Hydrogen Aircraft Global Market Report 2024

Hydrogen aircraft utilize hydrogen fuel to propel an airplane, employing hydrogen energy in two distinct ways. The hydrogen may either be consumed in a jet engine or another internal combustion engine, or it can power a propeller through a fuel cell. These aircraft have hydrogen fuel tanks integrated into the fuselage for storage.

The primary technologies of hydrogen aircraft encompass fully hydrogen-powered aircraft, hybrid electric aircraft, hydrogen fuel cell aircraft, and liquid hydrogen aircraft. A fully hydrogen-powered aircraft solely relies on hydrogen as its power source, resulting in zero carbon emissions during flight. The power sources for hydrogen aircraft include hydrogen combustion and hydrogen fuel cells. These aircraft find applications in air taxis, business jets, and unmanned aerial vehicles, with ranges categorized as 20 km to 100 km, more than 100 km, and up to 20 km.

The hydrogen aircraft market research report is one of a series of new reports that provides hydrogen aircraft market statistics, including hydrogen aircraft industry global market size, regional shares, competitors with a hydrogen aircraft market share, detailed hydrogen aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen aircraft industry. This hydrogen aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 observed in the historical period can be attributed to factors such as environmental regulations, government initiatives, an increase in air passenger traffic, and a 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 anticipated growth in the forecast period can be linked to factors such as the increasing demand for unmanned aerial vehicles, a growing market for sustainable aviation fuel, rising demand for domestic travel, and the expansion of emerging markets. Key trends expected in the forecast period encompass heightened investment in research and development, the exploration of hydrogen hybridization, the pursuit of sustainability certifications, and an emphasis on collaboration and partnerships within the industry.

The growth of the hydrogen aircraft market is expected to be propelled by an increase in global air passenger traffic. As the number of passengers continues to rise, leading to an increased number of flights, there is a growing concern about pollution resulting from the emissions of harmful gases by aircraft. In response to this environmental challenge, hydrogen-based aircraft emerge as a cleaner option. According to the International Air Transport Association (IATA) passenger data for March 2022, there was a 76% increase in total air traffic compared to March 2021, measured in revenue passenger kilometers (RPKs). This surge in aviation activity is anticipated to drive the hydrogen aircraft market.

Government initiatives aimed at adopting clean fuel are also playing a significant role in driving the hydrogen aircraft market. The use of clean fuel not only contributes to reducing air pollution but also promotes a healthier environment and lowers greenhouse gas emissions for a more sustainable future. Government initiatives worldwide encourage the adoption of clean hydrogen fuel in aircraft, supporting advancements in sustainable aviation technology. For instance, in February 2022, the government of Russia announced two energy initiatives, 'Clean Energy' and 'New Nuclear Energy,' aligning with the country's strategic development objectives and promoting the use of clean fuel in various sectors, including aviation.

A key trend in the hydrogen aircraft market is the development of unmanned aircraft powered by hydrogen. Unmanned aerial vehicles (UAVs), commonly known as drones, are being designed to leverage hydrogen as a sustainable fuel source. Companies like Drone Works in Japan have partnered with air mobility technology firm H3 Dynamics to create a hydrogen-powered drone. The innovative Aerostak hydrogen fuel cell system, featuring a special-grade proton-exchange membrane (PEM) fuel cell stack, allows the lightweight drone to achieve longer flight durations compared to those powered by traditional lithium batteries.

Major companies in the hydrogen aircraft market are actively pursuing strategic partnerships to drive market revenues. These partnerships enable companies in the hydrogen aircraft sector to access essential resources, technology, and expertise, fostering innovation and sustainable growth in the aviation industry. An example is the collaboration between Deutsche Regional Aircraft GmbH and H2FLY GmbH in Germany, focusing on transforming a Dornier 328 demonstrator into a hydrogen fuel cell aircraft. The project aims to showcase the feasibility of emissions-free regional flights and validate hydrogen's role in sustainable aviation.

In April 2022, Textron Inc., a prominent American industrial conglomerate, acquired Pipistrel, a Slovenian-based lightweight aircraft manufacturer, for an undisclosed amount. This strategic acquisition provides Pipistrel with access to additional resources, technical expertise, regulatory experience, and a global aircraft sales and support network. The acquisition is expected to expedite the development and certification of electric and hybrid-electric aircraft by Pipistrel.

Major companies operating in the hydrogen aircraft market include Aerodelft, Aerovironment Inc., Airbus SE, Apus Group, Doosan Mobility Innovation, Boeing Company, ZeroAvia Inc., HES Energy Systems Pte. Ltd., Universal Hydrogen Co., Vertical Aerospace Ltd., Pipistrel d.o.o Ajdovščina, Eviation Aircraft Ltd., MagniX USA Inc., Urban Aeronautics Ltd., Joby Aviation Inc., GKN Aerospace Ltd., Reaction Engines Ltd., Embraer SA, Ravn X, Alaka'i Technologies Co., SkyDrive Inc., HyPoint Inc., Faradair AeroSpace Ltd., Element One Inc., Rolls-Royce PLC, Terrafugia Corp., Groupe ADP, FlyEco Pvt. Ltd., Deutsche Regional Aircraft GmbH, H2FLY GmbH, Pipistrel Aircraft d.o.o

North America was the largest region in the hydrogen aircraft market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen aircraft market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the hydrogen aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The hydrogen aircraft market consists of sales of hydrogen aircraft components including storage system, fuel cell and motor. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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