The Fuel Cells In Aerospace And Defense Market was valued at USD 210.79 million in 2022 and expected to reach USD 1922.33 million by 2031, poised to grow at a compound annual growth rate (CAGR) of 31.7% during the forecast period 2023 to 2031. The global fuel cell aerospace and defense market is highly competitive owing to the continuous technological advancements being introduced by existing vendors and new entrants.

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Top Key Players:

·         Honeywell International Inc.

·         Advent Technologies

·         Infinity Fuel Cell and Hydrogen, Inc.

·         ITM Power

·         Cummins Inc.

·         Australian Fuel Cells Pty Ltd.

·         Intelligent Energy Limited

·         HyPoint, Inc.

·         ElringKlinger AG

·         GenCell Ltd.

·         Plug Power, Inc.

·         PlugPower Inc.                                                                                                    

Market Growth:

The North American market for fuel cells in aerospace and defence is driven by significant support from the federal governments of both countries. The United Kingdom is the leading country for fuel cells in aerospace and defence in the European region. Rising military spending in the APAC region has increased demand for military defense, UAVs, and military vehicles. This, in turn, is anticipated to lead to a demand for fuel cells used in defence applications. Due to rising demand for good aerospace and defence applications, coupled with growing support from the government, this is fueling market growth.

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Market Segmentation:

Fuel Cells In Aerospace And Defense Market Size, Share & Trends Analysis Report By Product (PEMFC, SOFC), By Application In Aerospace, By Application In Defense, By Region, And Segment Forecasts, 2023 20231

COVID-19 IMPACT:

The recent pandemic has led to dramatic losses of human life globally and an unprecedented challenge to the manufacturing industry. The virus spread at breakneck speed around the world, contaminating millions. The unprecedented global lockdowns had resulted in a monetary fall, posing catastrophic financial challenges across sectors. Thus, the supply chain and logistics can stand still, which affects the production of fuel cells.

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