July 14, 2024

Hydrogen Aircraft Market Is Expected To Be Boosted By The Growing Popularity Of Hydrogen Fuel Cells

Hydrogen aircraft, powered by fuel cells or liquid hydrogen combustion, have emerged as a sustainable option for aviation. Hydrogen-powered aircraft generate zero carbon emissions and have a much lower environmental impact than conventional aircraft. They are being seen as feasible alternatives to lower aviation’s carbon footprint in line with climate change goals. The two main types of hydrogen aircraft concept under development are hybrid-electric and pure liquid hydrogen combustion engines. Hybrid-electric designs feature fuel cells that produce electricity to power electric motors, while combustion aircraft burn liquid hydrogen in modified gas turbine engines. Major aircraft manufacturers like Airbus, Boeing and ZeroAvia are actively pursuing hydrogen aircraft programs.

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 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics:

The growing popularity of hydrogen fuel cells is expected to drive the market during the forecast period. Hydrogen fuel cells generate electricity through an electrochemical reaction between hydrogen and oxygen, emitting only water and heat. They offer several advantages over conventional internal combustion engines such as high efficiency, near-zero emissions and quiet operation. Many key players are developing hydrogen-powered aircraft designs that utilize fuel cells to generate electric power for propulsion. Another major driver is the need to reduce aviation’s carbon footprint. The aviation sector accounts for nearly 3% of total carbon emissions globally. With increased focus on sustainability and emission reduction targets, hydrogen emerged as a promising clean alternative fuel for the aviation industry.

Segment Analysis
The global hydrogen aircraft market is segmented on the basis of technology, aircraft type, and range. Among technology segments, liquid hydrogen segment dominates the market currently due to its higher energy density. This segment accounted for around 60% of total market share in 2023. However, gaseous hydrogen is expected to witness faster growth during the forecast period owing to its ease of handling.

PEST Analysis

Political: The growing initiatives of governments towards developing hydrogen-based infrastructure and promotion of zero-emission aircraft will positively influence the market. Many governments are coming up with supportive policies and regulations to boost hydrogen aircraft development.
Economic: High development and production costs of hydrogen aircraft pose challenges to market growth. However, lower operating costs compared to conventional aircraft will drive their adoption over the long-run.
Social: Rising environmental concerns and need for sustainable aviation is a key factor driving the demand for clean aviation technologies. Customers are willing to fly in hydrogen-powered aircraft as they cause less noise and zero emissions.
Technological: Significant technology advancements are being made in hydrogen storage, power generation, and distribution systems for aircraft. Improved fuel cell and battery technologies will make hydrogen aircraft viable and feasible alternatives.

Key Takeaways
The Global Hydrogen Aircraft Market Analysis is expected to witness high growth at a CAGR of around 22% during the forecast period. Europe dominates the current market owing to robust government support initiatives and presence of leading players like Zeroavia and Hypoint in the region. Key players operating in the hydrogen aircraft market are Aerodelft, Aerovironment, Inc., Airbus S.A.S., Alaka’i Technologies, Hes Energy Systems, Pipistrel D.O.O., PJSC Tupolev, and The Boeing Company.

Regional analysis
The European region accounts for around 40% of the global hydrogen aircraft market share currently. Countries like Germany, France, and the UK are aggressively investing in developing related infrastructure and technologies. The region also has a strong industrial base to produce key aircraft components.

Key players
Key players operating in the hydrogen aircraft market are Aerodelft, Aerovironment, Inc., Airbus S.A.S., Alaka’i Technologies, Hes Energy Systems, Pipistrel D.O.O., PJSC Tupolev, and The Boeing Company. Airbus S.A.S. and The Boeing Company are working on developing hydrogen-powered narrow-body aircraft by 2035.

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