Fuel Cell Powertrain Market
The Fuel Cell Powertrain Market is expected to grow at an annual rate of 70% over the forecast period. This is because of the intensified initiatives by the government for the development of hydrogen infrastructure and ongoing technological innovations in the automotive industry to develop fuel-effective systems.
Fuel Cell Powertrain Market Dynamics
The increasing concern towards the rising greenhouse gas emission and air pollutants in the environment and the ongoing technological development in the automotive industry are the prime forces contributing to the growth of the global fuel cell powertrain market. Fuel cells provide several advantages, which include high power efficiency, lower discharge than combustion engines, reduced operational cost attributed to the eradication of charging, changing, and managing batteries. Thus, this will further proliferate the market growth. Further, the Fuel Cell Powertrain Market global forecast projects that the increasing adoption of fuel cell electric vehicles has supplemented the market growth.
Several leading organizations, including the Canadian Hydrogen and Fuel Cell Association; U.S. Department of Energy, Fuel Cell & Hydrogen Energy Association, U.S., and the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), are increasingly investing in research and development and technological enhancement and demonstration activities in fuel cell and hydrogen energy technologies are likely to elevate the Fuel Cell Powertrain Market size.
However, the surge in demand for battery and hybrid vehicles and the high ignitability of hydrogen leakages are crucial forces that will hinder the market growth. The outburst of the coronavirus crisis has disturbed the supply chain and vehicle production, which is likely to obstruct market growth.
Component Segment Drivers
Based on the component, the fuel cell system is anticipated to lead the global fuel cell powertrain market during the forecast period. The fuel cell system is a prime constituent of a fuel cell powertrain that transforms the chemical energy of the fuel to electrical energy. Various leading companies such as Continental AG, Denso Corporation, Robert Bosch GmbH, and Panasonic Corporation are engaged in the establishment of fuel cell system components, including humidifier, power conditioner, air compressor, and fuel processor.
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