February 26, 2024
Hydrogen Aircraft Market

Hydrogen Aircraft Market Propelled by The Rising Emphasis on Energy Efficient Aircraft

Hydrogen aircraft provide a sustainable mode of transportation by utilizing hydrogen fuel cells to power electric motors for propulsion, rather than conventional kerosene-burning jet engines. Hydrogen fuel offers higher energy levels per unit of weight as compared to conventional jet fuel, enabling aircraft to fly longer distances with greater payloads. Moreover, hydrogen fuel cells enable zero-emission flight and reduce aviation’s carbon footprint.

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 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising emphasis on sustainable aviation has propelled the development of hydrogen-powered aircraft in recent years. Several aircraft manufacturers are investing heavily in research and development of hydrogen-fueled aircraft prototypes to facilitate the transition towards greener aviation. For instance, ZeroAvia is working to develop a 19-seat hydrogen-electric aircraft with an intended range of up to 500 miles which could enable short-haul commercial flights within the next years. Such initiatives are expected to boost the adoption of hydrogen aircraft technology over the forecast period.

SWOT Analysis
Strength: Hydrogen fuel cells produce zero direct emissions and provide a more sustainable aviation fuel option. Hydrogen has a higher energy density than conventional jet fuel.

Weakness: Limited hydrogen infrastructure currently exists to support widespread use in aviation. High costs associated with converting existing aircraft fleets and building hydrogen fueling infrastructure. Safety regulations need to be established for hydrogen use in commercial aviation.

Opportunity: Growing global concern over climate change is driving demand for lower-carbon technologies across multiple industries including aviation. Establishing hydrogen as an aviation fuel could help decarbonize the hard-to-abate sector.

Threats: Traditional jet fuel is an established fuel with global distribution networks already in place. Switching to hydrogen requires overcoming technological challenges and inertia to continue relying on conventional fuels. Cost competitiveness with conventional jet fuel remains an uncertainty.

Key Takeaways
The Global Hydrogen Aircraft Market Size is expected to witness high growth over the forecast period as efforts to decarbonize the aviation sector intensify.

Regional analysis: North America and Europe currently lead in investments and trials of hydrogen-powered aircraft technologies. These regions have ambitious climate targets and support for emerging low-carbon solutions.

Key players operating in the hydrogen aircraft market include Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. These companies are developing hydrogen fuel cell and storage systems targeted for use in prototype aircraft. Advancements that improve the efficiency, power density and costs of hydrogen fuel cell systems will be critical for the technology’s viability in commercial aviation applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it