Pune, India, March 01, 2023 (GLOBE NEWSWIRE) --
The global fuel cell powertrain market size was USD 144 million in 2021. The market is expected to grow from USD 235.8 million in 2022 to USD 12,530.3 million by 2029 at a CAGR of 89.3% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Fuel Cell Powertrain Market, 2022-2029.” Rapid advancements in fuel cell technology and increasing demand for clean energy vehicles are expected to foster the industry’s growth.
Market Drivers & Restraints:
A Fuel Cell Powertrain (FCP) is an electric propulsion system wherein hydrogen energy is converted into electric power by utilizing a fuel cell. Long travel range of fuel cell powertrains are likely to elevate the product’s demand. Furthermore, the high fuel economy of the vehicle is expected to enhance the product demand. Moreover, the rising demand for low-emission and fuel-efficient vehicles is expected to enhance the industry’s growth. Also, manufacturers significantly ramp up the production of fuel cell powertrains to enhance Fuel Cell Electric Vehicle (FCEV) sales. These factors may drive the fuel cell powertrain market growth.
However, lack of storage, distribution, and production of hydrogen is expected to hamper the industry’s growth.
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Fuel Cell Powertrain Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 89.3% |
| 2029 Value Projection | USD 12,530.3 million |
| Base Year | 2021 |
| Market Size in 2021 | USD 144 Million |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
| Segments covered | Fuel Cell Powertrain Market Size, Share & COVID-19 Impact Analysis, By Power Output (Less than 150 kW, 150-250 kW, and More than 250 kW), By Component (Fuel Cell System, Battery System, Drive System, Hydrogen Storage System, and Others), By Vehicle Type (Passenger Cars, Commercial Vehicle, and Buses) |
| Growth Drivers | Long Travel Range and High Fuel Economy to Foster Industry Growth |
| The prominent companies operating in the market enter into partnerships to expand their facilities and gain a huge market reach. |
COVID-19 Impact
Lower Vehicle Production Adversely Affected the Industry during the Pandemic
This market was negatively affected during the COVID-19 pandemic due to lower vehicle production. The sudden spike in COVID-19 infections led to the closure of several facilities, thereby affecting production activities. Furthermore, restrictions on transport and travel created raw material shortages. However, manufacturers adopted reduced capacities and industrial automation to balance their costs and recover losses. In addition, COVID-19 relaxations helped manufacturers to continue their operations and enhance their annual revenue. These factors facilitated the industry’s growth after the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/fuel-cell-powertrain-market-105110
Segmentation of Report:
Less than 150 kW Segment to Lead Backed by Rising Adoption of Commercial and Passenger Vehicles
By power output, the market is segmented into less than 150 kW, 150-250 kW, and more than 250 kW. The less than 150kW segment is expected to lead due to the rising adoption of commercial and passenger vehicles.
Hydrogen Storage System Segment to Dominate Attributable to Developments in Hydrogen Storage Technologies
As per component, the market is segregated into fuel cell system, battery system, drive system, hydrogen storage system, and others. The hydrogen storage system segment is expected to lead due to developments in hydrogen storage technologies.
Regional Insights:
Strong Adoption of Fuel Cells to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate the fuel cell powertrain market share due to the robust adoption of fuel cells in China and South Korea. The market in Asia Pacific stood at USD 99.2 million in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, the increasing adoption of fuel cell powertrains for developing hydrogen infrastructure projects is expected to enhance the industry’s growth prospects.
In North America, the rising demand for FCEV in California is likely to enhance the adoption of fuel cells. Furthermore, companies in the region enter into contracts to build novel fuel stations. For example, Chevron U.S.A. Inc. and Iwatani Corporation of America (ICA) entered into a
Competitive Landscape
The prominent companies operating in the market enter into partnerships to expand their facilities and gain a huge market reach. For example, Bloom Energy partnered with Ferrari in June 2022 to set novel carbon-neutral manufacturing standards by 2030. This strategy may allow the company to expand its manufacturing facility and enhance its market reach. Further, several companies deploy research and development, mergers, acquisitions, innovations, industrial automation, and other strategies to fulfill organizational goals and elevate their market position globally.
Industry Development:
February 2022: Ballard Power Systems undertook a non-binding Memorandum of Understanding (MoU) with Adani Group and deployed a joint investment to commercialize fuel cells in several industrial and mobility applications in India.
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List of Key Players Covered in the Fuel Cell Powertrain Market Report
- Cummins Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Denso Corporation (Japan)
- Ballard Power Systems (Canada)
- FEV Group (Canada)
- Nuvera Fuel cell LLC. (U.S.)
- Plug Power (U.S.)
- SFC Energy (Germany)
- Bloom Energy (U.S.)
- Ceres Power (U.K.)
Fuel Cell Powertrain Market Segmentation:
By Power Output
- Less than 150 kW
- 150 to 250 kW
- More than 250kW
By Component
- Fuel Cell System
- Battery System
- Drive System
- Hydrogen Storage System
- Others
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Buses
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments – Mergers, Acquisitions and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 PEST Analysis
4.4 Technological Developments
4.5 Impact of COVID-19
5. Global Fuel Cell Powertrain Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Power Output
5.2.1 Less than 150 kW
5.2.2 150-250 kW
5.2.3 More than 250 kW
5.3. Market Analysis, Insights and Forecast – By Component
5.3.1 Fuel Cell System
5.3.2 Battery System
5.3.3 Drive System
5.3.4 Hydrogen Storage System
5.3.5 Others
5.4. Market Analysis, Insights and Forecast – By Vehicle Type
5.4.1 Passenger Cars
5.4.2 Commercial Vehicle
5.4.3 Buses
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
Continued…
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