Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Defense Fuel Cell Market Overview
A fuel cell is an electrochemical cell which uses chemical energy of hydrogen or another fuel to convert into electrical energy. This converted electrical energy can be directed to external devices in order to provide electric power to do work. Further, fuel cells can be used to power automobiles, aircrafts and other devices. Fuel cells have a number of application including power generation, fuel cell electric vehicles and other applications.
Market Size & Forecast
Global defense fuel cell market is anticipated to grow at a robust compound annual growth rate (CAGR) of 8.9% over the forecast period i.e.2017-2024. The global market of defense fuel cell is expected to reach at a valuation of around USD 815.2 Million by the end of forecast period.
Growing awareness regarding hazardous effect of carbon emission on environment and better performance of fuel cells over other alternatives are some major factors which are expected to fuel the demand for fuel cell in defense sector.
Further, global defense fuel cell market is segmented into fuel cell technology, application and region. Regionally, global defense fuel cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America & Middle East & Africa region.
Moreover, North America region is likely to be the major market of defense fuel cells during the forecast period. U.S. is anticipated to contribute significantly in growth of North America defense fuel cells market. In U.S., factors such as presence of better defense technological infrastructure and increased defense budgets by government are likely to allow defense forces to adopt new & advanced technologies such as fuel cells.
Moreover, Europe defense fuel cell market is anticipated to grow at a significant pace during the forecast period owing to the factors such as high investments by governments in research and development of advanced technology in defense sector. Additionally, Asia Pacific region is also expected to witness satisfactory growth over the forecast period. This growth in Asia Pacific region can be attributed to favorable government initiatives and increased investment to strengthen their defense forces.CLICK TO DOWNLOAD FREE SAMPLE
By fuel cell technology, proton exchange membrane fuel cells (PEM) segment is anticipated to witness significant demand over the forecast period due to development of PEM fuel cell based vehicles and their rising adoption in defense sector.
Market Segmentation
Our-in depth analysis of the global defense fuel cell market includes the following segments:
By Fuel Cell Technology
By Application
By Region
Global defense fuel cell market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global defense fuel cell market is primarily driven by growing applications of fuel cells in defense sector including vehicles, aircrafts and ships in order to reduce emission of hazardous byproducts such as carbon, nitrogen, sulfur. Further, growing concern towards dangerous impacts of carbon emission on environment is a major factor which is increasing adoption of fuel cells in defense sectors.
Furthermore, abilities of fuel cells to generate high torque power and high durability of fuel cells are also fostering the demand for fuel cells in defense sectors. Factors such as growing demand for sufficient power generation to fulfill the load of defense equipment and high adoption of fuel cells in U.S. defense forces in order to meet the requirements of energy are major factors which are likely to drive the global market of defense fuel cells in near future.
However, high cost associated with storage of hydrogen fuel cells is a major challenge to the growth of global defense fuel cell market. Further, high implementation cost of fuel cell in defense equipment is also restraining the growth of global defense fuel cell market.
Key Players
Scope & Context
Overview of the Parent Market
Analyst View
Segmentation
The global defense fuel cell market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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