July 20, 2024

Hydrogen Buses Market to Witness Significant Growth by 2022

Market Overview:

The hydrogen buses market refers to the growing demand for buses powered by hydrogen fuel cells instead of traditional internal combustion engines. These buses offer numerous advantages, including zero-emission operation, reduced carbon footprint, and improved air quality. The need for clean and sustainable transportation options is driving the adoption of hydrogen buses worldwide. Additionally, government initiatives and regulations promoting the use of clean energy and reducing greenhouse gas emissions are further boosting the market growth.

Market Key Trends:

One key trend observed in the hydrogen buses market is the increasing investments in hydrogen refueling infrastructure. As the demand for hydrogen buses grows, the need for a reliable and convenient refueling network becomes crucial. Governments and companies are investing in the development of hydrogen refueling stations to support the widespread adoption of hydrogen buses. This infrastructure development is expected to address one of the major challenges faced by the industry and propel the market growth.
Segment Analysis:

The hydrogen buses market can be segmented based on fuel cell type, application, and region.

Based on fuel cell type, the market can be divided into Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), and others. Among these, PEMFC dominates the market due to its high energy efficiency, fast start-up time, and low operating temperature. PEMFCs are widely used in hydrogen buses as they offer higher power density and are suitable for transportation applications.

In terms of application, the market can be categorized into public transport, freight transport, and others. The public transport segment holds the largest market share as governments and transport authorities worldwide are increasingly focused on reducing emissions and promoting clean energy. Hydrogen buses provide a sustainable and zero-emission solution for public transportation, leading to their high demand in this segment.

Key Takeaways:

The global hydrogen buses market is expected to witness high growth, exhibiting a CAGR of 47.7% over the forecast period (2023-2030). This growth can be attributed to the increasing focus on sustainable transportation and the need to reduce greenhouse gas emissions. Hydrogen buses offer significant advantages over conventional diesel and gasoline buses, including zero-emission operation and longer driving range.

In terms of regional analysis, Europe is expected to be the fastest-growing and dominating region in the hydrogen buses market. This can be attributed to the stringent emission regulations in the region, government initiatives to promote hydrogen-based transportation, and the presence of key players. Countries like Germany, France, and the UK are driving the adoption of hydrogen buses, with several cities already operating hydrogen-powered public transport fleets.

Key players operating in the hydrogen buses market include Ballard Power Systems, Toyota Motor Corporation, Hyundai Motor Company, New Flyer Industries, Van Hool, Wrightbus, Solaris Bus & Coach, CaetanoBus, Alexander Dennis Limited (ADL), and MAN Energy Solutions. These companies are actively involved in research and development activities, strategic partnerships, and product launches to strengthen their market position. Ballard Power Systems, Toyota, and Hyundai are among the key players due to their expertise in fuel cell technology and strong presence in the hydrogen fuel cell vehicle market.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it