Press release
Fuel Cell Powertrain Market to Grow at a Highest CAGR of 47.9% from 2023-2030 | AVID Technology Limited, Ballard Power Systems Inc, Ceres Power, DENSO Corporation
"Fuel Cell Powertrain Market"
Fuel Cell Powertrain Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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The prominent players in Fuel Cell Powertrain Market are
AVID Technology Limited
Ballard Power Systems Inc
Ceres Power
Cummins Inc.
Delphi Technologies
DENSO Corporation
FEV
ITM Power manufactures
NUVERA FUEL CELLS, LLC
Robert Bosch GmbH
In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement.
In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with the formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells.
The global Fuel Cell Powertrain Market size is projected to reach a CAGR of 47.9% from 2023-2030.
The Fuel Cell Powertrain Market is segmented into various segments such as type, application, end-user, size, and region:
On the basis of type
PEMFC
SOFC
PAFC
MFC
AFC
DMFC
On the basis of the application
Portable
Stationary
Fuel Cell Vehicles
On the basis of end-user
Commercial & Industrial
Data Centers
Transportation
Military & Defense
Residential
Utilities & Government/Municipal Institute
On the basis of size
Small Scale
Large Scale
On the basis of region
Asia Pacific
North America
Europe
South America
Middle East & Africa
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The increase in demand for high energy density is one of the major factors driving the growth of the fuel cell powertrain market. Also, the high need for a quick refueling system has a positive impact on the fuel cell power train market. The surge in consumption of fossil fuel enhancing concentration levels of greenhouse gas emissions and air pollutants has increased demand for the cell power train market. The rise in environmental concerns among the population drives the market. The increase in government initiatives to support fuel cell powertrain and further reduce carbon emissions across the globe further influence the market.
On the other hand, high flammability and challenges in the detection of hydrogen leakage are expected to obstruct market growth. Also, high demand for BEVs and HEVs, and limited infrastructure for fuel cell vehicles are projected to challenge the fuel cell powertrain market in the forecast period of 2023-2030.
COVID-19 had a negative impact on the fuel cell powertrain market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for fuel cell powertrain technology. The supply chain got hampered during the pandemic along with delayed logistics activities. However, the fuel cell powertrain market is expected to regain its pace during the post-pandemic scenario due to the easing of the restrictions.
The market for fuel cell powertrains is expected to grow significantly over the next decade due to the increasing demand for zero-emission vehicles. In addition, the declining cost of fuel cell technology and the development of hydrogen refueling infrastructure are also driving the growth of this market. The market is expected to witness significant growth in Asia-Pacific, particularly in China, Japan, and South Korea, due to government initiatives promoting the adoption of fuel-cell vehicles. With the development of new and more efficient fuel cell technology, the market is expected to expand rapidly. In addition, the increasing demand for zero-emission vehicles is expected to create new opportunities for the adoption of fuel-cell powertrains in the commercial and industrial sectors.
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