Fuel Cells in Aerospace and Defense Market is anticipated to amplify at a CAGR of 30.6% over the forecast duration of 2022-2030, thereby amassing USD 1,618.33 million by the end of assessment timeline.
Fuel Cells in Aerospace and Defense Market – Description
What is Fuel Cells in Aerospace and Defence Market?
A fuel cells is chemical energy derived from hydrogen and other fuels to efficiently produce power. In other words, fuel cells are devices that convert chemical energy derived from a hydrogen to generate electricity. Fuel cells act like batteries, yet they do not require charging or refiling on run down. They produce heat or energy until there is sufficient supply of fuel. The fuel comprises of two electrodes negative and positive electrode that is crammed around electrolyte. Fuel cell is an electrochemical cell that converts chemical energy of fuel into electricity. Fuel cells are different from most batteries that require constant supply of fuel.
Fuel cells can be used in wide range of applications such as transportation, material handling and stationary, portable, and emergency backup power.
Market Overview
The fuel cells in aerospace market is set to reveal a substantial upturn with a CAGR of almost 30.7% during the forecasted period of 2021 to 2030. The fuel cells in defence market was valued at USD 444.70 million in 2020 and is estimated to garner a significant improvement of compound annual growth rate of 10.7% for the forecasted timeline.
Due to rising demand for good aerospace and defence applications twinned with growing support from government is fuelling the market growth. North American region seems to be at a substantial position in terms of revenue share due to substantial support from the federal government. In European region, U.K is at a leading position in terms of profits.
Growing demand for non-conventional energy resources in various countries and regions is fuelling the market. Fuel cells is considered to be one of the fastest growing alternative energy resources due their ability to convert electricity through variety of fuels. Along with this, the fuel cells are conventional resource which are eco-friendly, as their by-products does not harm nature.
U.S. is among the top early adopters of this energy resource. This is due to the act of clean energy solutions passed by U.S government. Such regulations have provided a guideline in implementation of clean energy solutions in the country’s energy sector.
Government of Canada had also introduced Canadian Fuel Cell Commercialization Roadmap in 2003 the objective of which was to hasten the commercialization of fuel cells and hydrogen technologies in Canada. This roadmap was again upgraded in 2008.
The U.S Army and Navy are the prominent users of fuel in North American region.
Fuel Cells in Aerospace and Defense and Defense market- Key trends
Rising environmental concerns to augment industry outlook
Increase cognizance regarding the environmental impact of carbon emissions have created a high demand for non-conventional energy sources. Different industries have shifted their emphasis towards adoption eco-friendly energy sources for the production and manufacturing of various goods. Similarly, the aviation & defense sector is also shifting their preference towards using fuel cells for power generation as they are eco-friendly and sustainable in nature.
Economic development across various regions to aid market expansion
With rapid urbanization and industrialization, there has been a massive economic growth in various nations of the world. This has led to an increasing expenditure on defense and aviation sectors by both private and government entities. This in turn has escalated the utilization of fuel cells in aircrafts which is expected to rise higher in the forthcoming years.
Request a Free Sample Copy: https://wemarketresearch.com/sample-request/fuel-cells-in-aerospace-and-defense-market/76/
Market Key players
Companies are undertaking research and development activities to sustain the competition. The market is highly competitive with respect to advancement in technology. For instance, in September 21, SFC Energy AG partnered with Bharat Electronics and FC TecNrgy to explore energy creation solutions in hydrogen fuel cells in the area of off-grid power supply for use in applications such as homeland security, civil protection, and defence. The global market is fragmented due to prevalence of large number of manufacturers across the globe. Some of the prominent players are as Advent Technologies, Australian Fuel Cells Pty Ltd., Cummins Inc., ElringKlinger AG, GenCell Ltd., Honeywell International Inc., Infinity Fuel Cell and Hydrogen, Inc., Intelligent Energy Limited, Loop Energy Inc., Plug Power, Inc.
Segmentation
The fuel cells in aerospace and defence market is segmented into Aerospace (product outlook & application outlook), Defence (product & application outlook)
Product Outlook Aerospace and Defence
Based on Product Outlook the market is further segmented into
Where the PEMFC dominated the market with 8.5% revenue share in 2020. The PEMFC is widely used for transportation applications due to its efficiency, compactness, temperature range etc. As per Honeywell Aerospace the 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.
Application Outlook Aerospace
Based on Application Outlook Aerospace market is further segmented into
Among all, the Commercial Aircrafts segment was representing a larger growth of 75.0% in 2020 and is expected to continue during the estimated timeline. Currently, 20 seater small sized aircrafts utilize hydrogen-powered fuelled cells.
Application Outlook Defence
In terms of revenue the industrial sector was dominating the market with a share of 38.99% in 2020 and will continue till the forecasted timeline.
Based on the geographical segment the market covers following regions as North America, Europe, Asia Pacific, Central and South America, Middle East and Africa. North America dominated the market with a share of 35.0% in 2020 and is expected to maintain the same. US the major market for fuel cells and is at front line of innovation with the cooperation from the U.S. Department of Energy (DOE).
Buy Now this Premium Report to Grow your Business: https://wemarketresearch.com/purchase/fuel-cells-in-aerospace-and-defense-market/76/?license=single
Covid-19 impact on the market:
The recent pandemic has led to dramatic loss of human life globally and an unprecedented challenge to manufacturing industry. The virus spread across the globe at an alarming speed tainting millions. The unprecedented lockdowns across the globe had resulted into monetary fall, bringing in catastrophic financial challenges across sectors. Thus, the supply chain and logistics can to stand still, that affected to production of fuel cells.
We Market Research is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception.
Fuel Cells in Aerospace and Defense Market , United States Fuel Cells in Aerospace and Defense Market , Canada Fuel Cells in Aerospace and Defense Market , Fuel Cells in Aerospace and Defense Market Application
Nov 03, 2022