Pune, April 14, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider, as awareness regarding the need for reducing greenhouse gas emissions and preserving the environment grows, there is a rising demand for cleaner and more sustainable energy sources. Fuel Cell Powertrains are seen as a viable solution for reducing carbon emissions in the transportation sector.
Market Report Scope
A Fuel Cell Powertrain (FCP) is a promising technology for electric propulsion systems that utilizes hydrogen energy to generate electric power through the use of fuel cells. Unlike traditional combustion engines, FCPs are emissions-free and can provide significant reductions in greenhouse gas emissions, making them an attractive option for eco-conscious consumers. Fuel cells are more efficient than traditional combustion engines, meaning that they can convert a greater percentage of the energy in hydrogen fuel into useful work.
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| Report Attributes | Details |
| Market Size in 2022 | US$ 513.92 Million |
| Market Size by 2030 | US$ 11.95 Billion |
| CAGR | CAGR of 48.2% From 2023 to 2030 |
| Key Segments | • by Component (Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, Others) • by Drive Type (Rear-Wheel Drive (RWD), Front-Wheel Drive (FWD), All-Wheel Drive (AWD)) • by Power Output (<150>250kW) |
| Company Profiles | Robert Bosch (Germany), AVID Technology Ltd (UK), Delphi Technologies (UK), Ballard Power Systems (Canada), BMW, Brown Machine Group (US), Ceres Power (UK), ITM Power Manufacturers (UK), Cummins (US), Denso Corporation (Japan), Bloom Energy (US), and SFC Energy (Germany) |
| Market Drivers | •Better fuel efficiency and range will raise FCEV demand, driving the fuel cell powertrain market. •The environmental concerns about GHG emissions may be the primary reason for the rise of the market. |
Market Analysis
In recent years, there has been a growing emphasis on reducing carbon emissions and combating climate change. As a result, the automotive industry has been under pressure to produce vehicles that are both fuel-efficient and low-emission. This has led to the development of fuel cell powertrains, which are becoming increasingly popular due to their high fuel economy and low environmental impact. Manufacturers are also ramping up production of fuel cell powertrains in response to increasing demand. This is particularly true for Fuel Cell Electric Vehicles (FCEVs), which rely entirely on fuel cell technology for their power source. As the technology improves and becomes more widely available, FCEV sales are expected to increase significantly, driving further growth in the fuel cell powertrain market.
Impact of Recession
While a recession can certainly impact the fuel cell powertrain market, it is important to remember that the long-term prospects for this technology remain strong. As concerns about climate change and air pollution continue to grow, fuel cell vehicles are likely to play an increasingly important role in the transition to a cleaner, more sustainable transportation system.
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Key Regional Development
The Asia Pacific region is emerging as a key player in the fuel cell powertrain market, driven by the robust adoption of fuel cells in China and South Korea, as well as the increasing investment in hydrogen infrastructure projects. As the region continues to lead the way in the adoption of fuel cell technology, it is likely to remain a key growth driver for the market in the years to come.
Key Takeaway from Fuel Cell Powertrain Market Study
- With advancements in fuel cell technology and increased investment in the sector, the RWD segment is well-positioned to lead the way in the transition to cleaner and more sustainable transportation.
- The fuel cell system segment is poised to dominate the market in the near future. This technology offers numerous advantages over traditional combustion engines, including higher efficiency, lower emissions, and reduced dependence on fossil fuels.
Recent Developments Related to Fuel Cell Powertrain Market
- Ashok Leyland, the leading commercial vehicle manufacturer in India, has made a significant stride towards clean energy transportation by showcasing its latest electric and hydrogen fuel cell commercial vehicles at the Auto Expo. The event, which is the biggest automobile exhibition in India, provides a platform for leading manufacturers to display their latest models and technologies.
- Airbus, one of the world's leading aircraft manufacturers, is set to test its fuel cell powertrain on an A380 testbed. This latest move is part of the company's continued efforts to reduce its carbon footprint and promote the use of sustainable aviation fuel. The A380, a double-deck, wide-body aircraft, will be the largest ever aircraft to be powered by a hydrogen fuel cell powertrain.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Fuel Cell Powertrain Market Segmentation, By Component
9. Global Fuel Cell Powertrain Market Segmentation, By Drive Type
10. Global Fuel Cell Powertrain Market Segmentation, By Power Output
11. Regional Analysis
13. Competitive Landscape
14. Conclusion
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