Hydrogen Aircraft Market Is Estimated To Witness High Growth Owing To Increasing Concerns Over Carbon Emissions

 

Hydrogen Aircraft 

The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

The hydrogen aircraft market consists of aircraft powered by hydrogen fuel cells or hydrogen combustion. Hydrogen fuel cells generate electricity to power electric motors that turn the propellers or fans of an aircraft. Hydrogen combustion burns hydrogen and oxygen directly to power turbine or reciprocating engines. Hydrogen aircraft offer promising environmental benefits compared to conventional jet fuel-powered aircraft.

 

Market key trends:

One of the key trends in the hydrogen aircraft market is growing investments by leading aircraft manufacturers in the development of hydrogen-powered aircraft. For instance, Airbus is developing three hydrogen-powered concept planes—a turbofan-powered plane called ZEROe, a blended wing body plane, and a turboprop plane. Similarly, Boeing is working to develop a concept hydrogen-fueled passenger airplane called the Boeing HyCity Concept. The company plans to conduct a passenger-carrying test flight of a hydrogen-fueled commercial aircraft by 2035. Furthermore, emerging technologies such as cryogenic fuels and renewable hydrogen production are expected to drive the market during the forecast period.

Segment Analysis

The hydrogen aircraft market is segmented based on propulsion, range, aircraft type, and technology. Based on propulsion, the market is segmented into turbofan, turbojet, and turboprop. Among these, turbojet propulsion dominates the market as it enables air-breathing combustion with hydrogen or kerosene fuel. Based on range, the market is segmented into short-haul, medium-haul, and long-haul. Medium-haul range segment dominates as hydrogen-based aircrafts can cover medium distances of up to 1,500 kms with refueling stops.

 

Key Takeaways

The global hydrogen aircraft market is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing environmental concerns regarding carbon emissions from conventional aircrafts.

 

Regional analysis - North America dominates the hydrogen aircraft market and is expected to continue its dominance over the forecast period. This is attributed to presence of major players and government initiatives to develop and integrate hydrogen propulsion technologies for aircrafts in the region.

 

Key players operating in the hydrogen aircraft market are Aerodelft, Aerovironment, Inc., Airbus S.A.S., Alakaâ€TMi Technologies, Hes Energy Systems, Pipistrel D.O.O., PJSC Tupolev, and The Boeing Company. Airbus S.A.S. and The Boeing Company hold majority of the market share owing to their investments and development of hydrogen-powered aircraft concepts. Airbus' Zeroe project and Boeing's hydrogen-fuelled passenger airplane unveilings are expected to boost the adoption of hydrogen technologies in the aviation industry over the coming decade.

 

The global hydrogen aircraft market size was valued at US$ 6.73 Bn in 2023. It is expected to exceed US$ 15 Bn by 2030, growing at a CAGR of 22% during the forecast period.

Read more

https://www.dailyprbulletin.com/hydrogen-aircraft-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

"Global Heparin Market: Current Trends and Future Prospects"

Image
  Heparin, a crucial anticoagulant, has been a mainstay in the pharmaceutical industry for many years. It plays a pivotal role in preventing and treating conditions such as deep vein thrombosis, pulmonary embolism, and various cardiovascular diseases. As we delve into the current state of the heparin market, we will explore the trends, challenges, and opportunities that shape this vital segment of the pharmaceutical industry. Market Overview: The global heparin market has experienced steady growth over the years, driven by an aging population, increasing cases of cardiovascular diseases, and a rising awareness of the importance of anticoagulants in healthcare. Heparin is available in various forms, including unfractionated heparin (UFH) and low molecular weight heparin (LMWH), each with its own set of applications and market dynamics. Trends: 1.      Rising Demand for LMWH : Low molecular weight heparin is gaining popularity due to its ease of administr...
Read more

"Advancements in Cystic Fibrosis Treatment: A Comprehensive Market Analysis"

Image
  The cystic fibrosis market has seen significant advancements and changes in recent years. Cystic fibrosis is a genetic disorder that affects the lungs and digestive system, leading to thick and sticky mucus production that can cause serious respiratory and digestive complications. The introduction of new therapies and treatments, such as CFTR modulators, has revolutionized the management of cystic fibrosis, offering hope and improved quality of life for patients. These drugs target the underlying genetic mutations responsible for the condition, helping to alleviate symptoms and slow disease progression. However, challenges remain in the cystic fibrosis market . Access to these ground-breaking therapies can be limited due to high costs, and ongoing research is needed to develop treatments for all genetic mutations associated with the disease. Additionally, the market continues to evolve as new therapies and innovations emerge. Collaborative efforts between pharmaceutical compani...
Read more

Botanical Packaging is Estimated to Witness High Growth Owing to Growing Environmental Concerns

Image
  Botanical Packaging Market Botanical packaging involves using various plant-based materials like corn starch, wheat starch, soy protein, bamboo, bagasse as raw materials for manufacturing boxes, cartons, bags and wrapping films for packaging applications. These biodegradable materials offer attractive sustainability advantages over traditional petroleum-based plastics. Botanical packaging finds widespread application in food, beverage, pharmaceutical, personal care and homecare industries for primary, secondary and tertiary packaging needs. The global botanical packaging Market is estimated to be valued at US$ 138.24 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031.   Market Dynamics: Growing environmental concerns about the menace of plastic pollution have been fuelling adoption of sustainable packaging alternatives globally. One of the key drivers for botanical packaging market is the stringent government policies and regulati...
Read more