Military Fuel Cells Market Growth Drivers, Trends, and Forecast by 2031

MARKET OVERVIEW

The application of advanced power supply system is increasing with a significant rise in advanced military equipment and weapon developments. The growth in the modern military vehicles and weapons market will ultimately drive the growth for fuel cell technologies. A fuel cell is an electrochemical cell which converts the chemical energy of the fuel (often hydrogen) and the oxidizing agent (often oxygen) into electricity through a pair of redox reactions. The major potential application for the fuel cells in military are hybrid electric vehicles and man-portable power. In addition, the rising demand for UAVs in military operations has created significant demand for the fuel cells. Companies such as General Motors (GM) defense, Bloom Energy, and Cummins Inc., among others are strongly developing the technology meeting customers demand.

MARKET SCOPE

The "Global Military Fuel Cells Market Analysis to 2031" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Military fuel cells market with detailed market segmentation by UAV type, battery type, and geography. The report provides key statistics on the market status of the leading Military fuel cells market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   On the basis of UAV type, the market is segmented as Low-Altitude Long Endurance (LALE), Medium-Altitude Long Endurance (MALE), High-Altitude Long Endurance (HALE).
  
•   On the basis of battery type, the market is segmented as fuel cell, lithium-ion, nickel cadmium, and lithium polymer.
  
  

MARKET DYNAMICS

Drivers:

•   Recent advancements in technologies and the growing adoption of UAV in military operations drives the market growth.
  
•   The increasing R&D investment for the development of wearable power systems to soldier's have boosted the market growth.
  

Restraints:

•   High initial investment costs and lack of supporting hydrogen delivery infrastructure may restrain the growth of the military fuel cells market.
  
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Military fuel cells market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Military fuel cells market in these regions

IMPACT OF COVID-19 ON MILITARY FUEL CELLS MARKET

The COVID - 19 pandemic has a negative impact on the growth of aerospace, defense, and military industries. Military fuel cell market also witnessed significant loss due to lower production activities and less investment in the new technology development. However, the fuel cell production started to recover with re-opening production facilities, which enhanced the market growth. Also, increasing investment by various governments to strengthen and advance the military vehicles and forces is bolstering the market growth. Thus, the market has minimal impact of COVID - 19 in year 2021, while from year 2021 market can expect promising growth with rising demand for advanced technology from military industry.

MARKET PLAYERS

The report covers key developments in the Military fuel cells market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Military fuel cells market are anticipated to lucrative growth opportunities in the future with the rising demand for Military fuel cells in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Military fuel cells market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Advent Technologies
  
•   AFC Energy PLC
  
•   Ballard Power Systems.
  
•   Bloom Energy
  
•   Cummins Inc.,
  
•   Doosan Fuel Cell Co., Ltd.
  
•   MITSUBISHI HEAVY INDUSTRIES, LTD.
  
•   PLUG POWER INC.
  
•   SFC Energy AG
  
•   TW Horizon Fuel Cell Technologies
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Military Fuel Cells Report Scope