The 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 Overview:
Hydrogen aircraft uses liquid hydrogen as fuel in proton-exchange membrane fuel cells or hydrogen combustion engines to generate electricity that powers electric motors to propel aircraft. Hydrogen has a higher energy density than fossil fuels and hydrogen powered aircraft offers promising solution to reduce carbon emissions from aviation industry.
Market Dynamics:
Hydrogen powered aircraft offers solution to reduce carbon emissions as it emits only water vapor during operation. Growing concerns over carbon emissions from increasing air traffic is driving demand for zero emission aircraft technologies. Various commercial and cargo airliners are testing hydrogen powered aircraft designs to replace existing fleets with cleaner technologies by 2030. For example, Airbus is developing three hydrogen powered concept planes - Turbofan, Blended Wing Body and Flying V that can carry 100-200 passengers. Another driver is support from governments and regulatory bodies through funding and policies to encourage aviation industry's transition towards sustainable fuels. The European Union aims to power at least 2% of flights with sustainable fuels by 2025 and targets net-zero emissions by 2050.
SWOT Analysis
Strength: Hydrogen fuel is a clean source of energy with no carbon emissions making it environmentally friendly. Hydrogen aircraft can fly longer distances as hydrogen fuel cells are more efficient than traditional jet fuel. Many global aerospace companies are investing heavily in R&D of hydrogen aircraft which will help reduce production costs over time.
Weakness: Building entirely new hydrogen fueled aircraft will require massive investments and technological breakthroughs to overcome current safety and reliability challenges. Lack of hydrogen refueling infrastructure makes the implementation of a hydrogen aviation sector challenging in initial years.
Opportunity: Growing global focus on reducing emissions from aviation presents a big opportunity for hydrogen fueled aircraft to gain market share. Adoption of hydrogen aircraft can help airports and airlines transition to sustainable aviation fuels and comply with stringent emission norms.
Threats: Slow pace of building hydrogen infrastructure can delay commercialization of hydrogen aircraft. Economic fluctuations may dampen airline's appetite for costly hydrogen aircraft in short term.
Key Takeaways
The global hydrogen aircraft market is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing environmental regulations aimed at curbing emissions from the aviation industry. Airlines and manufacturers are exploring zero emission aircraft like hydrogen fueled planes to transition to sustainable aviation.
Regional analysis: North America dominates the global hydrogen aircraft market and is expected to maintain its lead over the forecast period. Presence of major players like Aerovironment and Pipistrel conducting hydrogen aircraft programs and projects in the US and Canada is driving the market in the region. Asia Pacific exhibits the highest growth potential for hydrogen aircraft market supported by focus of China and Japan on developing indigenous capabilities in hydrogen technologies.
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. Major players are investing in developing hydrogen-electric and fuel cell-powered aircraft prototypes to target the rising demand for sustainable aviation. The Boeing Company has partnership with zero aviation for development of hydrogen-electric aircraft concept.
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https://www.rapidwebwire.com/hydrogen-aircraft-market-size-share-growth-outlook-2023/
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