Stricter Environmental Regulations and Technological Advancements in Fuel Cell Technology Spearhead a Remarkable 10.8% CAGR in the Aircraft Fuel Cells Market
DUBLIN, Nov. 3, 2023 /PRNewswire/ — The “Global Aircraft Fuel Cells Market by Fuel Type (Hydrogen, Hydrocarbon, Others), Power Output, Aircraft Type (Fixed-Wing, Rotary Wing, UAVs, AAMs) and Region – Forecast to 2035” report has been added to ResearchAndMarkets.com’s offering.
As per the report, the market is slated to escalate from a valuation of USD 1.6 billion to a striking USD 5.7 billion by 2035, growing at a notable Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period.
The key drivers propelling this remarkable market expansion include stringent environmental regulations set forth by international bodies like the International Civil Aviation Organization (ICAO), growing sustainability initiatives across the globe, increasing focus on reducing operational costs within the aviation sector, and significant advancements in fuel cell technology. Additionally, the pressing need for enhanced energy efficiency and range in aircraft operations further fuels the growth of the aircraft fuel cells market.
The report underscores the critical role of stringent environmental regulations and the aviation industry’s shift towards sustainable practices in augmenting the adoption of aircraft fuel cells. Fuel cells, known for their low or zero emissions profile, emerge as a viable solution enabling compliance with global emission standards. This transition not only supports the environmental goals but also aligns with the growing emphasis on corporate social responsibility within the aviation sector.
Highlighting the market segmentation, the report sheds light on the dominance of the hydrogen fuel cell segment based on fuel type, attributing its lead to the clean and sustainable energy source it provides. This aligns well with the industry’s goals of reducing carbon emissions and achieving environmental sustainability targets. The continued advancements in hydrogen infrastructure and storage technologies further facilitate the integration of hydrogen fuel cells in aircraft, accentuating their market dominance.
In the segment of power output, the report predicts the 0-100 kW segment to hold the highest market share, driven by the rising demand for smaller aircraft and unmanned aerial vehicles (UAVs) across various sectors. The advancements in fuel cell technology have notably improved the efficiency and performance of fuel cells within this power range, making them a reliable and cost-effective choice for auxiliary power units (APUs), emergency power systems, and other essential aircraft operations.
Geographically, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period, driven by the escalating air travel demand, strong manufacturing base capable of producing competitively priced fuel cells, and active governmental investments in clean energy technologies and sustainable aviation initiatives.
The comprehensive report provides a detailed analysis of the competitive landscape, market shares, trends, and strategies pertinent to the global aircraft fuel cell market. The major players operating in the market include ZeroAvia Inc. (US), Intelligent Energy Limited (UK), Piasecki Aircraft Corporation (US), Doosan Mobility Innovation (South Korea), and H3 Dynamics (Singapore), among others.
For more information about this report visit https://www.researchandmarkets.com/r/7flabo
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SOURCE Research and Markets
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