Feb 26, 2020, 06:15 EST
New York, United States, Feb 26, 2020, 06:15 /Comserve / -- Global defense fuel cell market is expected to thrive at 8.9% CAGR over the forecast period. Moreover, the global defense fuel cell market is expected to reach at USD 815.2 by the end of 2024.
The report titled “Defense Fuel Cell Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global defense fuel cell market in terms of market segmentation by fuel cell technology, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global defense fuel cell market is segmented into fuel cell technology such as proton exchange membrane fuel cell, solid oxide fuel cell, and direct methanol fuel cell. Among these segments proton exchange membrane fuel cell (PEM) segment is showcasing a significant potential for strong growth in upcoming years. Applications in automotive sector to increase the efficiency of vehicles and reduce pollution are anticipated to expand the market of defense fuel cell over the forecast period. Additionally, proton exchange membrane fuel cells (PEM) are less expansive and are able to operate at very low temperature. These beneficial advantages of fuel cell are likely to bolster the growth of global market in future.
Global defense fuel cell market is expected to thrive at 8.9% CAGR over the forecast period. Moreover, the global defense fuel cell market is expected to reach at USD 815.2 by the end of 2024. The market is expected to expand on the back of growing environmental concern across the globe. Further, advantages of fuel cell such as higher efficiency, noise less operation and low maintenance are increasing the adoption of fuel cell technology in defense sector.
The fuel cell based vehicles segment by application is likely to grow at remarkable pace during the forecast period. Further, noise less operation of fuel cell technology in military vehicles is a major factor which is making fuel cell technology more acceptable in military applications. Fuel cell technology improves efficiency of vehicles and offers continuous power to the vehicles. These fuel cell based vehicles are perfect solutions for long missions due to their capability to run for long distance without needing to be recharged.
Environment and Energy Saving Concerns
Rising concerns across the globe regarding carbon emission and its hazardous impact on environment is a major factor which has led defense sector to adopt more environment friendly power solutions such as fuel cells. Apart from this, a couple of advantages over conventional batteries are likely to strengthen the market of defense fuel cell in near future.
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Applications of Fuel Cell in Defense Sector
Defense sector is continuously spending huge capital in research & development activities for advancements of fuel cell technology. Furthermore, introduction of new applications of fuel cell technology in defense sector such as fuel cells in military drones are expected to amplify the market of defense fuel cell in future.
Although high cost associated with storage of hydrogen fuel cells and high implementation cost of fuel cell in defense equipment are some of the factors that are likely to inhibit the growth of the defense fuel cell market in the near future.
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This report also provides the existing competitive scenario of some of the key players of the global defense fuel cell market which includes company profiling of Protonex, UltraCell, Neah Power System, SFC Energy, Ballard Power Systems, Plug Power, Bloom Energy, Nuvera Fuel Cells, Aisin Seiki Co. Ltd. and Altergy Systems. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global defense fuel cell market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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