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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.
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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.
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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.
The global fuel cell powertrain market is dominated by major players such as Ballard Power Systems (Canada), Cummins Inc. (US), Denso Corporation (Japan), Robert Bosch GmbH (Germany), and FEV (Germany). These companies offer a wide variety of automotive motors fulfilling all major functions in a vehicle. The key strategies adopted by these companies to sustain their market position are new product developments, expansions, mergers &acquisitions, and partnerships & collaboration.
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