(MENAFN- EIN Presswire) Hydrogen Powered Engine Industry
There are prominent key factors that drive the growth of the hydrogen powered engine market
PORTLAND, OR, UNITED STATES, May 8, 2023 /einpresswire.com / -- According to a new report published by Allied market Research, titled,“hydrogen powered engine market ," The hydrogen powered engine market is expected to be valued at $34.7 billion in 2030, and is estimated to reach $87.3 billion by 2040, growing at a CAGR of 10.4% from 2031 to 2040.
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The hydrogen powered engine market is segmented basis of installation, technology, application, propulsion, and region. By installation, it is divided into OEM and retrofit. BY product, it is segmented into proton membrane exchange, phosphoric acid fuel cell, and others. By application, it is divided into railways, airways, roadways, and marine. By propulsion, the market is divided into hybrid and electric. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Europe region is expected to dominate the market in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The increase in government regulation for vehicle emission and increase in R&D expenditure by OEMs for the development of hydrogen powered vehicles are driving the growth of hydrogen powered engine market in the region. For instance, the European Union is committed to reducing vehicular emissions by 80% by 2050, from the 1990 levels, by focusing on encouraging the adoption of green vehicles.
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COVID-19 Scenario:
The outbreak of COVID-19 has had a negative impact on the growth of the global hydrogen powered engines market , owing to the occurrence of lockdowns in various countries across the globe.
Lockdowns resulted in the closure of various manufacturing facilities, including those of hydrogen-powered engines, which adversely impacted their demand during the pandemic.
In addition, import and export restrictions were imposed by the government, which further made it difficult for the manufacturers to acquire necessary raw materials.
This is majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic.
Additionally, the demand for automobiles decreased as there was an immense financial crisis among people, limiting their extortionate expenses. This factor further aggravated the impact on the market.
There are prominent key factors that drive the growth of the hydrogen powered engine market, such as increase in government initiatives to encourage the adoption of fuel cell vehicles, rise in demand for fuel cells in automotive and transportation, and increase in demand for passenger transportation. Moreover, fuel cells have been used in various kinds of vehicles including forklifts, especially in indoor applications where clean emissions are important to air quality, and in space applications.
Rise in environmental concerns and supportive government initiatives for the development of hydrogen fuel cell infrastructure propel the growth of the hydrogen fuel cell vehicles globally which in turn is expected to boost the hydrogen powered engine market growth during the forecast period. For instance, the European Union is committed to reducing vehicular emissions by 80% by 2050, from the 1990 levels, by focusing on encouraging the adoption of green vehicles. Further, the U.S. Environmental Protection Act (EPA) focuses on implementing fuel cell electric vehicles (FCEVs) to reduce carbon dioxide emissions. Many other countries have also planned to ban the production and sale of gasoline and diesel vehicles in the long term.
KEY FINDINGS OF THE STUDY
By installation, the retrofit segment is expected to register a significant hydrogen powered engines industry growth during the forecast period.
By technology, the proton membrane exchange segment is projected to lead the global hydrogen powered engine market.
By application, the marine segment is projected to lead the global hydrogen powered engine market during the forecast period.
By Propulsion, the electric segment is projected to lead the global hydrogen powered engine market during the forecast period
Region-wise, Europe is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this hydrogen powered engine market are Aerodelft, Airspace Experience Technologies, Inc., Alisport Srl, Alstom, Apus Group, BAE Systems Plc., Ballard Power Systems, Bell Textron Inc., Cummins Inc., Deere & Company, Hitachi Ltd., Siemens, Thales Group, Toyota Motor Corporation, Urban Aeronautics Ltd, Wabtec Corporation, and Zeroavia, Inc.
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