Technavio, a tech-focused market research firm, has published a new report on the global aircraft fuel cells market, which is expected to grow at a CAGR of more than 6% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global aircraft fuel cells market into the following key regions: the Americas, APAC, and EMEA.
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Top three contributors for the global aircraft fuel cells market are elaborated below
Aircraft fuel cell market in APAC: Factors such as the implementation of mandates by the regional countries for reduction of CO₂ emissions and steady increase in the number of aircraft drives the growth of the aircraft fuel cell market in APAC. China, Japan, and South Korea are the key revenue generating countries in this region.
According to Avimanyu Basu, a lead analyst at Technavio, specializing in research on aerospace, “The government of South Korea has been proactively funding development and implementation of fuel cells. In 2008, the country’s government allocated more than USD 500 million as funding support for a period of 10 years for the development and commercialization of fuel cells.”
Aircraft fuel cell market in the Americas: The market in APAC has been growing owing to the increased consumer awareness about golf and growth of the corporate sector in countries like India and China. In APAC, the four key markets for golf equipment are Japan, Australia, China, and India, which will contribute to the steady growth of the golf equipment market during the forecast period.
Aircraft fuel cell market in EMEA: The market in EMEA is driven fundamentally by the need to adhere to emission control norms. According to the mandates, the usage of crude oil would be minimized, and more focus would be the development and deployment of fuel cells, batteries, and alternative fuels (such as biofuels), thereby propelling the need for aircraft fuel cells. Increased demand to conserve energy is also encouraging many private players to invest in the development of fuel cells, thereby propelling market growth.
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The top vendors operating in the global aircraft fuel cell market are:
- Airbus
- Ballard Power Systems
- Boeing
- Hydrogenics
- NUVERA FUEL CELLS
- Serenergy
Other prominent vendors in the market include Delphi Automotive and EnergyOR Technologies.
A more detailed analysis is available in the Technavio report titled, ‘Global Aircraft Fuel Cells Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Fuels Market 2016-2020
- Global Light Electric Aircraft Market 2016-2020
- Global Airport Sleeping Pods Market 2017-2021
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