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