Burlingame, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Hydrogen Aircraft Market By Passenger Capacity (Less than 100, 100-200, and More than 200), By Range (Short Haul (<1,000 Km), Medium Haul (1,000-2,000 Km), and Long Haul (2,000+ Km)), By Application (Passenger Aircraft, Cargo Aircraft), - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030,” According to the report, the global hydrogen aircraft market is estimated to be valued at US$ 5.5 billion in 2022 and is expected to exhibit a CAGR of 22.4% during the forecast period (2023-2030).
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Analysts’ Views on Global Hydrogen Aircraft Market
Hydrogen aircrafts are also called on hydrogen-powered aircraft which uses hydrogen gas as their basic fuel source. These aircraft can be more eco-friendly than a conventional aircraft that work on fossil fuels. The hydrogen can be utilized in fuel cells for producing electricity for propulsion. The use of hydrogen fuel creates only water vapor as the byproduct. This in turn reduces emissions of carbon and addresses environmental concerns. The hydrogen aircraft development is representing a major step in the efforts aviation industry towards achieving sustainability and reducing the impact on the environment.
Key Trends and Analysis of the Global Hydrogen Aircraft Market:
Increasing green hydrogen infrastructure trend is likely to augment growth of the global hydrogen aircraft market over the forecast period. The technological development to build first ever zero-emission commercial aircrafts remains on-going in the aerospace industry. Green hydrogen is one of the newest developments in this industry that can be deployed under environment conservation strategies. This trend is likely to continue in the global hydrogen aircraft market in the coming future.
Global Hydrogen Aircraft Market – Drivers
Growing focus on decarbonization of the aviation industry to boost the market growth
Hydrogen aircraft have various benefits and one of the major advantage is lack of emissions of harmful gases, as the by-product of this fuel is water. As per the Air Transport Action Group, the aviation industry caused nearly 915 million tons of carbon dioxide emissions accounting for 2% global human-induced emissions and 12% owing to all types of transportation. Different nations, especially EU countries such as the U.K., Germany, France are involved in efforts to control emissions and are promoting utilization of hydrogen aircraft for the industry.
Hydrogen Aircraft Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2022: | US$ 5.5 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 22.4% | 2030 Value Projection: | US$ 27.69 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Aerodelft, Aerovironment, Inc., Airbus S.A.S., Alaka’i Technologies, Hes Energy Systems, Pipistrel D.O.O., PJSC Tupolev, and The Boeing Company | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Rise in air passenger traffic to augment the market growth
Rise in disposable income and traveling among people around the world is driving the rise in air passenger traffic. For instance, according to the International Civil Aviation Organization, the air passenger traffic increased in 2019 to 4.38 billion, which is 3.65% higher from the previous year. Thus, the demand for environmentally-friendly mode of transportation is likely to boost growth of the global hydrogen aircraft market over the forecast period.
Global Hydrogen Aircraft Market – Restrain
High production and management cost of hydrogen to limit the market growth
To extract hydrogen in gaseous form, electrolysis of water is performed. This process involves passing a high electric current in the water to isolate oxygen and hydrogen atoms. This can be a high cost process as it requires expenditure in energy requirements. Along with this, hydrogen handling in terms of mass and volume requirements is a complex procedure. Thus, the high cost of production and management of hydrogen is expected to hinder growth of the global hydrogen aircraft market during the forecast period.
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Global Hydrogen Aircraft Market – Opportunities
Increasing technological developments in fuel cell technology for aviation industry to create multiple opportunities in the global hydrogen aircraft market over the forecast period. Increasing R&D in fuel cell technology will make adopting hydrogen fuel cells easier for the aviation industry. The focus on development of fuel cells is increasing among private and public sector. For instance, in June 2022, Event 38, successfully tested flight of one E400 UAVs modified for running on hydrogen fuel cell.
Global Hydrogen Aircraft Market - Key Developments
In March 2022, HyPoint and Gloyer-Taylor Laboratores (GTL), in a joint venture announced that the company will be receiving carbon composite liquid hydrogen fuel tanks from GTL that will be integrated with the company’s own technology of hydrogen fuel cell.
In March 2022, Airbus signed a Memorandum of Understanding (MoU) for working together on development of hydrogen-fueled aircraft.
In March 2022, Gloyer-Taylor Laboratories and Hypoint announced a joint venture for providing carbon composite liquid hydrogen fuel tanks to Hypoint for integrating the technology with its hydrogen fuel cell technology.
Key Market Takeaways:
Global hydrogen aircraft market size is expected to exhibit a CAGR of 22.4% during the forecast period. The hydrogen aircraft market is growing rapidly in response to the suitability of hydrogen as the aviation fuel. Hydrogen fuel is one of the best green alternative for replacing petroleum-based jet aviation fuel that would support the constantly growing air-traffic.
On the basis of Passenger Capacity, Less than 100 Segment is expected to dominate the market during the forecast period and this is attributed to the increasing focus of market players on developing hydrogen aircraft with passenger capacity of 100 people.
On the basis of Range, Short Haul (<1,000 Km) Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand as a result of low cost of hydrogen-powered flights that allow short distance travel to passengers.
On the basis Application, Passenger Aircraft Segment is expected to dominate the market during the forecast period and this is attributed to the rise in air passenger traffic driving the demand for passenger aircrafts operating on hydrogen fuel.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in rise in entry of key players in the market across the region, and increasing initiatives around green energy for advanced air mobility in the region.
Competitive Landscape:
Key players operating in the global hydrogen aircraft market include The Boeing Company, Aerodelft, PJSC Tupolev, Aerovironment, Inc., Pipistrel D.O.O., Airbus S.A.S., Hes Energy Systems, and Alaka’i Technologies
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Detailed Segmentation:
- Global Hydrogen Aircraft Market, By Passenger Capacity:
- Less than 100
- 100-200
- More than 200
- Global Hydrogen Aircraft Market, By Range:
- Short Haul (<1,000 Km)
- Medium Haul (1,000-2,000 Km)
- Long Haul (2,000+ Km)
- Global Hydrogen Aircraft Market, By Application:
- Passenger Aircraft
- Cargo Aircraft
- Global Hydrogen Aircraft Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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