CHICAGO, Feb. 28, 2023 /PRNewswire/ — The Global Hydrogen Powered Tractor Market size was valued at USD 1.45 Billion in 2022 and is projected to be USD 3.86 Billion by 2030, growing at a CAGR of 12.8 % from 2023 to 2030, as per a recent report published by Cognitive Market Research. Increasing need to reduce greenhouse gas emissions, the rising modernization of agricultural activities, and the high applicability of hydrogen fuel are expected to boost the growth of the global hydrogen-powered tractors market. For instance, US-based alternative fuel technology and electric vehicle company Cenntro Electric Group Limited has launched its first hydrogen-powered class 8 semi-tractor, the LMH864 is expected to drive the market.
Major findings during the study of the Hydrogen Powered Tractor Industry Analysis:
Increasing adoption of hydrogen fuel in various industries such as automotive, chemical, and others, coupled with increasing government initiatives to clean energy, are creating potential revenue opportunities for players in the hydrogen-powered tractor market
Increasing modernization of agricultural activities, reduction in greenhouse gas emissions, and high applicability of hydrogen as a fuel are factors expected to drive the growth of the global hydrogen-powered tractors market in the coming year
Among the installations, the hydrogen-powered tractor market segmentation includes Retrofit and OEM. The OEM segment is expected to hold the highest share of 69.4% and maintain it over the forecast period. However, the retrofit segment is estimated to register a significant revenue share of 30.6% and the highest CAGR of 15.4% over the forecast period
Based on fuel cell technology type, the hydrogen-powered tractor market segmentation includes phosphoric acid fuel cells, proton exchange membrane fuel cells, solid oxide fuel cells, and others. The proton exchange membrane fuel cell segment is projected to hold the highest revenue share of 41.23% and is estimated to witness the largest CAGR of 12.2% during the forecast period. This is due to the use of a platinum-coated solid polymer that only needs hydrogen and oxygen to generate electricity. Proton exchange membrane fuel cells have high power density and light-weight. In addition, PEM fuel cells are more suitable for industrial use, where they can be transported and stored in a controlled environment. The phosphoric acid fuel cell segment is projected to have the second-highest revenue share of 28.3% globally. The solid oxide fuel cell segment is projected to have a significant revenue share of 16.5% in the global market
Among the applications, the hydrogen-powere tractor market segmentation includes mining, agriculture, industries, and others. The agriculture segment is expected to register the largest market share of 45.23% and is projected to witness the highest CAGR of 14.2% over the forecast period due to the increasing demand for hydrogen powered tractors in agricultural activities. The industry segment is projected to have the second highest revenue share of 24.8% in the global market. The mining segment is estimated to have a significant revenue share of 15.3% in the global market
Among the capacity, the hydrogen-powered tractor market segmentation includes less than 25 tons and more than 25 tons. The less than 25 tons segment is expected to register the largest share of 62.5% and is estimated to maintain its dominance during the forecast period. However, the more than 25 tons segment is expected to have a significant revenue share of 37.6% and is anticipated to register the highest CAGR of 13.2% during the forecast period
Read Full Market Analysis Hydrogen Powered Tractor: by Installation (Retrofit and OEM) By Fuel Cell Technology Type (Phosphoric Acid Fuel Cell, Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, and Others), By Application (Mining, Agriculture, Industries, and Others), By Capacity (Less Than 25 tons, More Than 25 tons) by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030
Hydrogen Powered Tractor Industry Statistics 2022:
|
Global Hydrogen Powered Tractor Industry Statistics |
2022 |
|
Global Revenue (USD Billion) |
1.45 Bn |
|
CAGR (2023-2030) |
12.8 % |
|
Hydrogen Powered Tractor OEM Installation Share |
69.4 % |
|
Proton Exchange Membrane Fuel Cell Technology Share |
41.2 % |
|
Hydrogen Powered Tractor Agriculture Application Share |
45.2 % |
|
Less than 25 tons Capacity Hydrogen Powered Tractor Share |
62.5 % |
|
North America Hydrogen Powered Tractor Share |
37.4 % |
Check Full Report with all the Quantitative and Qualitative data: https://www.cognitivemarketresearch.com/hydrogen-powered-tractor-market-report#request_sample
What are the Growth, Drivers, and Opportunities for the Hydrogen Powered Tractor Market?
Hydrogen-powered tractors offer various advantages, such as low gas emissions, easy maintenance, silent operation to reduce noise pollution, low temperature, and low heat transfer, which are expected to drive the growth of the global market. Moreover, rising demand for hydrogen-powered tractors in various end-use industries such as mining, agriculture, and industrial, along with raising awareness to reduce carbon footprint, are other factors anticipated to drive the growth of the global market. Increasing adoption of hydrogen fuel in various industries, such as automotive, and chemical, along with rising government initiatives to clean energy, are creating potential revenue opportunities for players in the hydrogen-powered tractor market. Moreover, the growing preference for distillate fuels is another factor expected to drive the growth of this market soon. Increasing government spending on the automotive industry and technological advancements, such as developing cost-effective hydrogen-powered tractors, are expected to bring new opportunities to players operating in the global market.
How did COVID-19 Impact Hydrogen Powered Tractor Market?
The Covid-19 pandemic has negatively impacted the agriculture and automotive sector and is expected to do so in the coming years. The Covid-19 pandemic has forced governments worldwide to impose strict lockdown regulations and restrict the import and export of non-essential raw materials in 2020. This led to a sudden drop in the supply of raw materials for vehicle components. The extended lockdown affected the agriculture and automotive industry, and the economic crisis has led to reduced spending on cutting-edge technologies such as hydrogen-powered tractors. Governments in several countries have reduced spending on other sectors and directed the funds toward pandemic mitigation.
Hydrogen Powered Tractor Market Report Scope
Hydrogen Powered Tractor Market – Installation Outlook (Revenue, USD Billion, 2018 – 2030)
Retrofit
OEM
Hydrogen Powered Tractor Market – Fuel Cell Technology Type Outlook (Revenue, USD Billion, 2018 – 2030)
Phosphoric Acid Fuel Cell
Proton Exchange Membrane Fuel Cell
Solid Oxide Fuel Cell
Others
Hydrogen Powered Tractor Market – Application Outlook (Revenue, USD Billion, 2018 – 2030)
Mining
Agriculture
Industries
Others
Hydrogen Powered Tractor Market – Capacity Outlook (Revenue, USD Billion, 2018 – 2030)
Less Than 25 tons
More Than 25 tons
Hydrogen Powered Tractor Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)
List Of Key Players in Hydrogen Powered Tractor Market:
Terberg
Cummins Inc.
Deere Company
Deutz Fahr Group
BMW
Cnh Industrial N.V.
Toyota
Allis Chalmers
Hyster Yale Group
Hyundai Motor Company
Kubota Corporation
Amogy, Inc
Ballard Power Systems
Blue Fuel Solutions
Fendt
H2Trac B.V.
New Holland
Related Reports on Hydrogen Powered Tractor Market:
The global hydrogen generator market is expected to reach USD 2.73 billion by 2030 growing at a CAGR of 8.1%. Increasing application of hydrogen in refining, oil & gas, and chemical industries is expected to drive the growth of the global market. Increased public awareness of environmentally friendly and emission-free vehicles has inspired the development of hydrogen-fueled vehicles. These vehicles run on electricity generated by combining hydrogen and oxygen. This will drive market growth during the forecast period. Growing demand for hydrogen-based fuel-based power generation and its use in commercial buildings will provide lucrative opportunities for this market over the forecast period.
The global green hydrogen market is expected to reach USD 11.34 billion by 2030 growing at a CAGR of 51.2%. The global green hydrogen market is growing owing to increasing awareness of utilizing hydrogen as an energy carrier. The benefit of using hydrogen is that it produces water and heat when mixed with oxygen. Rising environmental concerns have fueled the growth of the industry in recent years. Increasing carbon emissions in both developed and developing countries are forcing them to substitute energy sources, which is expected to drive the demand for green hydrogen market growth.
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