Fuel Cells Market growing popularity emerging trends | Ballard Power, Cummins, SFC Energy, Plug Power, Fuel Cell Energy, Bloom Energy

The global fuel cells market size is expected to grow from an estimated value of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4%, from 2020 to 2025. The market has been analyzed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The global market is set to witness significant growth owing to the rising demand for clean energy generation methods in developed regions and the emphasis on reducing carbon emissions from vehicles across all the major countries over the next few years.

Covid-19 Impact on Fuel Cells Market:

According to IEA, the COVID-19 crisis has significantly impacted the addition of renewable power capacity. According to IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 due to the unprecedented COVID-19 crisis globally. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. The net expansion of renewable electricity capacity in 2020 is projected to decline by 13% compared to 2019.

The impact of the outbreak on global supply chains will affect hydrogen-based technologies, for which a coordinated supply chain and significant capital are required for the demonstration. According to IEA, current hydrogen demand from oil refining, steel manufacturing, and the chemicals sector has been impacted by the COVID-19 outbreak. According to IEA, gasoline consumption will reduce by 9%, diesel by 6%, and jet fuel by 26% in 2020, while the demand for key chemicals produced using hydrogen (such as methanol) has dropped by 7%. In 2019, the sales of hydrogen-based fuel-cell vehicle had accelerated, and it was projected that early 2020 would have the highest sales record.

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The transport segment is expected to hold the largest share of the fuel cells market, by application, during the forecast period

The transport segment includes fuel cell-powered cars, heavy-duty trucks, buses, and trains in vehicles operated on land in fuel cell technology. This segment is expected to hold the major share in 2020 owing to the widespread adoption of low carbon-emitting transportation modes, such as fuel cell-powered cars, fuel cell-based public transport, and heavy-duty trucks & buses.

Advances in fuel cell technology in the transport sector is used mainly in end-users, such as marine vehicles, fuel cell cars, and Unmanned Aerial Vehicles (UAVs). The Asia Pacific is the largest transport advance in fuel cell technology market because of the rapid adoption of fuel cell-based transportation in countries such as China, Japan, and South Korea. All these factors are expected to boost the low voltage market growth.

Fuel cell vehicles to account for the largest advances in fuel cell technology market share, by the end-user, during the forecast period

The fuel cell vehicles segment held the largest share of the market in 2018. A fuel cell is the most important component of a fuel cell-powered vehicle that offers the primary propulsion power or acts as a range extender for battery-operated vehicles. The increase in the flexibility, efficiency, and reliability of fuel cells, and the need for reducing carbon emissions from heavy-duty vehicles has led to the rising demand for fuel cells in the advances in fuel cell technology industry.

Proton Exchange Membrane Fuel Cell (PEMFC) is expected to be the fastest-growing type of the fuel cells market

Fuel cell-powered vehicles are majorly dependent on proton membrane exchange fuel cells (PEMFC). The fuel cell vehicles market is likely to increase exponentially during the forecast duration, and an increase in this market directly corresponds to the enhanced need for PEMFCT during the forecast period in regions such as Asia Pacific, Europe, and North America.

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Asia Pacific is expected to dominate the global fuel cells market

Asia Pacific is expected to dominate the global market owing to the increasing focus on reducing carbon emissions by generating electrical energy and propulsion power by clean sources such as fuel cells in the region. China is expected to dominate the Asia Pacific advances in fuel cell technology industry. The market in countries such as China, South Korea, and Japan are expected to grow at high rates. Increasing renewable power generation and cleaner operating vehicles in these countries are the main reasons for spurring the growth of the market.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the fuel cells market. These include Ballard Power (Canada), Cummins (US), SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.

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Global Motor Monitoring Market Analysis | By Company Profiles | Size | Share | Growth | Trends and Forecast To 2023 available in the latest report

The motor monitoring market is expected to grow from USD 1.6 billion in 2018 to USD 2.3 billion by 2023, at a CAGR of 7.4% during the forecast period. Major factors driving the market growth are the growing prominence of predictive maintenance and increasing need to minimize revenue loss caused by motor faults.

Software offerings to witness higher CAGR in global motor monitoring market during forecast period

The motor monitoring market has been segmented on the basis of offering into hardware and software. The use of software offerings to collect data from hardware monitoring and generate a database to analyze the working of motors is likely to grow during the forecast period. These software are used for data analytics to deduce faults or errors in motors in a manufacturing plant; however, skilled workforce is required to successfully run preventive or predictive maintenance through motor condition monitoring solutions.

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Oil & gas to continue to hold largest share in global motor monitoring market during forecast period

The oil & gas industry held the largest share of the motor monitoring market in 2018, and it is expected to be the leading segment over the forecast period. Oil & gas companies have been emphasizing on increasing productivity and lowering operating costs in response to the pressure built by the fluctuating oil prices in the global market. Hence, these industries are likely to adopt monitoring solutions and related services to maintain the efficient working of their critical assets and reduce downtime.

APAC to hold largest share of motor monitoring market by 2023

APAC is expected to overtake North America to hold the largest share of the motor monitoring market by 2023. The region has a huge industrial sector with the presence of several manufacturing units of big companies. APAC has become a global focal point for large investments and business expansion opportunities. Many countries in this region also has supportive governments that implement several initiatives and policies to support the local manufacturing industry. China, Japan, South Korea, and India are some of the prolific countries in APAC with a considerable presence of manufacturing industries; therefore, there is a continuous demand for motor monitoring systems in APAC.

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Opportunity: Growing penetration of industrial IoT

The industrial internet of things (IIoT) creates a huge demand for advanced connected devices. These connected devices enable machine-to-machine communication and interoperate with other devices according to the requirement of the connected environment. This increases the use of monitoring solutions, which actively take preventive steps for motor maintenance, thereby reducing human intervention.

Challenge: Decreasing greenfield investment in the oil & gas industry

The oil & gas industry is one of the leading industries where motor monitoring solutions are widely used. The recent decline in crude oil prices has resulted in a steep fall in capital budgets, which has eventually led to a fall in demand for industrial equipment from the industry; this, in turn, is expected to reduce the demand for monitoring solutions in the oil & gas industry. Oil & gas companies are increasingly focusing on improving operational efficiency in this period of economic downturn. Their operations are expected to be streamlined in terms of improving efficiencies and working with fewer resources after they overcome the current oil price situation. The reduced investments in the oil & gas industry have resulted in the lesser implementation of motor monitoring solutions.

Key players in the motor monitoring ecosystem are Banner Engineering (US), ABB (Switzerland), National Instruments (US), SKF (Sweden), Siemens (Germany), Honeywell (US), General Electric (US), Emerson Electric (US), Rockwell Automation (US), Qualitrol (US), Schneider Electric (France), Mitsubishi Electric (Japan), Advantech (Taiwan), Eaton (Ireland), WEG (Brazil), Dynapar (US), KCF Technologies (US), Phoenix Contact (Germany), T.F. Hudgins (US), and Koncar (Croatia).

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Report Objectives

• To define, describe, and forecast the motor monitoring market, in terms of value, segmented on the basis of offerings, monitoring process, deployment, industry, and geography
• To forecast the market size with regard to 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To provide detailed information regarding drivers, restraints, opportunities, and challenges the growth of the motor monitoring market
• To provide an overview of the value chain analysis pertaining to the motor monitoring industry
• To strategically analyze each submarket with respect to individual growth trends and contribution to the overall motor monitoring market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the motor monitoring market
• To profile key players in the motor monitoring market and comprehensively analyze their core competencies
• To analyze competitive developments such as partnerships, product launches and developments, contracts, and mergers and acquisitions carried out in the global motor monitoring market

Electric Traction Motor Market to Witness A Phenomenal Growth by 2025

The electric traction motor market is expected to grow from an estimated market size of USD 14.2 billion in 2020 to USD 36.6 billion by 2025, at a CAGR of 20.9% during the forecast period. The market is set to witness growth, due to the increase in demand for high-performance motors, favorable government policies and subsidies, and the rise in investments in the railway sector.

The AC segment is expected to hold the largest share of the electric traction motor market, by type, during the forecast period

The AC electric traction motor segment is expected to be the largest market for electric traction motors during the forecast period. The market is witnessing the replacement of DC electric traction motors with AC electric traction motors as a result of advantages such as higher reliability and efficiency and are expected to drive the AC electric traction motor segment of the electric traction motor market.

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Below 200 kW is expected to be the largest segment in the electric traction motor market, by power rating, in 2020

The below 200 kW segment dominated the electric traction motor market during the forecast period. The large share of this segment can mainly be attributed to the extensive use of below 200 kW power rated motors in electric vehicles and light rail transit vehicles, which is expected to grow at a faster pace in the coming years. The widespread installation of these motors in plug-in hybrid cars, hybrid cars, and battery-electric cars, which are all experiencing high sales growth in China, Norway, the UK, France, and Japan, is further driving the segment.

This research report categorizes the electric traction motor market by type, power rating, application, and region.

By Type

• AC
• DC

By Power Rating

• Below 200 kW
• 200-400 kW
• Above 400 kW

By Application

• Railways
• Electric Vehicle
• Others

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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Asia Pacific: Expected to be the leading market for electric traction motors during the forecast period

Asia Pacific is expected to dominate the global electric traction motor market from 2020 to 2025. Rising investments in electric vehicles and the growing metro rail network in the region are likely to drive the demand for electric traction motors in Asia Pacific.

To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the electric traction motor market. ABB (Switzerland), CG Power and Industrial Solutions (India), CRRC (China), GE (US), and Siemens (Germany) are some of the leading players in the electric traction motor market. They are trying to understand the markets in developing economies and are adopting various strategies to increase their market share. Other dominant players in this market include Toshiba, VEM Group, Nidec, Robert Bosch, Traktionssysteme, AMETEK, Škoda, Voith, American Traction Systems, Eaton, Hyundai Rotem, WEG, Mitsubishi, Kawasaki, Lynch, Johnson Electric, Wabtec, Prodrive, Hitachi, Magna.