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Market Research Report
Product code
1044776
Fuel Cells In Aerospace And Defense Market Size, Share & Trends Analysis Report By Product (PEMFC, SOFC), By Application In Aerospace, By Application In Defense, By Region, And Segment Forecasts, 2021 - 2028 |
Fuel Cells In Aerospace And Defense Market Size, Share & Trends Analysis Report By Product (PEMFC, SOFC), By Application In Aerospace, By Application In Defense, By Region, And Segment Forecasts, 2021 - 2028 |
Published: December 31, 2021
Grand View Research, Inc.
Content info: 104 Pages
Delivery time: 2-10 business days
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The global fuel cells in aerospace market size is expected to reach USD 1,618.33 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 30.6% from 2021 to 2028. Growing awareness regarding alternative sources of energy is one of the major factors contributing to the growth of the market.
The North American market for fuel cells in aerospace and defense is driven by significant support from the federal government of the countries. The U.K. is the leading country for fuel cells in aerospace and defense in the European region. Rising military spending in the APAC region has augmented the demand for military defense/UAVs and military vehicles. This, in turn, is anticipated to lead to the demand for fuel cells used in defense applications.
The market is likely to witness strategic alliances among businesses to expand their end-user segments in emerging markets. Public-private partnerships are predicted to be critical for attaining an economically viable technological shift. The introduction of cleaner technologies to substitute the existing methodologies is anticipated to lead to high costs, which is projected to limit innovations carried out by key market players.
The global fuel cell market is highly competitive owing to continuous technological advancements being introduced by the existing vendors and new entrants. Industry 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.
Installers and system providers usually hold stock of major equipment in inventories. However, manufacturers faced bottlenecks and shortages owing to limited production in countries severely affected by the COVID-19. Furthermore, upcoming fuel cell-based large-scale projects witnessed delays in commissioning due to disruptions in the supply chain and halting of onsite construction activities in severely affected areas.