Fuel Cells in Aerospace and Defense Market Growth Size [2031]
Fuel Cells in Aerospace and Defense Market Growth Size [2031]
Segments - Fuel Cells in Aerospace and Defense Market by Type (PEMFC and SOFC), Application (Aerospace and Defense), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-6033
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Report Description
Fuel Cells in Aerospace and Defense Market Outlook 2031
The global fuel cells in aerospace and defense market size was USD 1.27 Billion in 2022 and is likely to reach USD 4.35 Billion by 2031, expanding at a CAGR of 10.7% during 2023–2031. The market is driven by the increasing demand for clean energy solutions.
Expansion of hydrogen infrastructure development is expected to boost the market during the projection period. The rising global interest in hydrogen as an alternative form of clean energy is promoting the development of hydrogen infrastructure. This is leading to a high adoption of fuel cell technology in the aerospace and defense sector. Consequently, the market is projected to surge with the aerospace industry's expansion significantly.
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According to the data published by the Aerospace Industries Association in the year 2022, an increment of 11.2% was registered in the export activities of the aerospace and defense industry during the period of 2020-2021. The corresponding value of this monetary surge was USD 100.4 billion.
Fuel cells demonstrate reliability in extreme environmental conditions, including temperature variations, high altitudes, and challenging terrains. This is one of the primary reasons for the rising adoption of fuel cells in the defense industry. The use of fuel cells diminishes the need to rely on external energy sources, thereby providing strategic independence in critical and remote military operations. These factors are projected to impel the market during the forecast period.
The COVID-19 pandemic hindered the market due to the lockdown restrictions imposed by numerous governments around the world. There was a significant decline in air travel during this period. Furthermore, the import and export among countries was also curbed to prevent the spread of infection. These factors led to a market slowdown in that period.
Impact of Artificial Intelligence (AI) in Fuel Cells in Aerospace and Defense Market
The use of artificial intelligence is likely to provide substantial propulsion to the fuel cells in aerospace and defense market. Optimizing the process of converting organic waste into hydrogen fuel can be made more efficient and cost-effective with the help of AI-powered algorithms. By monitoring and controlling the entire process, AI ensures that the fuel cells are functioning at their optimal level, maximizing the production and utilization of hydrogen fuel.
This not only helps in reducing the overall cost of production but also contributes towards creating a more sustainable future by utilizing organic waste to produce clean energy.
Fuel Cells in Aerospace and Defense Market Dynamics
Major Drivers
Increasing expenditure on military drones is expected to drive the market during the projection period. Military drones are increasingly used in modern warfare due to their effectiveness, demand for intelligence and surveillance, and high denial on the battlefield. Solid oxide fuel cells allow drones to fly longer and with less noise and vibration. With the growing incorporation of drone technology in military and defense, the market is projected to expand considerably during the assessment period.
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In November 2021, India finalized a deal with the United States to obtain 30 long-endurance predator drones, MQ-9B, that are useful for numerous military purposes. The contract value was worth USD 3 billion.
Existing Restraints
High cost of fuel cell systems is likely to hamper the market during the forecast period. The rising cost presents a significant challenge for market participants to develop technology or systems that can handle fuel cell stack and balance of plant (BOP) expenses while also extending the lifespan of these components. Hydrogen production through electrolysis is an energy-intensive and inefficient process, requiring the compression of hydrogen before filling up a vehicle tank. This makes fuel cell electric vehicles (FCEVs) less cost-effective, hindering market expansion.
Emerging Opportunities
Rising investments in the aerospace and defense industry are anticipated to provide substantial growth opportunities for the market. High investments lead to better research and development of equipment that enhances energy efficiency and reduces environmental impact. The use of fuel cells aligns with the industry’s increasing emphasis on sustainability and reduced carbon footprint. These factors are likely to provide significant lucrative prospects for the market in the coming years.
Scope of the Fuel Cells in Aerospace and Defense Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Fuel Cells in Aerospace and Defense Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (PEMFC and SOFC), Application (Aerospace and Defense) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Plug Power Inc.; Loop Energy Inc.; ITM Power; Intelligent Energy Limited; Infinity Fuel Cell and Hydrogen Inc.; Honeywell International Inc.; GenCell Ltd.; ElringKlinger AG; Cummins Inc.; Australian Fuel Cells Pty Ltd; and Advent Technologies. |
Fuel Cells in Aerospace and Defense Market Segment Insights
Type Segment Analysis
Based on type, the fuel cells in the aerospace and defense market are divided into PEMFC and SOFC. The PEMFC segment is projected to hold the major share of the market during the projection period as it operates at a lower temperature, making it more durable and less prone to the exhausting of system components. It also has benefits such as volume and low weight compared to other types of fuel cells.
PEMFC (Proton Exchange Membrane Fuel Cell) is widely used for transportation in the aerospace industry owing to its compactness, efficiency, temperature range, and durability. As a result, this segment is likely to grow substantially in the years to come. The SOFC segment is projected to register a considerable CAGR during the forecast period.
Solid oxide fuel cells generate power using chemical reactions, producing little or no noise. This segment has significant growth prospects in stationary applications in the residential and commercial sectors. The power generated by solid oxide fuel cells does not result in the emission of environmental pollutants in most cases. This is anticipated to propel the segment during the assessment period.
Application Segment Analysis
On the basis of application, the market is segregated into aerospace and defense. The aerospace segment is further segregated into commercial aircraft and rotorcraft. The defense segment is divided into military drones/UAVs as well as military vehicles. The commercial aircraft segment in aerospace is projected to register a high CAGR during the forecast period.
Hydrogen-powered fuel cells are installed on small aircraft with a maximum passenger capacity of 20. However, feasibility studies are being conducted by aircraft manufacturers for larger commercial aircraft. The efficiency of hydrogen fuel cells in commercial aircraft is expected to create profitable prospects for this segment during the projection period. For instance,
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In December 2020, Airbus founded the ZEROe program, which contains six eight-bladed pods that are driven by hydrogen fuel cells. It is attached underneath the large commercial aircraft’s wing.
Regional Outlook
In terms of region, the global fuel cells in aerospace and defense market are classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to the enactment of policies focused on reducing carbon footprints in the region, as well as allocating financial resources for advancing fuel cell R&D activities.
Vendors such as Bloom Energy have installed fuel cells in sectors such as aerospace, defense, sports stadiums, data centers, and commercial buildings in the US. This is highly advantageous for investments in various commercial research projects in the region and is likely to lead to market expansion.
Europe is projected to experience significant growth in the fuel cell market due to the European Commission's projects and goals and for fuel cell vehicles, as well as the support provided by organizations such are Fuel Cells Hydrogen Joint Undertaking, and Hydrogen Europe. European nations are implementing innovative technologies such as fuel cells to decrease GHG emissions, creating opportunities for fuel cell manufacturers
Segments
The fuel cells in aerospace and defense market have been segmented on the basis of
Type
- PEMFC
- SOFC
Application
- Aerospace
- Defense
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Plug Power Inc.
- Loop Energy Inc.
- ITM Power
- Intelligent Energy Limited
- Infinity Fuel Cell and Hydrogen Inc.
- Honeywell International Inc.
- GenCell Ltd.
- ElringKlinger AG
- Cummins Inc.
- Australian Fuel Cells Pty Ltd
- Advent Technologies
Competitive Landscape
Key players competing in the global fuel cells in aerospace and defense market are Plug Power Inc.; Loop Energy Inc.; ITM Power; Intelligent Energy Limited; Infinity Fuel Cell and Hydrogen Inc.; Honeywell International Inc.; GenCell Ltd.; ElringKlinger AG; Cummins Inc.; Australian Fuel Cells Pty Ltd; and Advent Technologies.
These key players adopt various development strategies such as mergers, product launches, acquisitions, collaboration, partnerships, and production expansion to get an edge over the competitors. For instance,
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In March 2023, ZeroAvia, one of the key market players, announced that its HTPEM (High-Temperature Proton Exchange Membrane) systems attained excellent performance during testing. The pressurized power module stack of 20kW HTPEM reached a remarkable power of 2.5 kW/kg at the level of the cell, flooring the way for system-level densities of 3+ kW/kg within the next 24 months.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Fuel Cells in Aerospace and Defense Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Fuel Cells in Aerospace and Defense Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Fuel Cells in Aerospace and Defense Market - Supply Chain
4.5. Global Fuel Cells in Aerospace and Defense Market Forecast
4.5.1. Fuel Cells in Aerospace and Defense Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Fuel Cells in Aerospace and Defense Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Fuel Cells in Aerospace and Defense Market Absolute $ Opportunity
5. Global Fuel Cells in Aerospace and Defense Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Types
5.3.1. PEMFC
5.3.2. SOFC
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Fuel Cells in Aerospace and Defense Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Applications
6.3.1. Aerospace
6.3.2. Defense
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Fuel Cells in Aerospace and Defense Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Fuel Cells in Aerospace and Defense Demand Share Forecast, 2019-2026
8. North America Fuel Cells in Aerospace and Defense Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Types
8.4.1. PEMFC
8.4.2. SOFC
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Applications
8.7.1. Aerospace
8.7.2. Defense
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Fuel Cells in Aerospace and Defense Demand Share Forecast, 2019-2026
9. Latin America Fuel Cells in Aerospace and Defense Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Types
9.4.1. PEMFC
9.4.2. SOFC
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Applications
9.7.1. Aerospace
9.7.2. Defense
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Fuel Cells in Aerospace and Defense Demand Share Forecast, 2019-2026
10. Europe Fuel Cells in Aerospace and Defense Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Types
10.4.1. PEMFC
10.4.2. SOFC
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Applications
10.7.1. Aerospace
10.7.2. Defense
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Fuel Cells in Aerospace and Defense Demand Share Forecast, 2019-2026
11. Asia Pacific Fuel Cells in Aerospace and Defense Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Types
11.4.1. PEMFC
11.4.2. SOFC
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Applications
11.7.1. Aerospace
11.7.2. Defense
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Fuel Cells in Aerospace and Defense Demand Share Forecast, 2019-2026
12. Middle East & Africa Fuel Cells in Aerospace and Defense Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Types
12.4.1. PEMFC
12.4.2. SOFC
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Fuel Cells in Aerospace and Defense Market Size and Volume Forecast by Applications
12.7.1. Aerospace
12.7.2. Defense
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Fuel Cells in Aerospace and Defense Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Fuel Cells in Aerospace and Defense Market: Market Share Analysis
13.2. Fuel Cells in Aerospace and Defense Distributors and Customers
13.3. Fuel Cells in Aerospace and Defense Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Plug Power Inc.
13.4.2. Loop Energy Inc.
13.4.3. ITM Power
13.4.4. Intelligent Energy Limited
13.4.5. Infinity Fuel Cell and Hydrogen Inc.
13.4.6. Honeywell International Inc.
13.4.7. GenCell Ltd.
13.4.8. ElringKlinger AG
13.4.9. Cummins Inc.
13.4.10. Australian Fuel Cells Pty Ltd
13.4.11. Advent Technologies
Methodology
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