The hydrogen combustion engine market size has grown rapidly in recent years. It will grow from $38.46 billion in 2023 to $43.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth observed in the historical period can be attributed to factors such as environmental regulations, the production of renewable hydrogen, initiatives focused on decarbonization, the development of hydrogen infrastructure, and government incentives and subsidies.
The hydrogen combustion engine market size is expected to see rapid growth in the next few years. It will grow to $65.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period can be attributed to the global emphasis on green transportation, economic viability and cost reduction, a worldwide focus on hydrogen as an energy carrier, increasing geopolitical concerns, and consumer demand for zero-emission vehicles. Major trends expected in the forecast period include research and development initiatives, integration with hybrid systems, the establishment of hydrogen safety standards, and increased collaborations and partnerships within the hydrogen industry.
The hydrogen combustion engine market is poised for growth, driven by the increasing adoption of fuel-cell cars. Fuel cell cars, functioning as electric vehicles powered by a fuel cell that generates electricity through hydrogen, offer an efficient and environmentally friendly alternative to traditional internal combustion engines. The surge in the use of fuel-cell cars is evident from the sales figures, with 12,272 hydrogen fuel cell cars sold in the United States by the end of 2021, marking a notable 37% increase from the previous year. Consequently, the expanding use of fuel-cell cars is a key factor propelling the growth of the hydrogen combustion engine market.
A significant catalyst for the hydrogen combustion engine market is the escalating demand for clean energy. Clean energy, sourced from renewable and low-impact resources, is crucial for minimizing environmental impact. Hydrogen combustion engines emerge as a viable solution in various applications, such as automobiles, airplanes, and marine ships, contributing to pollution reduction. The International Renewable Energy Agency (IRENA) reported a 10% expansion in global renewable energy capacity in 2022, reflecting a 0.4% increase compared to the previous year. This growing appetite for clean energy is a driving force behind the hydrogen combustion engine market.
Technological advancements are shaping the hydrogen combustion engine market, with companies embracing recent innovations to stay competitive. BMW, a prominent luxury vehicle company based in Germany, exemplifies this trend by introducing its first hydrogen-operated BMW iX5 Hydrogen models in February 2023. The innovative fuel cell system incorporates specialized hydrogen components designed to enhance functionality, drawing parallels to traditional combustion engines.
Strategic partnerships are playing a pivotal role in the development of hydrogen-powered engines, emphasizing collaboration for mutual benefits. Yamaha Motor Co., Ltd., a Japanese motorcycle company, forged a partnership with Toyota Motor Corporation in February 2022. This collaboration aims to manufacture a 5.0-liter V8 hydrogen-powered engine based on the engine used in the Lexus RC F premium performance coupe. The engine modifications include changes to injectors, cylinder heads, intake manifold, and other components, resulting in impressive performance with 450 horsepower at 6,800 rpm and 540 Nm of torque at 3,600 rpm.
In July 2022, EasyJet PLC, a UK-based airline company, entered into a partnership with Rolls-Royce, a UK-based car manufacturing company. This strategic collaboration focuses on advancing hydrogen combustion engine technology for aircraft, particularly narrow-body airliners. Rolls-Royce's expertise in creating hydrogen combustion engines positions it as a key player in driving innovation for various aircraft applications.
Major companies operating in the hydrogen combustion engine market report are Toyota Motor Corporation, Stellantis N.V., Ford Motor Company, General Motor Company, Honda Motor Co. Ltd., Robert Bosch GmbH, Caterpillar Incorporated, Rio Tinto Group, Renault SA, Bayerische Motoren Werke AG, Magna International Inc., Mitsubishi Heavy Industries, Cummins Inc., Komatsu Ltd., Rolls-Royce Holdings PLC, Mahindra And Mahindra Ltd., AGCO Corporation, Air Products and Chemicals Inc., MAN Energy Solutions, Plug Power Inc., Bloom Energy Corporation, Ballard Power Systems Inc., Proton Motor Fuel Cell Inc., PowerCell Sweden AB, H2 PowerTech LLC, HyTech Power LLC, Origin Engines Inc., Hyzon Motors Inc., Loop Energy Inc.
North America was the largest region in the hydrogen combustion engine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen combustion engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen combustion engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main technologies associated with hydrogen combustion engines include proton exchange membrane, phosphoric acid fuel cell, and others. A proton exchange membrane is a thin, porous substance serving as the electrolyte in a fuel cell, facilitating the passage of protons (hydrogen ions) during the electrochemical processes occurring within the fuel cell. Hydrogen combustion engines can be installed as original equipment manufacturer (OEM) solutions or as retrofits, suitable for application in passenger vehicles, commercial vehicles, ships, and other contexts.
The hydrogen combustion engine market research report is one of a series of new reports that provides hydrogen combustion engine market statistics, including the hydrogen combustion engine industry's global market size, regional shares, competitors with a hydrogen combustion engine market share, detailed hydrogen combustion engine market segments, market trends, and opportunities, and any further data you may need to thrive in the hydrogen combustion engine industry. This hydrogen combustion engine 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 combustion engine market consists of sales of combustion chambers, cylinder heads, installation parts, intake systems, fuel injection systems, ignition systems, crankshafts, pistons or rotors, and control and monitoring systems. 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.
This product will be delivered within 3-5 business days.
The hydrogen combustion engine market size is expected to see rapid growth in the next few years. It will grow to $65.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period can be attributed to the global emphasis on green transportation, economic viability and cost reduction, a worldwide focus on hydrogen as an energy carrier, increasing geopolitical concerns, and consumer demand for zero-emission vehicles. Major trends expected in the forecast period include research and development initiatives, integration with hybrid systems, the establishment of hydrogen safety standards, and increased collaborations and partnerships within the hydrogen industry.
The hydrogen combustion engine market is poised for growth, driven by the increasing adoption of fuel-cell cars. Fuel cell cars, functioning as electric vehicles powered by a fuel cell that generates electricity through hydrogen, offer an efficient and environmentally friendly alternative to traditional internal combustion engines. The surge in the use of fuel-cell cars is evident from the sales figures, with 12,272 hydrogen fuel cell cars sold in the United States by the end of 2021, marking a notable 37% increase from the previous year. Consequently, the expanding use of fuel-cell cars is a key factor propelling the growth of the hydrogen combustion engine market.
A significant catalyst for the hydrogen combustion engine market is the escalating demand for clean energy. Clean energy, sourced from renewable and low-impact resources, is crucial for minimizing environmental impact. Hydrogen combustion engines emerge as a viable solution in various applications, such as automobiles, airplanes, and marine ships, contributing to pollution reduction. The International Renewable Energy Agency (IRENA) reported a 10% expansion in global renewable energy capacity in 2022, reflecting a 0.4% increase compared to the previous year. This growing appetite for clean energy is a driving force behind the hydrogen combustion engine market.
Technological advancements are shaping the hydrogen combustion engine market, with companies embracing recent innovations to stay competitive. BMW, a prominent luxury vehicle company based in Germany, exemplifies this trend by introducing its first hydrogen-operated BMW iX5 Hydrogen models in February 2023. The innovative fuel cell system incorporates specialized hydrogen components designed to enhance functionality, drawing parallels to traditional combustion engines.
Strategic partnerships are playing a pivotal role in the development of hydrogen-powered engines, emphasizing collaboration for mutual benefits. Yamaha Motor Co., Ltd., a Japanese motorcycle company, forged a partnership with Toyota Motor Corporation in February 2022. This collaboration aims to manufacture a 5.0-liter V8 hydrogen-powered engine based on the engine used in the Lexus RC F premium performance coupe. The engine modifications include changes to injectors, cylinder heads, intake manifold, and other components, resulting in impressive performance with 450 horsepower at 6,800 rpm and 540 Nm of torque at 3,600 rpm.
In July 2022, EasyJet PLC, a UK-based airline company, entered into a partnership with Rolls-Royce, a UK-based car manufacturing company. This strategic collaboration focuses on advancing hydrogen combustion engine technology for aircraft, particularly narrow-body airliners. Rolls-Royce's expertise in creating hydrogen combustion engines positions it as a key player in driving innovation for various aircraft applications.
Major companies operating in the hydrogen combustion engine market report are Toyota Motor Corporation, Stellantis N.V., Ford Motor Company, General Motor Company, Honda Motor Co. Ltd., Robert Bosch GmbH, Caterpillar Incorporated, Rio Tinto Group, Renault SA, Bayerische Motoren Werke AG, Magna International Inc., Mitsubishi Heavy Industries, Cummins Inc., Komatsu Ltd., Rolls-Royce Holdings PLC, Mahindra And Mahindra Ltd., AGCO Corporation, Air Products and Chemicals Inc., MAN Energy Solutions, Plug Power Inc., Bloom Energy Corporation, Ballard Power Systems Inc., Proton Motor Fuel Cell Inc., PowerCell Sweden AB, H2 PowerTech LLC, HyTech Power LLC, Origin Engines Inc., Hyzon Motors Inc., Loop Energy Inc.
North America was the largest region in the hydrogen combustion engine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen combustion engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hydrogen combustion engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main technologies associated with hydrogen combustion engines include proton exchange membrane, phosphoric acid fuel cell, and others. A proton exchange membrane is a thin, porous substance serving as the electrolyte in a fuel cell, facilitating the passage of protons (hydrogen ions) during the electrochemical processes occurring within the fuel cell. Hydrogen combustion engines can be installed as original equipment manufacturer (OEM) solutions or as retrofits, suitable for application in passenger vehicles, commercial vehicles, ships, and other contexts.
The hydrogen combustion engine market research report is one of a series of new reports that provides hydrogen combustion engine market statistics, including the hydrogen combustion engine industry's global market size, regional shares, competitors with a hydrogen combustion engine market share, detailed hydrogen combustion engine market segments, market trends, and opportunities, and any further data you may need to thrive in the hydrogen combustion engine industry. This hydrogen combustion engine 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 combustion engine market consists of sales of combustion chambers, cylinder heads, installation parts, intake systems, fuel injection systems, ignition systems, crankshafts, pistons or rotors, and control and monitoring systems. 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Hydrogen Combustion Engine Market Characteristics3. Hydrogen Combustion Engine Market Trends and Strategies32. Global Hydrogen Combustion Engine Market Competitive Benchmarking33. Global Hydrogen Combustion Engine Market Competitive Dashboard34. Key Mergers and Acquisitions in the Hydrogen Combustion Engine Market
4. Hydrogen Combustion Engine Market - Macro Economic Scenario
5. Global Hydrogen Combustion Engine Market Size and Growth
6. Hydrogen Combustion Engine Market Segmentation
7. Hydrogen Combustion Engine Market Regional and Country Analysis
8. Asia-Pacific Hydrogen Combustion Engine Market
9. China Hydrogen Combustion Engine Market
10. India Hydrogen Combustion Engine Market
11. Japan Hydrogen Combustion Engine Market
12. Australia Hydrogen Combustion Engine Market
13. Indonesia Hydrogen Combustion Engine Market
14. South Korea Hydrogen Combustion Engine Market
15. Western Europe Hydrogen Combustion Engine Market
16. UK Hydrogen Combustion Engine Market
17. Germany Hydrogen Combustion Engine Market
18. France Hydrogen Combustion Engine Market
19. Italy Hydrogen Combustion Engine Market
20. Spain Hydrogen Combustion Engine Market
21. Eastern Europe Hydrogen Combustion Engine Market
22. Russia Hydrogen Combustion Engine Market
23. North America Hydrogen Combustion Engine Market
24. USA Hydrogen Combustion Engine Market
25. Canada Hydrogen Combustion Engine Market
26. South America Hydrogen Combustion Engine Market
27. Brazil Hydrogen Combustion Engine Market
28. Middle East Hydrogen Combustion Engine Market
29. Africa Hydrogen Combustion Engine Market
30. Hydrogen Combustion Engine Market Competitive Landscape and Company Profiles
31. Hydrogen Combustion Engine Market Other Major and Innovative Companies
35. Hydrogen Combustion Engine Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Hydrogen Combustion Engine Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on hydrogen combustion engine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for hydrogen combustion engine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Technology: Proton Membrane Exchange; Phosphoric Acid Fuel Cell; Other Technologies
2) By Installation: OEM (Original Equipment Manufacturer); Retrofit
3) By Application: Passenger Vehicle; Commercial vehicle; Ships; Other Applications
Key Companies Mentioned: Toyota Motor Corporation; Stellantis N.V.; Ford Motor Company; General Motor Company; Honda Motor Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Toyota Motor Corporation
- Stellantis N.V.
- Ford Motor Company
- General Motor Company
- Honda Motor Co. Ltd.
- Robert Bosch GmbH
- Caterpillar Incorporated
- Rio Tinto Group
- Renault SA
- Bayerische Motoren Werke AG
- Magna International Inc.
- Mitsubishi Heavy Industries
- Cummins Inc.
- Komatsu Ltd.
- Rolls-Royce Holdings plc
- Mahindra And Mahindra Ltd.
- AGCO Corporation
- Air Products and Chemicals Inc.
- MAN Energy Solutions
- Plug Power Inc.
- Bloom Energy Corporation
- Ballard Power Systems Inc.
- Proton Motor Fuel Cell Inc.
- PowerCell Sweden AB
- H2 PowerTech LLC
- HyTech Power LLC
- Origin Engines Inc.
- Hyzon Motors Inc.
- Loop Energy Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 43.06 Billion |
Forecasted Market Value ( USD | $ 65.37 Billion |
Compound Annual Growth Rate | 11.0% |
Regions Covered | Global |
No. of Companies Mentioned | 29 |