by The Hydrogen Aircraft Market is estimated to be valued at US$ 6.73 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydrogen aircraft use hydrogen as fuel either through combustion or in fuel cells to generate electricity for on-board electric propulsion. Hydrogen can be burned in jet engines similar to conventional kerosene-type jet fuel or used in fuel cells to create electricity to power electric motors driving propellers or fan blades. Major manufacturers are working on developing various designs of hydrogen-powered aircraft ranging from small passenger airplanes to large commercial airliners.
Market Dynamics:
Growing environmental concern regarding carbon emission from air travel is a major driver for the hydrogen aircraft market. Hydrogen fuel produces only water vapor when burned or used in a fuel cell, which makes it a more environmentally friendly alternative to conventional jet fuel. Another driver is the declining cost of producing hydrogen fuel. Advancements in electrolysis technology are enabling less expensive hydrogen generation from renewable electricity. This is making hydrogen increasingly viable as an aviation fuel. However, challenges remain around developing cost-effective hydrogen storage and distribution infrastructure, as well as certifying new hydrogen-powered aircraft designs.
Segment Analysis
The global hydrogen aircraft market is dominated by the passenger aircraft segment. This segment holds around 60% of the total market share owing to the increasing demand for zero-emission commercial aircraft fleets. This demand is majorly driven by the rising environmental concerns around the world and stringent emission norms. Hydrogen-based passenger aircraft can help reduce carbon footprints significantly. Most of the leading aircraft manufacturers like Airbus, Boeing etc. are focusing their development efforts on developing hydrogen-powered passenger aircraft models.
PEST Analysis
Political: Many governments around the world are providing incentives and funding for R&D activities related to hydrogen aircraft development. They are promoting usage of sustainable aviation fuels to reduce dependence on conventional jet fuels.
Economic: Transition to hydrogen-based aviation will require huge investments in fueling infrastructure, technology development and aircraft production. However, it can also open new economic opportunities and help create jobs.
Social: Growing environmental awareness among public is driving demand for green transport solutions. Hydrogen aircraft with zero direct carbon emissions are more socially acceptable.
Technological: Key technological challenges include developing efficient hydrogen storage and propulsion systems, achieving required power density and specific energy. However, advancements are being made in fuel-cell and cryogenic hydrogen storage technologies.
Key Takeaways
The global hydrogen aircraft market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period of 2023 to 2030, due to increasing environmental regulations around conventional aircraft emissions. The market size for hydrogen aircraft is projected to reach US$ 145 Bn by 2030 from US$ 6.73 Bn in 2023.
North America holds the largest share of the global hydrogen aircraft market currently due to presence of major aircraft manufacturers and supporting government policies in the US and Canada for adoption of zero-emission aircraft technologies. Major companies like Boeing are testing hydrogen-electric prototype aircraft models in the region.
Europe is also emerging as another major market for hydrogen aircraft attributed to stringent emission norms and focus on indigenous aircraft development programs featuring hydrogen propulsion systems. Airbus is leading the R&D activities for hydrogen aircraft development in Europe.
Key players operating in the hydrogen aircraft market include Aerodelft, Aerovironment, Inc., Airbus S.A.S., Alakaâ€TMi Technologies, Hes Energy Systems, Pipistrel D.O.O., PJSC Tupolev, and The Boeing Company. Boeing and Airbus are the leading players focused on developing commercially viable hydrogen-electric passenger aircraft over the next decade.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
