Rising Environmental Concern and Growing Applications of Fuel Cells in Defense Sector are Likely to Drive the Growth of Defense Fuel Cell Market in Near Future
The global defense fuel cell market is segmented into fuel cell technology such as proton exchange membrane fuel cell, solid oxide fuel cell, and direct methanol fuel cell. Among these segments proton exchange membrane fuel cell (PEM) segment is showcasing a significant potential for strong growth in upcoming years. Applications in automotive sector to increase the efficiency of vehicles and reduce pollution are anticipated to expand the market of defense fuel cell over the forecast period. Additionally, proton exchange membrane fuel cells (PEM) are less expansive and are able to operate at very low temperature. These beneficial advantages of fuel cell are likely to bolster the growth of global market in future. Global defense fuel cell market is expected to thrive at 8.9% CAGR over the forecast period. Moreover, the global defense fuel cell market is expected to reach at USD 815.2 by the end of 2024. The market is expected to expand on the back of growing environmental concern acr...