Global Aircraft Fuel Cells Market size (2024-2030)

Global Aircraft Fuel Cells Market was valued at USD 203.23 million and is projected to reach a market size of USD 291.73 million by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.3%.

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Industry Overview:

Fuel cells are devices that make use of chemical energy to produce electrical energy via electrochemical reactions. These gasoline cells function via two electrochemical reactions and require a continuous influx of fuel or hydrogen and oxygen. The gas cells additionally act as secondary electricity units and grant electrical strength even when the flight is grounded and the engines are off and this science is used in each civilian and defense aircraft. They make bigger problems for the environment, and the government and a variety of aviation associations implement a number of measures to reduce the emission of greenhouse gases. Therefore, the improvement of fuel cell technology is adopted for the manufacturing of efficient electricity and additionally reduces carbon emissions.

The world aircraft fuel cell market is witnessing a speedy boom in current years. The rising population coupled with growing disposable profits raises business activity, and for that reason accelerates demand for air travel. Moreover, numerous international locations aside from the U.S. and Russia are increasing their protection spending and this fosters the boom of the plane fuel phone market. Rising funding in the aviation sector is predicted to extend the demand for gas cells all through the forecast period. Technological innovation is a boon to the aviation industry and this enables massive advancement in the manufacturing technology of fuel cells.

COVID-19 impact on the Aircraft Fuel Cells Market

The COVID-19 pandemic had a large influence on the market owing to the production and maintenance of fuel. The pandemic is a world public health emergency that has affected nearly every enterprise so far. The long-term effects are projected to affect enterprise growth at some stage in the forecast period. It amplifies the framework to make certain the inclusion of underlying COVID-19 problems and doable paths forward. The important goal is to assume the adjustments in customer conduct and demand, buying patterns, re-routing of the availability chain, dynamics of the modern-day financial process, and consequently the significant interventions of governments.

During the pandemic, the demand for fuel cells went down due to the fact that there were no or very few flights taking place and therefore there was no demand from the companies in the aviation sector which also restrained the market demand during the pandemic situation.

MARKET DRIVERS:

• The rise in investment by many companies in fuel cell R&D is driving the growth of the market

Rising investment in the aviation area is anticipated to amplify the demand for fuel cells throughout the forecast period. Technological innovation is a boon to the aviation enterprise and this helps huge development in the manufacturing technology of fuel cells. Technological development reduces the requirement for platinum used in the proton alternate membrane fuel phone and that reduces the price of gasoline cells considerably.

MARKET RESTRAINTS:

• The production of gases during the formation of fuel cells is restraining the growth of the market

Production of fuel cells reasons greenhouse gases and aggravates the severity of global warming. Generation of fuel cells requires a massive quantity of energy than it definitely is able to produce. Extensive power requirement for the manufacturing method of fuel cells makes its manufacturing costly and this issue is possible to restrain the attainable boom prospect of this market over the forecast period.

AIRCRAFT FUEL CELLS MARKET REPORT COVERAGE:

Segmentation Analysis

Aircraft Fuel Cells Market - By  Type:

• Hydrogen
• Others

By type, the hydrogen Fuel cell is estimated to dominate the market during the forecast period. The largest advantage that hydrogen aircraft provide is the lack of hazardous emissions, as the sole byproduct of hydrogen combustion or fuel cells is H20 (water). According to Air Transport Action Group(ATAG), world emissions due to aviation had been approximately 915 million lots CO2, which accounted for 2% of world human-induced emissions and 12% due to all varieties of transportation Various countries, in particular, these in the European Union (EU) such as Germany, UK, France, etc. are venture efforts to curb emissions and are indirectly promoting the use of hydrogen plane for aviation.

This is evident from examples such as the supplies given to the H2GEAR program by the UK government. The H2GEAR program objectives are to manufacture small hydrogen-run planes for commercial functions with the most important businesses such as GKN Aerospace main the program.

Aircraft Fuel Cells Market - By End-User:

• Aviation
• Defense

On the basis of end users, the international aircraft fuel cell market is segmented into the aviation and defense industries. The defense industry held the main market share. This kind of aircraft fuel cell is substantially used in the protection industry for producing energy. This technology reduces the number of oil imports and presents 100% effectivity as aviation fuel energy. It fulfills the power requirement of aircraft at some point in the war and reduces the possibility of plane accidents. This current technology consequently improves the air protection section of an economy and this component is anticipated to increase the demand for plane gasoline cells over the forecast period.

Aircraft Fuel Cells Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, Asia Pacific held the dominant market share owing to the rising investment in the aviation and defense quarter by rising economies such as China, India, South Korea, and others. With the growing stage of greenhouse gases, this vicinity implements measures to reduce greenhouse gas emissions and this element is propelling the booming prospect of the aircraft fuel cell market. With the consistent increase in the number of aircraft, the aircraft fuel cell market is possible to see a constant increase rate throughout the forecast period.

Also, The North American fuel cell market is very recommended for investments in various lookup tasks that are getting commercialized. The U.S. is one of the foremost markets for fuel cells and is at the forefront of innovation with guidance from the U.S. Department of Energy (DOE). The U.S. Army and U.S. Navy are among the customers of fuel cells in North America. Vendors running in the market are always growing elements of fuel cells that are used in rotorcrafts.

The European authorities have plans to notably decrease GHG emissions. As a result, various nations in Europe have recognized the implementation of revolutionary technologies, such as fuel cells (primarily PEMFC), as a way to meet these objectives. This, in turn, is predicted to supply a tremendous opportunity for the fuel cell producers in the market over the forecast period.

Aircraft Fuel Cells Market Share by Company

1. Advent Technologies
2. Australian Fuel Cells Pty Ltd.
3. Cummins Inc.
4. Elringklinger AG
5. GenCell Ltd.
6. Honeywell International Inc.
7. Infinity Fuel Cell And hydrogen, Inc.
8.  Intelligent Energy Limited
9. Loop Energy Inc.
10. Plug Power, Inc.

Mergers and acquisitions in the enterprise have enabled players to diversify and decorate their carrier services.

Recently, Airbus and Delta Air Lines have signed a Memorandum of Understanding (MoU) to work together on hydrogen-powered aircraft development.

The market is highly fragmented. Prominent market players are pursuing a number of strategies, such as strategic joint ventures and partnership agreements, product innovations, lookup & development initiatives, geographical expansions, and mergers & acquisitions, to improve their foothold in the industry. They are especially focusing on providing cloud-based or on-premise options to giant enterprises to allow environment-friendly and effective money transfers in real time. Vendors are additionally focusing on increasing their product choices to enhance the consumer experience.

NOTABLE HAPPENINGS IN THE GLOBAL AIRCRAFT FUEL CELLS MARKET IN THE RECENT PAST:

• Collaboration - In Sept 2021, SFC Energy AG Collaborated with Bharat Electronics and FC TecNrgy to investigate energy generation solutions in hydrogen fuel cells in the area of off-grid power supply for use in applications such as homeland security, civil protection, and defense.