generated, it must be dispersed. It can be delivered to the site of usage by pipelines or other modes of transportation. The availability of hydrogen fuel pumps is critical to commercial hydrogen fuel cell cars. The United States has the most hydrogen filling stations, important hubs for fuel cell automobiles. As a result of these variables, the country is expected to be the largest fuel cell powertrain market over the projection period. Japan and Germany are advantageous markets for fuel cell vehicles. Several industries' production was either delayed or suspended due to the worldwide lockdown declared by government authorities. This caused significant delays in industrial activity, impacting the economies of various countries. Loss of customers and a shortage of skilled workers have significantly impacted the automobile industry. Furthermore, due to business instability, the industry faced large reductions in investment, which is expected to impact the market's expansion plans in the next years.
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Fuel Cell Powertrain Market Segmentation:
According to the latest report, the global fuel cell powertrain market has been segmented into four categories: engine control unit, fuel pump, sensors, and others. With the basis of engine type, the market has been segmented into three categories like gasoline, diesel others. Based on the vehicle, the global fuel cell powertrain market has been classified into three categories like commercial vehicles, passenger cars and others. The regional section is further divided into five sections, including Asia-Pacific, Europe, North America, South America, and Middle East Africa.
Fuel Cell Powertrain Market Regional Analysis:
The Asia Pacific has seen the most increase in capacity through renewable energy generation. This is due to increased investments in solar technology by nations such as China and India, who have ambitions of supplying 680 GW and 227 GW solutions, respectively, until 2022, followed by North and South America. As these technologies gain traction for power generation, the usage of batteries for off-grid and grid energy storage has expanded, aided by battery cost reductions. All of these variables, taken together, offer difficulties for important competitors in the market for developments in fuel cell technology. The European Union wants to decrease GHG emissions from the transportation sector considerably. Consequently, numerous European governments have highlighted the use of revolutionary technology, such as fuel cells, as a means of meeting these goals. This, in turn, is projected to present a considerable opportunity for fuel cell manufacturers operating in the market shortly.
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Fuel Cell Powertrain Market Key Players:
- AVID Technology Ltd (UK)
- Ballard Power Systems (Canada)
- Brown Machine Group (US)
- Ceres Power (UK)
- Cummins (US)
- Delphi Technologies (UK)
- Denso Corporation (Japan)
- ITM Power Manufacturers (UK)
- Robert Bosch (Germany)
- Bloom Energy (US)
- SFC Energy (Germany)
Ballard Power Systems Inc., Doosan Fuel Cell Co. Ltd, Hydrogenic, and Nedstack Fuel Cell Technology BV lead the vehicle fuel cell system industry. These organizations have developed their operations by utilizing new and creative technology to get an advantage over their competition.
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