As the world moves toward a cleaner, more sustainable future, hydrogen fuel cell powertrains have emerged as a key solution for reducing carbon emissions in the transportation sector. Unlike traditional internal combustion engines or battery-electric powertrains, fuel cell technology offers a unique advantage: the ability to produce electricity on demand using hydrogen, with water as the only byproduct. This revolutionary approach is rapidly gaining momentum globally, and many leading companies are stepping up to drive innovation in this space. According to Extrapolate, the global fuel cell powertrain market is projected to record a revenue of $14 billion by 2031.
Let’s take a closer look at the top 10 companies leading the fuel cell powertrain market.
What is Fuel Cell Powertrain?
A fuel cell powertrain is a system that generates electricity from hydrogen and oxygen to power an electric motor in a fuel cell electric vehicle (FCEV).
Fuel cell powertrains are superior to other vehicle types in several ways.
- Efficiency: When it comes to internal combustion engine vehicles, FCEVs outperform them.
- Emissions: The only emissions from FCEVs' tailpipes are warm air and water vapor.
- Refueling: Compared to gasoline-powered vehicles, fuel cell vehicles can do so more quickly.
Different configurations, such as full-power and range-extender, are possible for fuel cell powertrains. The fuel cell serves as the primary source of propulsion while operating at full power. A compact fuel cell is utilized in a range-extender setup to increase the driving distance of a battery-electric car.
Top 10 Fuel Cell Powertrain Market Leaders and Their Industry Impact
Here are industry pioneers are at the forefront of transforming mobility, leveraging their expertise to create efficient, scalable, and sustainable fuel cell solutions for a variety of applications, from passenger cars to heavy-duty commercial vehicles.
1. Robert Bosch GmbH
Bosch is a leading global supplier of technology and services in various sectors, including mobility solutions. The company has been actively expanding its portfolio in fuel cell powertrain systems.
Bosch has been investing heavily in fuel cell technology, partnering with companies like Nikola and Qingling Motors in China. Bosch has recently expanded its hydrogen-based fuel cell technology, focusing on the development of scalable fuel cell stacks and components for commercial vehicles.
2. Doosan Fuel Cell Co. Ltd.
A subsidiary of Doosan Group, Doosan Fuel Cell specializes in developing fuel cell systems for stationary and mobile applications
Doosan has been advancing hydrogen-based fuel cell powertrain technologies for commercial and industrial sectors. In 2023, the company announced plans to expand its production facilities and partnerships, including collaborating with major South Korean automakers to bring fuel cell vehicles to market.
3. Arcola Energy Limited
Arcola Energy focuses on hydrogen fuel cell integration and electric powertrain systems, particularly for heavy-duty vehicles and transport sectors.
In 2021, Arcola was acquired by Ballard Power Systems, boosting its fuel cell powertrain development efforts. 100% of Arcola was purchased by Ballard for a maximum upfront, earn-out, and share compensation of US$40 million, depending on the accomplishment of specific performance goals. The company has continued to support zero-emission transportation projects, with recent initiatives including hydrogen fuel cell integration for public transport vehicles in the UK and beyond.
4. Ballard Power Systems
Ballard Power is a global leader in proton exchange membrane (PEM) fuel cell technology, serving markets like transportation, material handling, and stationary power generation.
Ballard has been scaling its fuel cell technology for heavy-duty applications, including buses, trucks, and trains. Ballard recently announced new partnerships in Europe and Asia, working on deploying fuel cell powertrains for hydrogen-fueled fleets.
5. Plug Power Inc.
Plug Power is a leading provider of clean hydrogen and zero-emission fuel cell solutions for transportation and industrial applications.
Plug Power has been aggressively expanding its green hydrogen production and fuel cell offerings. In 2023, the company partnered with Renault to launch a hydrogen-powered light commercial vehicle and expanded its hydrogen ecosystem, aiming to boost fuel cell integration in logistics and transport.
6. Nuvera Fuel Cells LLC
Nuvera fuel cell power systems for industrial vehicles and equipment, focusing on improving energy efficiency and reducing emissions.
In 2023, Nuvera launched a new generation of fuel cell engines for mobile applications, targeting heavy-duty vehicles such as forklifts and buses. The company continues to focus on bringing hydrogen-based power systems to the global commercial vehicle market.
7. Toyota
Toyota is a global automotive giant, pioneering hydrogen fuel cell technology with its popular hydrogen fuel cell vehicle, the Toyota Mirai.
Toyota continues to invest in fuel cell development, recently unveiling a next-generation hydrogen-powered Hilux truck prototype. In 2023, the company further expanded its fuel cell portfolio with plans to scale up hydrogen production and infrastructure to support commercial vehicles.
8. SFC Energy AG
SFC Energy is a market leader in fuel cells for stationary and mobile hybrid power solutions, focusing on off-grid and remote applications.
In 2023, SFC Energy expanded its fuel cell production capacity in Europe to meet growing demand for green hydrogen solutions. The company has been focusing on sectors like defense, telecommunication, and electric vehicle (EV) charging, with its latest generation fuel cells designed for higher efficiency and durability.
9. DENSO Corporation
DENSO is a Japanese automotive components manufacturer and a leader in fuel cell system development for vehicles.
DENSO has been working closely with Toyota on fuel cell systems for both passenger and commercial vehicles. In 2023, the company accelerated efforts to enhance fuel cell powertrain performance and efficiency, exploring new partnerships to bring hydrogen vehicles to market.
10. Hyundai
Hyundai is a key player in hydrogen fuel cell vehicles, particularly with the Hyundai Nexo, one of the most successful fuel cell electric vehicles (FCEVs) on the market.
In 2023, Hyundai announced an ambitious plan to develop next-generation fuel cell systems with higher power density and lower costs. The company is also working on fuel cell trucks and buses, aiming to make hydrogen a mainstream fuel for transportation.
These companies are leading the way in the fuel cell powertrain market, focusing on advancing hydrogen-based technologies for cleaner transportation and energy solutions.
Summing it Up
The fuel cell powertrain market is poised for significant growth as industries across the globe seek cleaner, more efficient alternatives to traditional energy sources. The top 10 companies highlighted in this blog are leading this charge, developing cutting-edge fuel cell technologies that promise to revolutionize transportation and other key sectors. From automotive giants like Toyota and Hyundai to specialized innovators like Ballard Power Systems and Plug Power, these companies are laying the groundwork for a hydrogen-powered future.
As the market continues to evolve, these industry leaders will play a critical role in addressing the challenges of scaling fuel cell technology while making hydrogen infrastructure more accessible. With continued investment and innovation, fuel cell powertrains could soon become a mainstream solution, helping to accelerate the global transition toward a zero-emission economy.
