Fuel Cell Powertrain Market Overview:
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.
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Sample Report of Fuel Cell Powertrain Market
Fuel Cell Powertrain Market Industrial News:
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.
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)
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.
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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