by The hydrogen aircraft market is primarily driven by increasing focus on sustainable aviation fuel to reduce carbon footprint of aircraft industry. Hydrogen has potential to serve as zero-emission fuel for aircraft propulsion. Various private and public organizations are increasingly investing in research and development of hydrogen-powered aircraft. For instance, ZeroAvia, a UK-based start-up, is developing a 19-seat, twin-turboprop airplane named HyFlyer II that uses hydrogen fuel cells to generate electricity which powers the aircraft. Such initiatives are expected to drive the adoption of hydrogen as alternative aviation fuel.
The global hydrogen aircraft market is estimated to be valued at US$ 6.73 Bn in 2024 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 Dynamics:
One of the major driver for the hydrogen aircraft market is rising focus on sustainable aviation fuel. Growing environmental concerns regarding conventional jet fuel have necessitated the development of zero-emission propulsion technologies. Hydrogen has potential to serve as a clean aviation fuel with only water vapor emissions. Several aircraft manufacturers such as Airbus, Boeing are exploring feasibility of hydrogen-powered commercial aircraft. Such initiatives are expected to boost the adoption of hydrogen as sustainable aviation fuel over the forecast period.
Additionally, developments in hydrogen fuel cell and storage technologies is also expected to support the market growth. Advancements such as lightweight high-pressure tanks, improved fuel cell systems with high energy density are providing viability to hydrogen aircraft concept. This is positively impacting the research in hydrogen-powered aircraft prototypes.
Segment Analysis
The global hydrogen aircraft market can be segmented based on application, aircraft type and technology. Based on application, the market is segmented into passenger aircraft and cargo aircraft. The passenger aircraft segment is expected to be the largest during the forecast period. This is attributed to the increasing demand for zero-emission aircraft from airlines for short-haul flights. Based on aircraft type, the market is divided into commercial aircraft, military aircraft and others. The commercial aircraft segment dominates the market due to rising investments by airline operators and aircraft OEMs towards development of hydrogen-powered aircraft.
PEST Analysis
Political: Governments across the world are promoting the use of sustainable aviation fuels and alternative propulsion technologies to reduce CO2 emissions from the aviation industry. They are providing funding and incentives to aircraft manufacturers for the development of hydrogen-powered aircraft. Economic: The rising fuel costs and implementation of stringent environmental norms are driving airlines and aircraft manufacturers to adopt hydrogen-based propulsion solutions. This is expected to lower operating costs while meeting emission compliance standards. Social: Growing awareness about climate change and carbon footprint of air travel is increasing passenger preference for greener airline operations. This is supporting the development of zero-emission aircraft powered by hydrogen. Technological: Major innovations are underway in hydrogen storage, fuel cells and cryogenic systems to enhance the viability of hydrogen as an aviation fuel. Advancements in metallurgy, composite materials and cooling technologies will facilitate building of lightweight hydrogen-compatible aircraft structures.
Key Takeaways
The Global Hydrogen Aircraft Market Size is expected to witness high growth.
Regional Analysis: North America dominates the current hydrogen aircraft market. This is attributed to significant investments by NASA, aircraft manufacturers such as ZeroAvia, and startups in the development of hydrogen-powered flight demonstrators and prototypes in the region. However, Asia Pacific is expected to emerge as the fastest growing regional market during the forecast period. This is backed by rising R&D funding and initiatives by governments of China, Japan and South Korea for commercialization of hydrogen aircraft.
Key players operating in the hydrogen aircraft market are 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. Major players are investing in material science and partnering with aircraft manufacturers to develop advanced hydrogen-compatible composites for primary aircraft structures. They are also collaborating with fuel cell manufacturers for integration of PEM fuel cells in propulsion systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
