LONDON--(BUSINESS WIRE)--The global aircraft fuel cells market size is projected to grow to USD 439.4 million by 2021, at a CAGR of just above 6% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global aircraft fuel cells market for 2017-2021. Based on the type of fuel cell, the market is segmented into proton exchange member fuel cell (PEMFC), solid oxide fuel cell (SOFC), direct methanol fuel cell (DMFC), molten carbonate fuel cell (MCFC), phosphoric acid fuel cell (PAFC), and alkaline fuel cell (AFC).
Fuel cells generate clean electricity by utilizing energy generated from electrochemical reactions, converting chemical energy into electrical and heat energy. Boeing was the first company to use a first fuel cell to successfully power jet propulsion.
Environmental mandates encouraging the use of alternative fuels is the key driving factor for the growth of the aircraft fuel cells market. This is not only pushing for increasing adoption of fuel cells in modern aircraft but also decreasing the pressure on fossil fuels.
Technavio’s research study segments the global aircraft fuel cells market into the following regions:
APAC: largest aircraft fuel cells market segment
“APAC is the leading regional segment of the aircraft fuel cells market, generating close to 54% of the overall revenue. The increasing implementation of fuel cells in aircraft in the region is driven by mandates for reduction of CO₂ emissions and steady increase in the number of aircraft,” says Avimanyu Basu, a lead analyst at Technavio for aerospace research.
China, Japan, and South Korea have made massive investments towards the research, development, commercialization, and adoption of PEMFCs and hydrogen fuel cells. Also, the growing preference for air travel in the region will create an additional demand for new aircraft, which will directly impact the aircraft fuel cells market.
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Americas: fastest-growing aircraft fuel cells market segment
The Americas is projected to be the fastest growing regional segment, with a CAGR of 7.37% through the forecast period. The high aviation expenses and leads in technological innovations are driving the North American segment of the market. The US is the key contributor to the market segment, due to the many patents they hold and the growing number of initiatives undertaken by the government to reduce carbon emissions. Also, the region is home to some of the world's most renowned aircraft manufacturers such as Boeing, Bombardier, Gulfstream, and Embraer, which also is responsible for the impressive growth of the market segment.
EMEA: government mandates and policies drives growth of market segment
“The EU has introduced several mandates and policies to reduce the carbon footprint. These mandates put a limit on the usage of crude oil, with increased focus on the development and deployment of fuel cells, batteries, and alternative fuels, thereby driving the growth of the market segment,” says Avimanyu.
The strong government support to the many domestic fuel cell developers in the region has propelled the demand for fuel cells in the region. Additionally, the increasing need to conserve energy has also encouraged many private players to invest in the development of fuel cell.
The top vendors in the global aircraft fuel cells market highlighted in the report are:
- Ballard Power Systems
- NUVERA FUEL CELLS
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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