Product ID: SQMIG10B2029
Global Fuel Cell Powertrain Market Size, Share, Growth Analysis, By Component(Hydrogen Storage systems, Battery systems), By Vehicle Type(Passenger Cars, Light Commercial Vehicles) - Industry Forecast 2024-2031
Report ID:
SQMIG10B2029 |
Region:
Global |
Published Date: February, 2024
Pages:
278
|
Tables:
68 |
Figures:
75
Global Fuel Cell Powertrain Market Insights
Global Fuel Cell Powertrain Market size was valued at USD 144 million in 2019 and is poised to grow from USD 235.8 million in 2023 to USD 12530.3 million by 2031, growing at a CAGR of 89.3% in the forecast period (2024-2031).
An electrically driven system that uses a fuel cell to transform hydrogen energy into electricity is known as a fuel cell powertrain. A few applications for fuel cells include transportation, emergency backup power, and material handling. Since they don't produce harmful pollutants, fuel cell powertrains are more effective and environmentally friendly than internal combustion engine powertrains.
A fuel cell is used in a fuel cell powertrain which is an electrically powered system, to transform hydrogen-based energy into electricity. Transport, emergency backup power, and material handling are just a few of the uses for fuel cells. Fuel cell power trains are extremely effective and environmentally beneficial because they don't produce hazardous emissions as internal combustion engine powertrains do. The deployment of fuel cell powertrains improves energy security, according to the U.S. Department of Energy.
The increasing sale of fuel cell electric vehicles (FCEV) is the key factor in the fuel cell powertrain market growth. However, owing to the pandemic-induced lockdown, several OEMs were forced to halt production in the first quarter of 2020. Furthermore, several OEMs resumed production in the second quarter at lower capacity utilization. Hence, lower vehicle production and reduced vehicle demand have led to a considerable drop in FCP demand. This is likely to lead to reduced investment in innovative R&D initiatives over the short to mid-term. Hence, reduced demand for FCPs owing to lower vehicle production, increased emphasis on commercial vehicle (LCV, HCV) applications, and reduced investment over the short term is the key impact of COVID-19 on the market.
US Fuel Cell Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Fuel Cell Powertrain Market Report Snapshots
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