Market Overview:
The global fuel cell engine system market is expected to grow at a CAGR of XX% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for fuel cell engine systems in commercial and passenger vehicles. In terms of type, the below 50 kW segment is expected to dominate the market during the forecast period, followed by 50 kW-80 kW and more than 80 kW segments. In terms of application, commercial vehicle segment is expected to hold a major share of the global fuel cell engine system market during the forecast period. However, passenger vehicle segment is projected to grow at a higher CAGR owing to increasing demand for fuel cell engines in hybrid and electric vehicles.
Product Definition:
A fuel cell engine system is a device that uses fuel cells to convert the chemical energy of a fuel into electrical energy. The importance of this technology is that it can provide a more efficient and environmentally-friendly way to generate power than traditional methods such as combustion engines.
Below 50kW:
The global fuel cell engine system market size was valued at USD 5,300.0 million in 2015 and is expected to witness a significant growth owing to the increasing demand for clean energy sources. The growing need for power generation coupled with the depleting fossil fuel reserves has led to an increase in R&D activities related to alternative sources of energy such as hydrogen and biofuel cells which forms a major part of below 50kW segment.
50kW-80kW:
The 50kW-80kW is the range of fuel cell power output. It has been designed to provide optimum performance and efficiency in a wide range of applications including heavy trucks, buses, passenger cars and light-duty commercial vehicles. The system can be used with hydrogen or methanol as a fuel source.
Application Insights:
The commercial vehicle segment dominated the global fuel cell engine system market in 2017 and is expected to witness significant growth over the forecast period. The growing adoption of fuel cell powered forklifts, buses, trucks, and other heavy-duty vehicles is expected to drive demand for these systems. In addition, favorable government initiatives such as tax incentives offered on installing hybrid electric vehicles are likely to augment demand over the forecast period.
Passenger vehicle application segment was estimated at USD 446.5 million in 2017 owing to high cost associated with it which restrict its usage only in major cities where hydrogen fueling stations are available or near about them which reduces their usage beyond city areas resulting a low penetration rate compared with commercial vehicles but still they have potentials for future growth especially regarding developing countries like India and China where there has been an increase of around 40% in recent years regarding purchase & interest shown by people towards this technology mainly due to its eco-friendly nature resulting a higher adoption rate among small scale industries.
Regional Analysis:
North America accounted for the largest market share in 2017 owing to the presence of a large number of fuel cell installation facilities and OEMs. The region is expected to maintain its dominance over the forecast period, with growing demand from end-use industries such as transportation and power generation. Favorable government policies supporting R&D activities are also expected to drive regional growth.
Asia Pacific is anticipated to witness significant growth over the forecast period owing to increasing focus on clean energy sources for sustainable development along with rising need for efficient hydrogen infrastructure development in countries such as China, India, South Korea, Taiwan among others will boost market growth in Asia Pacific region during the forecast period. In addition, supportive government initiatives are further anticipated propel regional demand during future years.
Growth Factors:
- Increasing demand for fuel cell vehicles from the automotive sector
- Growing demand for fuel cells from the stationary power sector
- Proliferation of small and medium-sized businesses (SMBs) that are deploying fuel cells to reduce their energy costs and environmental impact
- Increasing number of collaborations between Original Equipment Manufacturers (OEMs) and technology providers to develop new fuel cell engines
- Government initiatives in developed countries to promote the adoption of fuel cell engines, which is expected to create a positive environment for market growth
Scope Of The Report
Report Attributes
Report Details
Report Title
Fuel Cell Engine System Market Research Report
By Type
Below 50kW, 50kW-80kW, More than 80kW
By Application
Commercial Vehicle, Passenger Vehicle
By Companies
Plug Power, Nuvera Fuel Cells, LLC, Bosch, PowerCell Sweden, Shanghai Electric, Beijing SinoHytec Co, Shenzhen Vision Group, Shanghai Refire, Sunrise Power Co., Ltd., Beijing IN-Power Renewable Energy Co.,Ltd, Plug Power, Hyvitech
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
218
Number of Tables & Figures
153
Customization Available
Yes, the report can be customized as per your need.
Global Fuel Cell Engine System Market Report Segments:
The global Fuel Cell Engine System market is segmented on the basis of:
Types
Below 50kW, 50kW-80kW, More than 80kW
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Commercial Vehicle, Passenger Vehicle
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Plug Power
- Nuvera Fuel Cells, LLC
- Bosch
- PowerCell Sweden
- Shanghai Electric
- Beijing SinoHytec Co
- Shenzhen Vision Group
- Shanghai Refire
- Sunrise Power Co., Ltd.
- Beijing IN-Power Renewable Energy Co.,Ltd
- Plug Power
- Hyvitech
Highlights of The Fuel Cell Engine System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Below 50kW
- 50kW-80kW
- More than 80kW
- By Application:
- Commercial Vehicle
- Passenger Vehicle
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Fuel Cell Engine System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A fuel cell engine system is a type of engine that uses an electrochemical reaction to convert the chemical energy in a fuel into mechanical energy. The most common fuels used in fuel cells are hydrogen and oxygen, but other fuels such as carbon dioxide or methane can also be used.
Some of the key players operating in the fuel cell engine system market are Plug Power, Nuvera Fuel Cells, LLC, Bosch, PowerCell Sweden, Shanghai Electric, Beijing SinoHytec Co, Shenzhen Vision Group, Shanghai Refire, Sunrise Power Co., Ltd., Beijing IN-Power Renewable Energy Co.,Ltd, Plug Power, Hyvitech.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Fuel Cell Engine System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Fuel Cell Engine System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Fuel Cell Engine System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Fuel Cell Engine System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Fuel Cell Engine System Market Size & Forecast, 2018-2028
4.5.1 Fuel Cell Engine System Market Size and Y-o-Y Growth
4.5.2 Fuel Cell Engine System Market Absolute $ Opportunity
Chapter 5 Global Fuel Cell Engine System Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Fuel Cell Engine System Market Size Forecast by Type
5.2.1 Below 50kW
5.2.2 50kW-80kW
5.2.3 More than 80kW
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Fuel Cell Engine System Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Fuel Cell Engine System Market Size Forecast by Applications
6.2.1 Commercial Vehicle
6.2.2 Passenger Vehicle
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Fuel Cell Engine System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Fuel Cell Engine System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Fuel Cell Engine System Analysis and Forecast
9.1 Introduction
9.2 North America Fuel Cell Engine System Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Fuel Cell Engine System Market Size Forecast by Type
9.6.1 Below 50kW
9.6.2 50kW-80kW
9.6.3 More than 80kW
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Fuel Cell Engine System Market Size Forecast by Applications
9.10.1 Commercial Vehicle
9.10.2 Passenger Vehicle
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Fuel Cell Engine System Analysis and Forecast
10.1 Introduction
10.2 Europe Fuel Cell Engine System Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Fuel Cell Engine System Market Size Forecast by Type
10.6.1 Below 50kW
10.6.2 50kW-80kW
10.6.3 More than 80kW
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Fuel Cell Engine System Market Size Forecast by Applications
10.10.1 Commercial Vehicle
10.10.2 Passenger Vehicle
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Fuel Cell Engine System Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Fuel Cell Engine System Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Fuel Cell Engine System Market Size Forecast by Type
11.6.1 Below 50kW
11.6.2 50kW-80kW
11.6.3 More than 80kW
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Fuel Cell Engine System Market Size Forecast by Applications
11.10.1 Commercial Vehicle
11.10.2 Passenger Vehicle
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Fuel Cell Engine System Analysis and Forecast
12.1 Introduction
12.2 Latin America Fuel Cell Engine System Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Fuel Cell Engine System Market Size Forecast by Type
12.6.1 Below 50kW
12.6.2 50kW-80kW
12.6.3 More than 80kW
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Fuel Cell Engine System Market Size Forecast by Applications
12.10.1 Commercial Vehicle
12.10.2 Passenger Vehicle
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Fuel Cell Engine System Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Fuel Cell Engine System Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Fuel Cell Engine System Market Size Forecast by Type
13.6.1 Below 50kW
13.6.2 50kW-80kW
13.6.3 More than 80kW
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Fuel Cell Engine System Market Size Forecast by Applications
13.10.1 Commercial Vehicle
13.10.2 Passenger Vehicle
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Fuel Cell Engine System Market: Competitive Dashboard
14.2 Global Fuel Cell Engine System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Plug Power
14.3.2 Nuvera Fuel Cells, LLC
14.3.3 Bosch
14.3.4 PowerCell Sweden
14.3.5 Shanghai Electric
14.3.6 Beijing SinoHytec Co
14.3.7 Shenzhen Vision Group
14.3.8 Shanghai Refire
14.3.9 Sunrise Power Co., Ltd.
14.3.10 Beijing IN-Power Renewable Energy Co.,Ltd
14.3.11 Plug Power
14.3.12 Hyvitech
