Fuel Cell Powertrain Market to Reap Excessive Revenues by 2025

 The global Fuel Cell Powertrain Market size is projected to grow from USD  268 million in 2020 to USD  3,797 million by 2025, at a CAGR of 70.0%. Increasing government initiatives for the development of hydrogen infrastructure and rapid technological changes in the automotive industry for fuel efficient systems are likely to boost the Fuel Cell Powertrain Market.  

The key factor that is expected to rise the adoption of fuel cell vehicles is increasing investing in alternative sources of energy, such as fuel cells by goverments worldwide. Along with the development of fuel cell technology, it is important to create a robust infrastructure that can cater to the needs of hydrogen-powered transportation. In addition to this factor, FCEVs offer a high driving range, fast refueling, noiseless operation, and zero emission of greenhouse gases and air pollutants. Hence, their use is ideal for transportation and automotive applications. The key components of fuel cell powertrain are designed for compactness as they combine all e-drive components such as e-motors, transmissions, and inverters to offer maximum space for the battery; offer higher efficiency and power density; control electrically driven oil pump integrated into power electronics; and provide an advanced cooling system to meet the different temperature requirements of the components. All these factors attribute to the growth of fuel cell powertrtain market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=158141762

In the Fuel Cell Powertrain Market, by component, fuel cell system is expected to occupy the largest market share due to the increased research & development activities to make fuel cells safer and offer better performance. It constitutes a fuel cell stack that generates power to the system and a fuel processor that converts fuel into a form usable by the fuel cell. Companies dealing in fuel cell components focus majorly on the overall performance of fuel cell systems to cater to market demand.

The Fuel Cell Powertrain Market players are focusing on expanding their businesses in new markets across the world. Asia Oceania is one of the potential markets for fuel cell powertrainsIn this region, Japan, China, and South Korea play a key role in the development of hydrogen stations. Many initiatives are underway in these countries for the development of a robust HRS network. For instance, 5–10 hydrogen stations are planned in China in 2020. South Korea targets the number of hydrogen filling stations to reach 1,200 by 2040. On the other hand, Japan has been consistent in the development of HRS and announced the development of 80 HRS by 2021, through collaborative efforts by the Japanese government and Japan H2 Mobility (JHyM). Toyota, Nissan, and Honda have also formed a joint venture with major gas and energy firms to build 80 new hydrogen stations in the next four years to add to the existing operational HRS in Japan.

In Europe, there  has been  targets set for reduction of CO2 emission by 80% by 2050.  This has created a roadmap for the region under which the Fuel Cells and Hydrogen Joint Undertaking (FCH JU) was established in 2008 and was carried out till 2013 as the first public-private partnership under the European Strategic Energy Technology Plan (SET-Plan). The continuation and further strengthening of the program is projected to be the key driver for Fuel Cell Powertrain Market in Europe.

Even though European companies lag behind their Asian counterparts in fuel cell technology development and patents, Europe is slowly shifting its focus towards renewable sources of energy. The EU2020 focuses on improving the demand for fuel cells by improving the infrastructure and decreasing the cost of fuel cells. Germany represents around 75% of all European demonstration activities due to the presence of a number of small and large companies such as Siemens Westinghouse, Heliocentris, and SFC Energy.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=158141762

Comments

Post a Comment

Popular posts from this blog

Automotive Camera Market by Application, View Type, Technology and Region – Global Forecast to 2025

The Automotive Camera Market is projected to grow at a CAGR of 10.62% during the forecast period. It is estimated to be USD 7.5 billion in 2018 and is projected to reach USD 15.1 billion by 2025. The market growth is primarily driven by factors such as regulatory changes and increasing demand for the active safety system. The emergence of newer safety technologies in the automotive industry and the growing demand for electric cars have driven the automotive camera market. Added safety and convenience for the driver has been a major objective of developing camera systems. Moreover, the increasing government mandates related to active safety system are driving the automotive camera market. For instance, in May 2018, the government of Canada and the US mandated that all vehicles under 10,000 pounds must be equipped with a backup camera. Also, the US government has a voluntary agreement with many manufacturers to fit autonomous emergency braking (AEB) by 2022. European governments...
Read more

Occupant Classification System Market Latest Trends and Forecast Growth Report to 2025

The global Occupant Classification System Market is projected to grow at a CAGR of 6.80% from 2018 to 2025, to reach USD 3.17 billion by 2025. The increasing awareness about safety in a vehicle has increased the demand for active and passive safety systems. As a result, the automotive industry has witnessed the increasing adoption of active and passive safety systems in a vehicle.  Passive safety systems inside the vehicle include airbags, seatbelts, whiplash protection system, and occupant classification system. Occupant protection system features such as airbags and seatbelts reduce the probability of death or severe injuries in a traffic mishap. Airbags in a vehicle have significantly improved the safety of occupants. Occupant classification system manufacturers utilize a good portion of their engineering resources to develop new products or improve existing passive safety systems for the automobile. All these developments are primarily focused on improving the overall sa...
Read more

Automotive Actuators Market to Surpass $29.3 Billion by 2030

The Automotive Actuators Market is projected to grow from an estimated USD 20.9 billion in 2023 to reach USD 29.3 billion by 2030 at a CAGR of 4.9% during the forecast period. Automakers are highly focused on developing new and improved components to increase the fuel efficiency of vehicles owing to growing concerns over environmental changes. Automotive actuators play a significant role in reducing emissions and enhancing vehicle efficiency. Electric actuators, also known as smart actuators, replace hydraulic and pneumatic actuators due to their several benefits, like compact and lightweight design, more energy efficient, and less expensive, making it ideal for various applications. Smart actuators can perform diagnostics and include learning capabilities and memory functions. Electric actuators are typically installed in engines that open and close different valves, which is also anticipated to fuel the overall market growth. “Electric Actuators will be the dominating actuation...
Read more