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Hydrogen Powered Engine Market by Application (Passenger Vehicle and Commercial Vehicle) and Technology (Proton Membrane Exchange, Phosphoric Acid Fuel Cell and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027
| A07807 | Pages: NA | Jun 2021 | 302 Views | | |
| Author(s) : NA | Tables: NA | Charts: NA | Formats*: | |
COVID-19
Pandemic disrupted the entire world and affected many industries.
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Hydrogen powered engines are typically an internal combustion engine which require hydrogen fuel as the type of fuel for the propulsion of the vehicle. Hydrogen based powered engines requires the electrochemical usage of hydrogen rather than the combustion process. The hydrogen powered engines are simply the modified version of the traditional gasoline powered combustion engines. With the advancement in technology, the hydrogen powered vehicles are gaining popularity due to their emission free features. Also, there are numerous companies which are in the process of developing better and efficient hydrogen powered engines for vehicles which eventually leads to the growth of hydrogen powered engine market.Â
Market scope and structure analysis:
       Report Metric |                      Details |
 Market size available for years |  2020–2027 |
 Base year considered |  2019 |
 Forecast period |  2021–2027 |
 Forecast unit |  Value (USD) |
 Segments covered |  Application and Technology |
 Regions covered | North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa |
 Companies covered | Honda, Toyota, Hyundai, Daimler, Audi, BMW, Volvo, Ballard Powered Systems, General Motors, and MAN |
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COVID-19 scenario analysis:
- COVID-19 has resulted in many advantages and disadvantages for companies in the hydrogen vehicle market, which are expected to boost the fuel market growth over the coming years.
- The global pandemic of COVID-19 has redefined business strategies and is expected to change customer's buying behavior, which may be beneficial for the market.
- The coronavirus outbreak has heavily impacted the manufacturing industry's Original Equipment Manufacturer (OEM), and parts suppliers have yet to return to full production capacity.
- This pandemic has created uncertainty within the industry and has left all parties involved in a state of panic.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Some of the factors that boost the hydrogen powered engine market includes the increase in environmental concern and government initiatives for development of hydrogen fuel cell infrastructure. However, high initial investment in infrastructure hampers the growth of the market. Moreover, technological advancement and future potential in hydrogen fuel cell vehicle market supplements the growth of the market.
The hydrogen powered engine market trends are as follows:
Increase in environmental concern
Owing to rise in concerns of environment degradation and depletion of natural resources, various technologies are being launched in the market that support the eco-friendly concept to sustain the environment. Moreover, increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of hydrogen fuel cell vehicles, as it is eco-friendly than other conventional vehicles.
Government initiatives for development of hydrogen fuel cell infrastructureÂ
Several policies have been deployed by the different governments to cater with environment conditions. For instance, the state of California in the U.S. committed funds for the development of 100 hydrogen refueling stations to meet its target of 1.5 million zero-emission vehicles by 2025 which is driving the growth of the hydrogen fuel cell vehicle market.
Key segments covered: Â Â Â Â Â Â Â Â Â Â Â Â Â Â
     Segments |                  Sub-segments |
 Application |
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 Technology |
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Key benefits of the report:
- This study presents the analytical depiction of the hydrogen powered engine market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the hydrogen powered engine market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the hydrogen powered engine market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.Â
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.Â
Questions answered in the hydrogen power engine market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
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