Fuel Cells in Aerospace and Defense Market: Current Analysis and Forecast (2022-2030)
Emphasis on Product (Solid-Oxide Fuel Cell (SOFC) and Proton Exchange Membrane Fuel Cells (PEMFC)); Application (Civil Aviation and Rotorcraft); and Region/Country
Global Fuel Cells in Aerospace and Defense Market is expected to grow at a skyrocketing rate of around 31% during the forecast period 2022-2030. A fuel cell is a very effective power source. It is commonly defined as an electrochemical device that converts the supplied fuel to electric energy and heat continuously if reactants are supplied to its electrodes. Fuel cells are one of the fastest growing alternative energy resources due to their ability to convert electricity through a variety of fuels. Additionally, fuel cells are conventional resources which are eco-friendly, as their by-products do not harm nature. Due to such factors, they are highly used in the market of aerospace and defence across the globe. For instance, in Mar 2021, Fuel Cell Technology for Larger Aircraft Could Lower Emissions. The aerospace industry has proven it can utilize fuel cells for small aircraft. Furthermore, For instance, in Nov 2022, Airbus prepared for its first megawatt-class hydrogen fuel-cell engine flight-test demonstrator.
Advent Technologies; ElringKlinger AG; Australian Fuel Cells Pty Ltd; Honeywell International Inc.; Infinity Fuel Cell and Hydrogen, Inc.; Loop Energy Inc.; Intelligent Energy Limited; Plug Power Inc.; Cummins Inc; GenCell Ltd are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, Proton Exchange Membrane Fuel Cells (PEMFC) category is expected to grow with a significant CAGR during the forecast period”
Based on product, the market is bifurcated into Solid-Oxide Fuel Cell (SOFC) and Proton Exchange Membrane Fuel Cells (PEMFC). Proton Exchange Membrane Fuel Cells (PEMFC) category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to better thermal management, the lighter balance of plant, shorter stack service life, and limited integration flexibility of PMEFC over SOFC. In addition, PEMFC is widely used for transportation applications due to its efficiency, compactness, temperature range, and lifetime.
“Amongst application, rotorcraft category is expected to grow with a significant CAGR during the forecast period”
Based on application, the fuel cells in aerospace and defense market have been bifurcated into civil aviation and rotorcraft. The rotorcraft category is expected to grow with a significant CAGR during the forecast period. Rotorcraft such as helicopters, and vertical takeoff and landing aircraft are highly preferred in the aerospace and defense industry. Additionally, fuel cells provide a quiet and efficient power source and that is major for rotorcraft. Since they require high power output and reduce noise emissions. Also, fuel cells provide longer endurance, reduced logistical support, and lower operating costs compared to other power sources.
Fuel Cells in Aerospace and Defense Market Report Coverage
“North America is anticipated to grow at a substantial CAGR during the forecast period”
In 2021, North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the high demand for fuel cell power generation, as well as increasing research and development for hydrogen generation in the region is driving the growth of the market. Moreover, North America has one of the world’s largest aerospace and defense companies, including Boeing, Lockheed Martin, and Northrop Grumman, all of which have invested heavily in fuel cell technology in recent years. Since, these companies have been at the forefront of developing and testing fuel cell systems for aircraft and other applications, and their continued investment in this technology is driving market growth. For instance, in Aug 2021, New Honeywell Technology for Light Drones Increased Range Threefold with Cleaner, Quieter Hydrogen Fuel Cells. Additionally, North America has US military that are actively developing and deploying fuel cell-powered UAVs and other unmanned systems, which has helped to drive market growth in this region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Fuel Cells in Aerospace and Defense market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Fuel Cells in Aerospace and Defense Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global fuel cells in aerospace and defense market were the three major steps undertaken to create and analyze the adoption of fuel cells in aerospace and defense in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global fuel cells in aerospace and defense market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the fuel cells in aerospace and defense market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the fuel cells in aerospace and defense market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the fuel cells in aerospace and defense market. Further, we conducted factor analysis using dependent and independent variables such as various product and applications of fuel cells in aerospace and defense. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the fuel cells in aerospace and defense market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global fuel cells in aerospace and defense market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the fuel cells in aerospace and defense market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global fuel cells in aerospace and defense market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global fuel cells in aerospace and defense market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and application in the global fuel cells in aerospace and defense market.
The main objective of the Global Fuel Cells in Aerospace and Defense Market Study
The current & future market trends of the global fuel cells in aerospace and defense market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the fuel cells in aerospace and defense market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product and application.
- Define and analysis of the regulatory framework for the fuel cells in aerospace and defense
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the fuel cells in aerospace and defense market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the fuel cells in aerospace and defense market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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February 11, 2025
