ID: MRFR/AM/8915-HCR | February 2021 | Region: Global | 138 pages
Fuel Cell Powertrain Market is projected to be worth USD 5.5 billion by 2027, registering a CAGR of 65% during the forecast period (2021 - 2027), The market was valued at USD 287 million in 2020.
Fuel Cell Powertrain is an electrically powered device in which a fuel cell transforms energy stored as hydrogen into electricity. It may be used in material handling, emergency backup control, and transportation. The fuel cell power train is highly efficient and environmentally safe since it does not emit toxic emissions, unlike the internal combustion engine. The powertrain fuel cell is an inexpensive zero-local-emission mobility technology. This is part of a hybrid fuel cell vehicle, in which a fuel cell produces electricity using hydrogen as an energy supply. Continuous technological developments in the automobile industry are substantially boosting the development of the powertrain fuel cell sector worldwide. The growth of the fuel cell powertrain market can primarily be due to the environmental issues regarding vehicle GHG emissions. Growing government efforts to build hydrogen networks offer an incentive for potential growth in the demand for fuel cell powertrains. Battery-powered electric cars, hybrid electric vehicles, fuel cell vehicles, compression ignition (CI) or park-ignition (SI) engines, and advanced internal combustion engines are all automotive developments (ICE). Vehicles with fuel cells that use hydrogen give lower emissions due to their low emission technologies; this makes their adoption feasible. In fact, over the projected timeframe, this is projected to drive the global demand for fuel cell powertrains.
Global Fuel Cell Powertrain Market has been segmented By Component, Drive Type, Vehicle Type, Power Output, and Region.
Based on component, the global fuel cell powertrain market can be segmented into fuel cell system, battery system, drive system, hydrogen storage system, and others. The battery system segment is anticipated to grow at a significant CAGR in the coming years.
By drive type, the global fuel cell powertrain market has been split into rear wheel drive (RWD), front wheel drive (FWD), and all-wheel drive (AWD). The rear wheel drive (RWD) segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
By vehicle type, the fuel cell powertrain market can be divided into passenger cars, light commercial vehicle (LCV), buses, and trucks. The passenger cars segment is projected to grow at a CAGR in the coming years.
By power output, the fuel cell powertrain market can be split into less than 150 KW, 150–250 KW, and more than 250 KW. The 150–250 KW segment is anticipated to grow at a CAGR in the coming years.
Key Players in the Global Fuel Cell Powertrain Market are 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), and SFC Energy (Germany).
Vehicles with fuel cells that use hydrogen give lower emissions due to their low emission technologies; this makes their adoption feasible. The fuel cell power train is a decarbonized source of energy, replacing existing fossil fuel supplies (such as coal, oil, and natural gas) with energy sources that produce much less carbon dioxide (such as wind, solar, and nuclear energy). This property of fuel cell powertrain is driving its demand in the global market. Strong energy density and fuel cell powertrain fast refueling properties are also contributing to growth of the market for fuel cell powertrain.
Based on region, the fuel cell powertrain market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. During the projected era, Asia-Pacific is anticipated to dominate the fuel cell industry. Factors that push the regional market growth are the development of new infrastructure capabilities and opening up the market to foreign companies, which drives the growth of the market in this region. Europe is also expected to hold a critical share of the fuel cell powertrain market due to increased efforts by manufacturers to reduce the weight of cars to optimize their performance.
|Market Size||2027: USD 5.5 billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Drive Type, Vehicle Type, Power Output, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), and SFC Energy (Germany)|
|Key Market Opportunities||
|Key Market Drivers||