Fuel Cells In Aerospace And Defense Market

Global Fuel Cells in Aerospace and Defense Market size was USD 210.79 million in 2022 and to reach USD 1922.33 million in 2031, exhibiting at a CAGR of 31.7% ,during the forecast period.

The global fuel cell aerospace and defense market is highly competitive owing to the continuous technological advancements being introduced by existing vendors and new entrants. Industry key players are focusing on strengthening their relations with system installers and are looking at collaborations and mergers as strategies to help them enhance their presence in the value chain and expand their geographical presence.

Market Growth

The North American market for fuel cells in aerospace and defence is driven by significant support from the federal gove ments of both countries. The United Kingdom is the leading country for fuel cells in aerospace and defence in the European region. Rising military spending in the APAC region has increased demand for military defense, UAVs, and military vehicles. This, in tu , is anticipated to lead to a demand for fuel cells used in defence applications. ,Due to rising demand for good aerospace and defence applications, coupled with growing support from the gove ment, this is fueling market growth. The North American region seems to be in a substantial position in terms of revenue share due to substantial support from the federal gove ment. In the European region, the U.K. is in a leading position in terms of profits.

Growing demand for non-conventional energy resources in various countries and regions is fueling the market. Because of their ability to convert electricity through a variety of fuels, fuel cells are one of the fastest-growing alte ative energy resources. Along with this, the fuel cells are conventional resources, which are eco-friendly as their by-products do not harm nature.

COVID-19 IMPACT

The recent pandemic has led to dramatic losses of human life globally and an unprecedented challenge to the manufacturing industry. The virus spread at breakneck speed around the world, contaminating millions. The unprecedented global lockdowns had resulted in a monetary fall, posing catastrophic financial challenges across sectors. Thus, the supply chain and logistics can stand still, which affects the production of fuel cells.

However, manufacturers faced bottlenecks and shortages owing to limited production in countries severely affected by COVID-19. Furthermore, upcoming fuel cell-based large-scale projects witnessed delays in commissioning due to disruptions in the supply chain and the halting of onsite construction activities in severely affected areas.

REPORT SCOPE &, SEGMENTATION:

Market &ndash,Driving Factors

Fuel Cells in Aerospace and Defense Market Revenue is expected to grow at a healthy CAGR, driven by unprecedented demand from emerging markets. Digital technology advances in the Fuel Cells for Aerospace and Defense market are enabling efficient production, effective operational maintenance, expanding portfolios, and sales monitoring. Proliferating demand for smart storage, decentralised networks, intelligent automation, and increasing disposable incomes in fast-flourishing developing nations are a few of the key market developments. The post-pandemic economic recovery, which boosts energy consumption and automotive, industrial, and consumer goods sales, leads to an impressive growth rate in 2021.

However, complying with stringent regulations and varying standards around the world, growing competition, and inflation are estimated to remain above. The upper band during the short term in key nations and fluctuating raw material prices are some of the Fuel Cells In Aerospace and Defense market restraints for the forecast period.

Market Analytics

The research analyses various direct and indirect forces that can potentially impact the supply and demand conditions for fuel cells in the aerospace and defence markets. To better prospect Fuel Cells in Aerospace and Defense market opportunities, the parent market, derived market, intermediaries', market, raw material market, and substitute market are all evaluated. To estimate the best fuel cell market projections for aerospace and defense, geopolitical analysis, demographic analysis, and Porter',s five forces analysis are prudently assessed. ,

Fuel Cells in Aerospace and Defense: Trade and Price Analysis helps comprehend Fuel Cells in Aerospace and Defense',s inte ational market scenario with top exporters, suppliers, and importers, as well as customer information. The data and analysis assist our clients in planning procurement, identifying potential vendors or clients to associate with, understanding Fuel Cells in Aerospace and Defense price trends and patte s, and exploring new Fuel Cells in Aerospace and Defense market sales channels. The research will be updated to the latest month to include the impact of the latest developments, such as the Russia-Ukraine war, on the fuel cell market in aerospace and defence.

Segment Analysis

• By Product Type

&bull, PEMFC (Proton exchange membrane fuel cells)
&bull, SOFC (solid oxide fuel cell)

Where PEMFC dominated the market with an 8.9% revenue share in 2021. The PEMFC is widely used for transportation applications due to its efficiency, compactness, temperature range, etc. As per Honeywell Aerospace, air-cooled PEMFC is best suited for aerospace applications However, in the aviation industry, SOFC is more efficient than PEMFC in terms of output power.

• By Application

&bull, Aerospace
 ,  , o Commercial Aircrafts
 ,  , o Rotocrafts
&bull, Defense
 ,  ,o Military Drones/UAV
 ,  ,o Military Vehicles

The commercial segment is projected to ga er notable gain over 2023-2031 ascribing to rising domestic and inte ational travels driven by growth in per capita income. Also, the military vehicles segments is predicted to ga er substantial retu s over the assessment duration due to technological advancements and surging expenditure in the field.

Regional Analysis

North America held the largest revenue share of over 45.0% in 2022 in the aerospace market. The North American fuel cell market is very beneficial for investments in various research projects that are getting commercialize. The United States is one of the major markets for fuel cells and is at the forefront of innovation with support from the country. Department of Energy (DOE). The U.S. Army and Navy are among the largest users of fuel cells in North America. Vendors operating in the market are continuously developing components for fuel cells that are used in rotorcraft.

The European Union has plans to considerably decrease GHG emissions, as a result, several countries in Europe have identified the implementation of innovative technologies, such as fuel cells (primarily PEMFC), as a way to meet these objectives. This, in tu , is expected to provide a significant opportunity for fuel cell manufacturers in the aerospace and defense markets over the forecast period.

Who are the Major Vendors in the Fuel Cells In Aerospace And Defense Market

The report analyses the competitive landscape of the market and provides information on several market vendors, including:

• Honeywell Inte ational Inc.
• Advent Technologies
• Infinity Fuel Cell and Hydrogen, Inc.
• ITM Power
• Cummins Inc.
• Australian Fuel Cells Pty Ltd.
• Intelligent Energy Limited
• HyPoint, Inc.
• ElringKlinger AG
• GenCell Ltd.
• Plug Power, Inc.

Recent Developments:

• In January 2021, DLR, Germany&rsquo,s aerospace center, announced that for the BALIS project, it is developing a 1.5 MW fuel cell powertrain that will be used by aircrafts. The initial focus and goal of this project are the use of fuel cells in the aviation sector and emission-free air transport in Germany.

Segments Covered in the Report

• Product ,Outlook (Aerospace) ,
  • PEMFC
  • SOFC
• Product ,Outlook (Aerospace) ,
  • PEMFC
  • SOFC

• Application Outlook (Aerospace) ,
  • Commercial Aircrafts
  • Rotorcrafts

• Application Outlook (Aerospace) ,
  • Military Drones/UAV
  • Military Vehicles

Regional Outlook

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Norway
  • Netherlands
  • Sweden
  • United Kingdom
  • France
  • Germany
  • Others

• North America
  • United States
  • Canada

• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others

• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Others