Fuel Cell Powertrain Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Fuel Cell Powertrain Market size is projected to reach a CAGR of 47.9% from 2023-2030.

A 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.

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.

Delvens Industry Expert's Standpoint

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.

Market Portfolio

Key Findings

• The size segment is further segmented into Small Scale and Large Scale. the small-scale segment is anticipated to dominate the market during the forecast period. Owing to their diversified range of power output, small-scale fuel cell systems are used in diverse end-use segments. Small-scale fuel cell systems are available for power outputs ranging from a few watts to multiple kW and this has spurred the small-scale fuel cell market growth.

• The end-user segment is further segmented into Commercial & Industrial, Data Centers, Transportation, Military & Defense, Residential and Utilities & Government/Municipal Institutes. The Commercial & Industrial segment is expected to reach the highest CAGR during the forecast period. Almost every type of fuel cell can be used by commercial & industrial end users which enables them to curb GHG emissions.
   
• High energy density and quick refueling of fuel cell powertrains are one of the major factors driving the growth of the fuel cell powertrain market. Low-weight alternative for heavy-duty trucks and government initiatives for hydrogen infrastructure is anticipated to boost the growth of the fuel cell powertrain market.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific, and the rest of the world. During the projected era, Asia-Pacific is anticipated to dominate the fuel cell industry.

Regional Analysis

Asia Pacific to Dominate the Market

• 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.

Competitive Landscape

• 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

Recent Developments

• 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.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for Fuel Cell Powertrain Market so as to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope