Fuel Cell Powertrain Market is Projected to Surpass USD 4,928 Million by 2028 at a CAGR of 62.1% from 2022 to 2028; Rising Consumer Demand, Declining Battery Costs, and Supportive Government Incentives to Boost Market Growth
SkyQuest’s recently published research report on the fuel cell powertrain market offers valuable insights and information to help individuals and organizations comprehensively understand this dynamic industry. The report thoroughly analyzes the latest market trends, consumer behavior, and competitive landscape, making it an essential resource for anyone seeking to keep up with the rapidly evolving market. One of the report’s most significant strengths is its attention to detail and its ability to provide valuable insights into the market’s competitive landscape.
Westford USA, March 23, 2023 (GLOBE NEWSWIRE) — The fuel cell powertrain market is set to witness a significant surge in demand in the coming years. Asia Pacific is projected to lead, followed by North America. One of the crucial factors driving this growth is the growing awareness of the detrimental impact of greenhouse gas emissions on the environment, coupled with the rising adoption of fuel cell electric vehicles. Additionally, fuel cell electric vehicles eliminate the need for battery replacements and charging, resulting in lower operational costs for users. Furthermore, significant growth in research and development activities to make hydrogen-powered vehicles safe, eco-friendly, and affordable is expected to drive market growth during the forecast period.
According to SkyQuest’s insights, the Japanese government has set its sights on hydrogen vehicles as a key player in achieving carbon neutrality by 2050. Under its third Strategic Roadmap for Hydrogen and Fuel Cells, the government aims to have 200,000 FCVs on the road by 2025, a significant jump from the approximately 4,000 on the road in 2020. To support this goal, it plans to have 300 hydrogen filling stations by 2025. The increased demand for FCVs is expected to significantly boost the fuel cell powertrain market, which is already seeing rapid growth. This market includes vehicles and stationary power sources, such as generators for buildings and backup power for data centers.
Browse in-depth TOC on “Fuel Cell Powertrain Market”
- Pages – 278
- Tables – 68
- Figures – 62
A fuel cell powertrain (FCP) is an advanced electric propulsion system that harnesses the power of hydrogen to produce electricity. One of the most significant advantages of FCPs is their long travel range. Due to their high energy density, fuel cell vehicles can travel much farther than traditional electric vehicles before requiring a recharge. This feature makes FCPs attractive to consumers who prioritize convenience and practicality.
Prominent Players Operating in the Fuel Cell Powertrain Market
- Robert Bosch GmbH
- FEV Europe GmbH
- Arcola Energy Limited
- Denso Corporation
- Plug Power
- Doosan Fuel Cell Co., Ltd.
- Cummins Inc.
- Bloom Energy
- Ballard Power Systems
- Nuvera Fuel Cell LLC.
- SFC Energy
- Ceres Power
- ITM Power Manufacturers
- Delphi Technologies
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Hydrogen Storage Systems Segment to Contribute Higher Revenue as It is Preferred as a Safe, Efficient, and Reliable Means of Storing Hydrogen Fuel
The fuel cell powertrain market has been experiencing significant growth in recent years, with several segments contributing to its overall success. The hydrogen storage systems segment has emerged as a prominent player, holding a significant market share in 2021. This emerging trend is likely to continue, with the segment projected to maintain its market dominance from 2022 to 2028. Hydrogen-powered fuel cell vehicles offer a promising solution to this challenge, with hydrogen storage systems enabling safe and reliable hydrogen storage for vehicle use. Moreover, advancements in technology and increasing investments in research and development are leading to the development of more efficient and cost-effective hydrogen storage systems.
The fuel cell powertrain market is rapidly expanding, and the Asia Pacific region is set to dominate the industry by 2028. The increasing adoption of fuel cells in countries such as China and South Korea primarily drives this growth. These nations have been investing heavily in fuel cell technology, creating a robust demand for fuel cell powertrains in the region. Governments and businesses in Asia Pacific recognize the potential of hydrogen as a clean and sustainable energy source. As a result, they are investing in projects promoting hydrogen production, storage, and distribution.
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Passenger Car Segment to Drive Major Sales Growth as This Car Category is most Well-Suited for Fuel Cell Technology due to Its Specific Requirements
The fuel cell powertrain market has witnessed a significant growth trajectory in recent years, particularly in the passenger car segment. In 2021, this trend continued, with a higher growth rate observed in the fuel cell-powered passenger car segment. Fuel cell powertrains have emerged as a promising alternative to traditional gasoline and diesel engines, as they are more efficient and produce zero emissions. Moreover, the increasing focus on reducing carbon emissions and addressing climate change has driven the adoption of fuel cell vehicles in the automotive industry. As a result, experts predict that the fuel cell-powered passenger car segment will continue to grow at a higher trajectory in the coming years, from 2022 to 2028.
The fuel cell powertrain market in North America and Europe experienced significant growth in 2021, owing to the rising demand for fuel cell electric vehicles (FCEVs). As more and more consumers become well aware of the benefits of FCEVs, such as zero-emission driving and longer driving ranges compared to battery-electric vehicles, the adoption of fuel cells is likely to continue to increase. With an increasing demand for FCEVs and the development of new fuel stations, we expect continued growth in this exciting and rapidly evolving industry.
The report from SkyQuest is an important tool for anyone looking to stay informed about the rapidly evolving fuel cell powertrain market. Its detailed analysis and insights give businesses and investors the knowledge and understanding they need to make informed decisions and remain competitive in this dynamic market. In addition, this report provides a valuable resource for those looking to enter the market and for established companies looking to expand their market share.
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Key Developments in the Fuel Cell Powertrain Market
- Hyzon, a prominent manufacturer of hydrogen fuel cells, has set its sights on small-scale projects to further its advancement in the industry. The company, which produces fuel cells for heavy-duty vehicles such as trucks and buses, aims to expand its reach into smaller, more versatile applications.
- ZeroAvia, a leading innovator in decarbonizing commercial aviation, has partnered with Nordic energy company Fortum to develop airport hydrogen hubs. This collaboration is expected to accelerate the transition of aviation to zero-emissions fuel sources, which is a critical step in combating climate change.
- AVL, a leading automotive technology company, has announced that it will be using TECO2030’s cutting-edge fuel cell stacks in its upcoming DemoTruck project. The DemoTruck is a highly anticipated initiative to showcase the latest hydrogen fuel cell technology developments.
Key Questions Answered in Fuel Cell Powertrain Market Report
- What data points can be used to identify the main growth drivers in the identified market segments and regions, and how can businesses access and utilize this data effectively?
- Are there any upcoming regulatory changes impacting the identified market segments and regions? How can businesses stay informed about regulatory changes and adapt their strategies accordingly?
- How can businesses stay up-to-date with new technologies and product advancements in the identified market segments and regions, and what resources can they use to keep track of these developments?
- What potential barriers may businesses face when targeting the identified market segments and regions, and how can they overcome these challenges?
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