The global hydrogen aircraft market was valued at USD 533.29 million in 2023. It is expected to grow from USD 610.09 million in 2024 to USD 5,122.48 million by 2032, reflecting a compound annual growth rate (CAGR) of 30.47% over the forecast period.
Hydrogen aircraft makes use of hydrogen as its source for propulsion as hydrogen is considered as one of the promising substitutes for conventional fossil fuels. Increasing awareness for climate change and reduction in the greenhouse gases and dependency on the non-renewable sources of energy which is set to drive the market growth. Governments all over the globe are implementing the policies for the promotion of sustainable aviation solutions. Fortune Business Insights presents this information in their report titled "Hydrogen Aircraft Market, 2024–2032."
COVID-19 Impact
Delay In The Technological Developments During The Pandemic Led To A Negative The Market Growth
The COVID-19 outbreak led to a sudden halt on the manufacturing industry. This led to delay in the technological developments and production of hydrogen aircrafts and their related components. The pandemic led to supply chain disruptions, distribution network, delay in the supply of essential components, and raw materials.
Key Players: Hydrogen Aircraft Market
Airbus (Netherlands)
Bell Textron Inc. (U.S.)
The Boeing Company (U.S.)
Embraer (Brazil)
GKN Aerospace (U.K.)
Honeywell International Inc. (U.S.)
Rolls Royce (U.K.)
Safran SA (France)
Urban Aeronautics Ltd (Israel)
ZeroAvia, Inc. (U.S)
Information Source:
https://www.fortunebusinessinsights.com/hydrogen-aircraft-market-108161
Segmentation:
By platform, the hydrogen aircraft market is classified into air taxis, business jets, unmanned aerial vehicles, and others.
On the basis of power source, the market is divided into hydrogen combustion and hydrogen fuel cell.
Based on the passenger capacity, the market is segregated into less than 100, 100-200, and above 200.
By range, the market is segregated into short haul (less than 1000km), medium haul (1000km - 2000km), and long haul (above 2000km).
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Report Coverage
The comprehensive hydrogen aircraft market research report delves into crucial elements, including the competitive landscape, material, product type, and application. The document provides valuable insights into prevailing market trends and significant industry advancements. It also encompasses a wide range of variables that have contributed to the recent expansion of the market. With a thorough examination of these factors, the report offers a holistic view of the market's current state and future potential.
Drivers & Restraints
Governments Globally Are Implementing Policies For The Promotion Of Sustainable Solutions To Offer Market Development Scope
Governments globally are implementing policies for the promotion of sustainable solutions in the aviation which is driving the hydrogen aircraft market growth. Hydrogen is considered to be one of the alternatives to the traditional fossil fuels in the aviation industry. Incentives, subsidies, and tax benefits for the development and employment of hydrogen aircrafts. These aircrafts provide sustainable solutions as they produce zero emissions at the time of operations, resulting in clean air.
One of the major restraints in the market growth is issues with long-haul flights which require new designs of aircrafts. Integration of hydrogen fuel cell can get challenging and it gets heater repeatedly which requires cooling effect leading to more weight on the aircraft.
Regional Insights
North America Leads The Market Share Due Presence Of Key Market Players
North America holds the largest part in global hydrogen aircraft market share as the region owing to high rate of innovation and technological advancements. Presence of key market players in the market for the production is also one of the reasons for the market growth.
Competitive Landscape
Various Business Initiatives Adopted By The Key Market Players To Drive Market Competition
The hydrogen aircraft market size has various key market players engaging into partnerships, collaborations, and getting certification for their new products. These strategies are set to enhance the market positions of the key market players.
Key Industry Development
March 2023: Worcester Polytechnic Institute (WPI) and Honeywell Aerospace partnered for the examination of hydrogen cells which can help in the powering of new generation of aircrafts.
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