Yahoo Finance Fuel Cell UAV Market to Garner $4.5 Billion by 2031: Allied Market Research
Increase in military spending, surge in demand for improved surveillance, and favorable regulatory compliance drive the growth of the global fuel cell UAV market. Based on region, North America contributed to the largest share in 2021, and will maintain its dominant share during the forecast period. Production activities of fuel cell UAV were stopped due to lockdown restrictions, lack of sufficient workforce, and disruptions in supply chain worldwide during the pandemic.
Portland, OR, Aug. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fuel cell UAV market generated $1.4 billion in 2021, and is estimated to reach $4.5 billion by 2031, witnessing a CAGR of 12.3% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, key segments, regional landscape, and major market players. This report is a necessary source of guidance for investors, market players, and new entrants to determine the next steps to gain a strong foothold and make decisions for taking their businesses to the next level in the next few years.
Fuel Cell UAV Industry Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $1.4 billion |
Market Size in 2031 | $4.5 billion |
CAGR | 12.3% |
No. of Pages in Report | 391 |
Segments covered | Product Type, End Use, Type, Weight, Application, and Region. |
Drivers | Upsurge in military spending |
Rise in the demand for improved surveillance | |
Favorable regulatory compliance | |
Opportunities | Technological advancements in military applications |
Rise in public-private partnerships | |
Restrains | Increase in security issues & cyber threat along with high cost of fuel cells for UAV solutions |
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Covid-19 Scenario:
Production activities of fuel cell UAV were stopped due to lockdown restrictions, lack of sufficient workforce, and disruptions in supply chain worldwide. This impacted the production volumes of fuel cell UAVs. Moreover, shortage of raw materials affected the production activities of fuel cell UAVs.
The demand from applications sectors such as civil & commercial, logistics, mining, construction, and others was reduced considerably due to stoppage or postponement of many activities such as investment in new projects during the lockdown. However, the demand is expected to recover during the post-pandemic.
Private and commercial security facilities were impacted considerably during the pandemic and led to a considerable reduction in investments initially. Moreover, the aerospace spending lowered due to the negative impact on development of autonomous aircrafts and other plans of fuel cell UAV deployment.
Various countries such as the U.S., the U.K., Germany, China, and others that have the foundation regarding drone-friendly environment were able to rapidly mobilize the technology from the start of the pandemic.
The report provides a detailed segmentation of the global fuel cell UAV market based on product type, end use, type, weight, application, and region. This analysis is helpful in devising strategies based on highest revenue generating and fastest growing segments.
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Based on product type, the hydrogen fuel cell segment contributed to the highest share in 2021, accounting for more than half of the total share, and is estimated to continue its leadership status throughout the forecast period. However, the solid oxide fuel cell segment is projected to register the highest CAGR of 13.5% from 2022 to 2031. The report also analyzes the proton exchange membrane fuel cell segment.
Based on type, the rotary wing segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global fuel cell UAV market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the hybrid segment is expected to manifest the highest CAGR of 13.6% from 2022 to 2031.
Based on weight, the less than 50 kg segment held the largest share in 2021, accounting for more than three-fifths of the total market share, and is projected to continue its lead in terms of revenue during the forecast period. However, the more than 50 kg segment is estimated to grow at the highest CAGR of 13.7% during the forecast period.
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Based on application, the civil & commercial segment accounted for the highest share in terms of revenue in 2021, and will maintain its dominance throughout the forecast period. The research also analyzes the segments including military & defense, logistics & transportation, construction & mining, and others.
Based on region, North America contributed to the largest share in 2021, holding nearly half of the global fuel cell UAV market share, and will maintain its dominant share during the forecast period. However, Asia-Pacific is expected to manifest the fastest CAGR of 14.6% during the forecast period.
Leading market players of the global fuel cell UAV market analyzed in the research include AeroVironment Inc., Boeing, Ballard Power Systems, EnergyOR, Elbit Systems Ltd., H3 Dynamics, General Atomics, Intelligent Energy Limited, Horizon Fuel Cell Technologies, ISS Aerospace, Israel Aerospace Industries (IAI), MMC-UAV, Jadoo Power Systems, Inc., Textron Inc., Northrop Grumman Corporation, Ultra, and ZeroAvia, Inc.
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