Fuel Cells Market For Industrial and Military Applications to increase by USD 1.17 billion between 2023 to 2028; Acumentrics Inc., Advent Technologies Holdings Inc., Air Liquide SA, and more among key companies - Technavio

NEW YORK, Nov. 16, 2023 /PRNewswire/ -- The fuel cells market for industrial and military applications size is expected to grow by USD 1.17 billion from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of 14.11% during the forecast period, according to Technavio. Growing demand for efficient and cleaner technologies is notably driving the fuel cells market for industrial and military applications. However, factors such as high implementation costs of fuel cells may impede the market growth. The market is segmented by End-user (Industrial and Military), Product (PEMFC, PAFC, SOFC, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the fuel cells market for industrial and military applications including Acumentrics Inc., Advent Technologies Holdings Inc., Air Liquide SA, AISIN CORP., Altergy Systems, Australian Fuel Cells Pty Ltd., Ballard Power Systems Inc., Bloom Energy Corp., Doosan Corp., Elevator World LLC, FuelCell Energy Inc., GenCell Ltd., Hyster Yale Materials Handling Inc., Intelligent Energy Ltd., Nedstack Fuel Cell Technology BV, Plug Power Inc., Redox Power Systems LLC, SFC Energy AG, Toshiba Corp., and TW Horizon Fuel Cell Technologies. The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Free Sample Report.

Fuel Cells Market For Industrial And Military Applications 2024-2028: Company Analysis

Acumentrics Inc: The company offers fuel cells such as Solid Oxide fuel cells and Ruggedized UPS and power supplies.

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Fuel Cells Market For Industrial And Military Applications 2024-2028: Segmentation

End-user

• The industrial segment is significant during the forecast period. Fuel cells in this segment have various applications including prime/backup power and CHP. In this segment, it is very important to have uninterrupted power because of its impact on the production process, which has led to industries adopting distributed energy. Another major factor driving the segment growth includes the lower emissions of fuel cells in comparison to fossil fuels.
• Other segment in the market report includes Product (PEMFC, PAFC, SOFC, and Others).

Geography 

• APAC will contribute 40% to the growth of the global market during the forecast period. The market growth in this region can be attributed to various factors, including the increase in investment in fuel cell devices and advances in technology, as well as the increasing need for reducing energy consumption across various sectors.
• Other regions included in the market report include North America, Europe, South America, and Middle East and Africa.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

Fuel Cells Market For Industrial And Military Applications 2024-2028: Key Highlights

• Historic Market Size 2018-2022
• CAGR of the market during 2024-2028
• Detailed information on factors that will assist fuel cells market for industrial and military applications growth during the next five years
• Estimation of the fuel cells market for industrial and military applications and its contribution to the parent market
• Forecasts on upcoming trends and changes in consumer behavior
• The growth of the fuel cells market for industrial and military applications
• Analysis of the competitive landscape and detailed information on companies
• Comprehensive details of factors that will impede the growth of fuel cells market for industrial and military applications companies

Related Reports:

The solid oxide fuel cells market size is forecast to increase by 191.34 MW and is estimated to grow at a CAGR of 19.46% between 2023 and 2027.

The fuel cells for military unmanned aerial vehicle (UAV) market size is estimated to grow at a CAGR of 9.82% between 2023 and 2028.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio