CHICAGO, July 26, 2023 /PRNewswire/ — The aircraft Fuel Cells market size is projected to grow from an estimated USD 1.6 billion in 2023 to USD 5.7 billion by 2035, at a CAGR of 10.8% during the forecast period according to a new report by MarketsandMarkets™. This growth can be attributed to the increasing adoption of sustainable aviation practices, the rising cost of conventional aviation fuels, and increasing innovation in aircraft fuel-cell technologies and adoption.
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Browse in-depth TOC on “Aircraft Fuel Cells Market”
160 – Tables
37 – Figures
209 – Pages
Aircraft Fuel Cells Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$1.6 billion |
|
Estimated Value by 2035 |
$5.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 10.8% |
|
Market Size Available for |
2019–2035 |
|
Forecast Period |
2023–2035 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Fuel Type, Power Output, Aircraft Type and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Enhancing heat removal capabilities of LPTEM fuel cells |
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Key Market Opportunities |
Innovation in HPTEM technology to increase the adoption of aircraft fuel cells |
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Key Market Drivers |
Fuel Cell Innovation and Cost Efficiency Propel the Growth in the Aircraft Industry |
The Hydrogen Fuel Cell segment accounts for the largest market size during the forecast period.
The hydrogen fuel cell type accounts for the largest market share in the aircraft fuel cell market due to several key factors. Firstly, hydrogen is considered a clean and sustainable energy source, aligning with the aviation industry’s increasing focus on reducing carbon emissions and achieving environmental sustainability goals. Hydrogen fuel cells produce electricity through the reaction of hydrogen with oxygen, generating only water vapor as a byproduct. This zero-emission characteristic positions hydrogen fuel cells as an attractive solution for aircraft propulsion, ensuring compliance with stringent emission regulations. Furthermore, advancements in hydrogen infrastructure and storage technologies have facilitated the availability and integration of hydrogen fuel cells in aircraft, further driving their market dominance.
The 0-100kW segment accounts for the largest market share in the aircraft fuel cell market.
Due to its versatility and widespread applicability. This power output range is well-suited for various aircraft sizes, including smaller aircraft, drones, and auxiliary power units (APUs). The 0-100kW segment offers compact size, lightweight construction, and sufficient power output for essential aircraft operations. It caters to a diverse range of applications, from general aviation to unmanned aerial vehicles (UAVs). Its flexibility in meeting power requirements across different aircraft platforms positions it as the dominant segment in the aircraft fuel cells industry.
The UAV segment accounts for the largest market share in the aircraft fuel cell market.
Primarily due to the significant growth and adoption of unmanned aerial vehicles across various industries. UAVs are utilized for applications such as aerial photography, surveillance, package delivery, and environmental monitoring. Fuel cells offer several advantages for UAVs, including longer flight endurance, quick refueling capabilities, and reduced emissions. These characteristics enable extended flight times, increased operational efficiency, and reduced environmental impact, aligning with the requirements of UAV operations. As the demand for UAVs continues to rise across commercial and military sectors, the UAV segment is expected to maintain its leading market share in the aircraft fuel cell market.
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Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Asia-Pacific is expected to hold the fastest growth rate for aircraft fuel cells in the upcoming years due to several factors. Firstly, the region has witnessed rapid growth in air travel and a surge in demand for commercial aircraft. This, coupled with increasing concerns about carbon emissions, has led to a growing emphasis on adopting sustainable aviation practices, including the integration of fuel cell technology. Moreover, governments and industry stakeholders in Asia-Pacific are actively investing in research and development of fuel cell technology, infrastructure development, and promoting clean energy initiatives. The region’s strong manufacturing capabilities, technological advancements, and supportive policies are expected to drive the growth of the aircraft fuel cell market in Asia-Pacific, positioning it as a key growth region in the coming years.
Major players operating in the aircraft fuel cells companies include ZeroAvia Inc. (US), Intelligent Energy Limited (UK), Piasecki Aircraft Corporation (US), Doosan Mobility Innovation (South Korea), and H3 Dynamics (Singapore), among others. These key players offer aircraft fuel cells across regions and have well-equipped and strong distribution networks across North America, European, Asia Pacific, and the Rest of the World.
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