DUBAI, United Arab Emirates, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The global hydrogen combustion engine market is projected to have a high-paced CAGR of 9.78% during the forecast period. The current valuation of the hydrogen combustion engine market is US$ 18.22 Bn in 2023. The value of the hydrogen combustion engine market is anticipated to reach a high of US$ 46.31 Bn by the year 2033.
The key aspects pushing the adoption of hydrogen combustion engine is owing to government attempts to promote the use of fuel cell cars, a growth in the demand for fuel cells in automotive and transportation, and an increase in the demand for passenger transportation. Internal combustion engines have long been popular.
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Despite this, OEMs are turning their attention to natural gas and hydrogen-based engines because to the rising cost of crude oil, strict emission regulations, fuel supply security, and noise pollution. This is evidently likely to promote the global hydrogen combustion engine.
In addition, an increase in government and other organizational support for the development and commercialization of refueling infrastructure throughout the world is projected to result in the rapid advancement of the global market for hydrogen combustion engines over the next few years.
In addition, the approaching decline in fuel cell costs, brought on by the rising use of creative strategies by fuel producers to lower fuel prices, is anticipated to improve the market's development prospects in the years to come. Hydrogen combustion engines are gradually evolving as a result of different technical breakthroughs and inventions, allowing them to provide high power outputs while also improving fuel efficiency.
Despite a rise in demand for electric engines and a corresponding decrease in demand for internal combustion engines powered by traditional sources, hydrogen combustion engines are estimated to continue to play an important role in the evolution of the automobile industry. Furthermore, they have the ability to improve in a variety of areas, including thermal efficiency, emissions, and electrification.
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The need for research is always being filled by researchers. Because more hydrogen-powered vehicles could be produced and put on the market thanks to the development of low-cost hydrogen energy production technology, hydrogen vehicles became a reality.
Growing scientific study has pushed vehicle manufacturers to build eco-friendly automobiles on the market in order to minimize carbon emissions in the environment. These factors are anticipated to expand the global hydrogen combustion engine market size in the forecast period.
However, hydrogen (in gaseous form) is often produced from water using electrolysis, which involves sending a strong electric current through water to separate oxygen and hydrogen atoms. The electrolysis technique is highly expensive due to the high energy needs. Moreover, the stringent norms and regulations regarding greenhouse gas emissions are expected to impede market growth.
Key Takeaways:
- During the forecast period, North America is expected to account for the largest share of the global hydrogen combustion engine market. The market in this region is expected to rise due to increasing R&D investment in order to provide cutting-edge solutions and meet end-user demands. Furthermore, the US government's renewable energy programs are spurring market growth throughout the country.
- The hydrogen combustion engine market in Europe is predicted to develop rapidly, particularly in Germany, during the projected period. This is owing to the key players in the nation are actively developing a hydrogen internal combustion engine, pushing the pan-European goal of becoming the world's first climate-neutral continent by 2050, based on their significant knowledge and years of research experience in this field.
- Owing to its ability to transfer protons over the membrane from the anode to the cathode and its importance to the electrochemical process's effectiveness, the "proton membrane exchange" technology type is expected to hold the greatest revenue, through the forecast period.
- As it fits the market niche by serving the country's middle class with low prices, high-quality amenities, small sizes, and simple financing options, the “commercial vehicles” application type, accounts for a significant share, and is the most preferred type.
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Competitive Landscape:
Owing to the existence of both international and local players, the global hydrogen combustion engine market is fragmented. A vast number of manufacturers have a significant market share in their respective regions. Organic developments, such as product releases and approvals, are often highly adopted by key companies. For instance, in April 2021, Toyota announced that it is developing a hydrogen-fueled combustion engine that will be used in sports vehicles and seeks to create a thriving and sustainable mobility society. These factors are estimated to expand the global hydrogen combustion engine market size. The following companies are key leaders in the global market for hydrogen combustion engine:
- Volvo AB
- Toyota Motor Corporation
- Volkswagen AG
- Rolls- Royce Holding plc
- Mahindra & Mahindra Ltd.
- Renault SA
- Mitsubishi Heavy Industries
- MAN SE
- General Motor Company
- Ford Motors
- Fiat Chrysler
- Robert Bosch GmbH
- AGCO Corporation
- Caterpillar Incorporated
- Shanghai Diesel Engine Company Limited
- Rio Tinto
- Komatsu
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