The Hydrogen Aircraft Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydrogen Aircraft Global Market Report 2024, The hydrogen aircraft market size has grown exponentially in recent years. It will grow from $1.4 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to environmental regulations, government initiatives, rise in air passenger traffic, rise in aerospace spending.
The hydrogen aircraft market size is expected to see exponential growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to increasing demand for unmanned aerial vehicles, growing demand for sustainable aviation fuel, increasing demand for domestic travel, emerging market growth. Major trends in the forecast period include increased investment in research and development, hydrogen hybridization, sustainability certifications, collaboration and partnerships.
An increase in air passenger traffic across the globe is expected to propel the growth of the hydrogen aircraft market. Air passenger traffic refers to scheduled passengers (number of people who have booked a flight with a commercial airline, excluding charter flights) handled by the global airline industry. With the rising number of passengers, more flights are in operation than ever before, leading to pollution due to the emittance of harmful gases by aircraft. To overcome the problem of pollution, hydrogen-based aircraft comes out to be a clean option. According to the International Air Transport Association (IATA) passenger data for March 2022, total traffic in March 2022 (measured in revenue passenger kilometers or RPKs) was up 76% compared to March 2021. Thus, an increase in aviation will drive the aviation analytics market.
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The hydrogen aircraft market covered in this report is segmented –
1) By Technology: Fully Hydrogen Powered Aircraft, Hybrid Electric Aircraft, Hydrogen Fuel Cell Aircraft, Liquid Hydrogen Aircraft
2) By Power Source: Hydrogen Combustion, Hydrogen Fuel Cell
3) By Range: 20 Km To 100 Km, More Than 100 Km, Up To 20 Km
4) By Platform: Air Taxis, Business Jets, Unmanned Aerial Vehicles
The development of unmanned aircraft powered by hydrogen is a key trend in the hydrogen aircraft market. Unmanned aerial vehicles (UAVs) are aircraft that do not have a human pilot or passengers. UAVs, sometimes known as ‘drones,’ can be totally or partially automated, but they are generally piloted remotely by a human. Many companies are moving towards developing unmanned aircraft powered by hydrogen to leverage hydrogen as a sustainable fuel source. In January 2022, Drone Works, a Japanese drone company, partnered with H3 Dynamics, a Singapore-based air mobility technology company, to build a hydrogen-powered drone. H3 Dynamics’ Aerostak hydrogen fuel cell system contains a special grade proton-exchange membrane (PEM) fuel cell stack, control electronics, lightweight enclosures with integrated air conditioning fans, and a LiPo (lithium-ion polymer)-compatible hybrid electronic board. The lightweight hydrogen-powered drone can fly longer than drones powered by lithium batteries.
The hydrogen aircraft market report table of contents includes:
- Executive Summary
- Hydrogen Aircraft Market Characteristics
- Hydrogen Aircraft Market Trends And Strategies
- Hydrogen Aircraft Market – Macro Economic Scenario
- Global Hydrogen Aircraft Market Size and Growth
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- Global Hydrogen Aircraft Market Competitive Benchmarking
- Global Hydrogen Aircraft Market Competitive Dashboard
- Key Mergers And Acquisitions In The Hydrogen Aircraft Market
- Hydrogen Aircraft Market Future Outlook and Potential Analysis
- Appendix
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