Fuel Cells in Aerospace and Defense Market Size - By Product Type(PEMFC, SOFC), by Application(Aerospace(Commercial Aircrafts, Rotorcrafts), Defense(Military Drones/UAV, Military Vehicles)) & Region - Forecasts 2023 - 2033
- PUBLISHED ON
- 2022-09-05
- NO OF PAGES
- 256
- CATEGORY
- Aerospace & Defense
Global Fuel Cells in Aerospace and Defense Market Analysis by Product Type, Application, and Region and segments forecast till 2033
Market Overview
The global fuel cell in aerospace and defense market is anticipated to amplify at a CAGR of 30.6% over the forecast duration of 2023-2033, thereby amassing USD 1,618.33 million by the end of assessment timeline.
Report Scope
Report Attributes | Description |
Market Forecast in 2033 | USD 1,618.33 Million |
CAGR % 2023-2033 | 30.6% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product Typeion, Consumption, company share, company heatmap, company Product Typeion capacity, growth factors and more |
Segments Covered | Product Type, Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Advent Technologies, Australian Fuel Cells Pty Ltd., ElringKlinger AG, GenCell Ltd.,Honeywell International Inc., Infinity Fuel Cell and Hydrogen, Inc., Intelligent Energy Limited, Plug Power, Inc., HyPoint, Inc., Collins Aerospace, GM Defense, Ricardo, Giner Inc., GKN Aerospace Services Limited, and Others. |
Fuel cells are the power source for manned spacecraft where they generate electric power from oxygen and stored hydrogen. They use chemical energy to produce electricity facilitated by an electrochemical reaction. These cells are also equipped with the capacity to provide electrical energy even when an aircraft is on the ground with its engines switched off.
Escalating demand for non-conventional sources of energy, rising environmental concerns of the masses, and economic developments across various regions are primarily aiding the industry outlook. Additionally, superior performance of fuel cells as compared to other alternatives and surging expenditure on aviation & defense sectors are positively swaying the market dynamics.
On the contrary, high costs pertaining to these cells are likely to hinder market progression in the ensuing years. 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.
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.
Product Type Insights
The PEMFC segment is anticipated to capture a significant market share over the analysis timeline owing to its compactness, efficiency, and temperature range.
Application Insights
The commercial segment is projected to garner notable gain over 2023-2033 ascribing to rising domestic and international travels driven by growth in per capita income. Also, the military vehicles segment is predicted to garner substantial returns over the assessment duration due to technological advancements and surging expenditure in the field.
Regional Insights
The major regions comprising the geographical terrain of this business sphere are North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. North America is projected to showcase lucrative expansion trends over 2023-2033 attributed to growing environmental concerns, high defense expenditure, and research & development investments in the field.
Competitive Analysis
Some of the prominent companies to invest in Fuel Cells in Aerospace and Defense Market are Advent Technologies, Australian Fuel Cells Pty Ltd., ElringKlinger AG, GenCell Ltd.,Honeywell International Inc., Infinity Fuel Cell and Hydrogen, Inc., Intelligent Energy Limited, Plug Power, Inc., HyPoint, Inc., Collins Aerospace, GM Defense, Ricardo, Giner Inc., GKN Aerospace Services Limited, and Others.
Recent News
· Notably, in September 2021, SFC Energy AG joined hands with Bharat Electronics and FC TechNrgy to expand their product offerings.
Fuel Cells in Aerospace and Defense market- Segment Analysis
By Product Type
· PEMFC
· SOFC
By Application
· Aerospace
o Commercial Aircrafts
o Rotocrafts
· Defense
o Military Drones/UAV
o Military Vehicles
Why to buy this Report?
The report provides quantitative and qualitative aspect for Fuel Cells in Aerospace and Defense Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both Product Typeion and consumption point of view at the regional and country level. Key Factors considered within the report scope are Product Typeion capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Fuel Cells in Aerospace and Defense Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
• Business Model
• Product Typeion Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2020-2022
• Company Analysis by Revenue and Sales
• Company Product Typeion Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product Type/Specification
1. Global Fuel Cells in Aerospace and Defense Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Fuel Cells in Aerospace and Defense Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Fuel Cells in Aerospace and Defense Market Scope and Market Estimation
1.4.1. Global Fuel Cells in Aerospace and Defense Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Fuel Cells in Aerospace and Defense Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Fuel Cells in Aerospace and Defense Market Segmentation
1.5.1. Product Type of Global Fuel Cells in Aerospace and Defense Market
1.5.2. Application of Global Fuel Cells in Aerospace and Defense Market
1.5.3. Key Regions of Global Fuel Cells in Aerospace and Defense Market
2. Global Fuel Cells in Aerospace and Defense Market - Executive Summary
2.1. Global Fuel Cells in Aerospace and Defense Market – Summary & Snapshot
2.2. Global Fuel Cells in Aerospace and Defense Market, By Product Type (US$ Million)
2.3. Global Fuel Cells in Aerospace and Defense Market, By Application (US$ Million)
2.4. Global Fuel Cells in Aerospace and Defense Market, By Geography (US$ Million)
2.5. Global Fuel Cells in Aerospace and Defense Market Outlook & Future Opportunities
3. Fuel Cells in Aerospace and Defense Market Trends, Outlook, and Factors Analysis
3.1. Global Fuel Cells in Aerospace and Defense Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Fuel Cells in Aerospace and Defense Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Fuel Cells in Aerospace and Defense Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Growing public awareness of the harmful effects of carbon emissions on the environment, as well as the superior performance of fuel cells over other alternatives
3.2.1.2. Increasing spending on aviation & defense sector
3.2.2. Restraints
3.2.2.1. High Cost of Fuel Cells
3.2.3. Opportunities
3.2.3.1. Technological advancement in the production technology of fuel cells.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Fuel Cells in Aerospace and Defense Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Fuel Cells in Aerospace and Defense Market
3.9.1. By Product Type
3.9.2. By Application
3.9.3. By Regions
4. Global Fuel Cells in Aerospace and Defense Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Fuel Cells in Aerospace and Defense Market, 2020 – 2021 (US$ Million)
4.2. Global Fuel Cells in Aerospace and Defense Market, By Product Type, 2020 to 2021 (US$ Million)
4.3. Global Fuel Cells in Aerospace and Defense Market, By Application, 2020 to 2021 (US$ Million)
4.4. Global Fuel Cells in Aerospace and Defense Market, By Region, 2020 to 2021 (US$ Million)
5. Global Fuel Cells in Aerospace and Defense Market Estimates & Forecast Trend Analysis, by Product Type
5.1. Global Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, by Product Type, 2022 & 2033
5.2. Global Fuel Cells in Aerospace and Defense Market Revenue (US$ Million) Estimates and Forecasts, by Product Type, 2022 to 2033
5.2.1. PEMFC
5.2.2. SOFC
6. Global Fuel Cells in Aerospace and Defense Market Estimates & Forecast Trend Analysis, by Application
6.1. Global Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
6.2. Global Fuel Cells in Aerospace and Defense Market Revenue (US$ Million) Estimates and Forecasts, by Application, 2022 to 2033
6.2.1. Aerospace
6.2.1.1. Commercial Aircrafts
6.2.1.2. Rotorcrafts
6.2.2. Defense
6.2.2.1. Military Drones/UAV
6.2.2.2. Military Vehicles
7. Global Fuel Cells in Aerospace and Defense Market Analysis and Forecast, by Region
7.1. Global Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
7.2. Global Fuel Cells in Aerospace and Defense Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America Fuel Cells in Aerospace and Defense Market: Estimates & Forecast Trend Analysis
8.1. North America Fuel Cells in Aerospace and Defense Market Assessments & Key Findings
8.2. North America Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America Fuel Cells in Aerospace and Defense Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
8.3.1. By Product Type
8.3.2. By Application
8.3.3. By Major Country
8.3.3.1. The U.S.
8.3.3.2. Canada
9. Europe Fuel Cells in Aerospace and Defense Market: Estimates & Forecast Trend Analysis
9.1. Europe Fuel Cells in Aerospace and Defense Market Assessments & Key Findings
9.2. Europe Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe Fuel Cells in Aerospace and Defense Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Product Type
9.3.2. By Application
9.3.3. By Major Country
9.3.3.1. Germany
9.3.3.2. The U.K.
9.3.3.3. France
9.3.3.4. Italy
9.3.3.5. Spain
9.3.3.6. Rest of Europe (includes all other European countries)
10. Asia Pacific Fuel Cells in Aerospace and Defense Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific Fuel Cells in Aerospace and Defense Market Assessments & Key Findings
10.2. Asia Pacific Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific Fuel Cells in Aerospace and Defense Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Product Type
10.3.2. By Application
10.3.3. By Major Country
10.3.3.1. China
10.3.3.2. Japan
10.3.3.3. India
10.3.3.4. ASEAN
10.3.3.5. South Korea
10.3.3.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa Fuel Cells in Aerospace and Defense Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa Fuel Cells in Aerospace and Defense Market Assessments & Key Findings
11.2. Middle East & Africa Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa Fuel Cells in Aerospace and Defense Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Product Type
11.3.2. By Application
11.3.3. By Major Country
11.3.3.1. GCC
11.3.3.2. South Africa
11.3.3.3. Egypt
11.3.3.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America Fuel Cells in Aerospace and Defense Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America Fuel Cells in Aerospace and Defense Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America Fuel Cells in Aerospace and Defense Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Product Type
12.3.2. By Application
12.3.3. By Major Country
12.3.3.1. Brazil
12.3.3.2. Mexico
12.3.3.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. Fuel Cells in Aerospace and Defense Market Revenue Share Analysis (%), by Major Players (2021)
13.2. Fuel Cells in Aerospace and Defense Market Competition Matrix, by Leading Players
13.3. Fuel Cells in Aerospace and Defense List of Emerging, Prominent and Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
14. Company Profiles
14.1. Advent Technologies
14.1.1. Company Overview & Insights
14.1.2. Financial Performance
14.1.3. Product / Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. Australian Fuel Cells Pty Ltd.
14.3. ElringKlinger AG
14.4. GenCell Ltd.
14.5. Honeywell International Inc.
14.6. Infinity Fuel Cell and Hydrogen, Inc.
14.7. Intelligent Energy Limited
14.8. Plug Power, Inc
14.9. HyPoint, Inc
14.10. Collins Aerospace
14.11. GM Defense
14.12. Ricardo
14.13. Giner Inc.
14.14. GKN Aerospace Services Limited
14.15. Others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Sources
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
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- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
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Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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