What Factors Propelled The Growth Of The Hydrogen Aircraft Market In The Past?
The hydrogen aircraft market has seen considerable growth due to a variety of factors.
• In recent times, the size of the hydrogen aircraft market has experienced exponential growth. It is projected to rise from $1.73 billion in 2024 to reach $2.18 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 25.8%.
Factors driving this growth during the historic period include environmental regulations, government strategies, increased air passenger traffic, and elevated spending on aerospace.
What Is The Projected Growth And Market Size For The Hydrogen Aircraft Sector?
The hydrogen aircraft market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for hydrogen aircraft is predicted to witness a significant rise in the upcoming years, expanding to $4.83 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 22.0%.
This growth in the projected period may be due to several factors like higher demand for unmanned aerial vehicles, escalating need for eco-friendly aviation fuel, growing domestic travel requirements, and the evolution of emerging markets. Key trends during the forecast period encompass increased funding for research and development, hydrogen hybridisation, certification for sustainability, as well as collaborations and partnerships.
What Are The Core Factors Supporting Growth In The Hydrogen Aircraft Market?
The escalation of air passenger flow globally is anticipated to boost the hydrogen aircraft industry's expansion. The term 'air passenger traffic' denotes scheduled passengers, which excludes charter flights and includes those booked on regular commercial airlines worldwide. The burgeoning passenger count has resulted in an unprecedented number of operational flights, leading to escalating pollution levels due to the release of detrimental gases from aircraft. Hydrogen-fueled aircraft offers a solution to this pollution issue by providing a cleaner alternative. Based on the International Air Transport Association (IATA) passenger data from March 2022, total flight activity witnessed a 76% surge in comparison to March 2021 using the revenue passenger kilometers (RPKs) metric. Therefore, a surge in aviation activity is expected to stimulate the aviation analytics market.
What Are The Major Segments Within The Global Hydrogen Aircraft Market?
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
Subsegments:
1) By Fully Hydrogen Powered Aircraft: Hydrogen Combustion Engines, Hydrogen Turbofan Engines
2) By Hybrid Electric Aircraft: Hydrogen-Electric Hybrid Systems, Battery-Hydrogen Hybrid Systems
3) By Hydrogen Fuel Cell Aircraft: Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC)
4) By Liquid Hydrogen Aircraft: Liquid Hydrogen Storage Systems, Cryogenic Liquid Hydrogen Systems
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Which Trends Are Expected To Transform The Hydrogen Aircraft Market?
One prominent trend in the hydrogen aircraft market is the evolution of hydrogen-powered unmanned aircraft. Unmanned aerial vehicles (UAVs), often referred to as 'drones,' are aircraft devoid of human pilots or passengers. These aircraft can be fully or partly automated, but a human usually remotely operates them. There is a growing trend among firms to develop UAVs propelled by hydrogen, capitalizing on its viability as a renewable energy source. In a recent development in January 2022, Drone Works, a Japanese drone business, collaborated with H3 Dynamics, a Singaporean air mobility technology firm, to design a drone powered by hydrogen. The Aerostak hydrogen fuel cell system developed by H3 Dynamics includes a special grade proton-exchange membrane (PEM) fuel cell stack, control electronics, compact enclosures with built-in air conditioning fans, and a LiPo (lithium-ion polymer) compatible hybrid electronic board. This lightweight, hydrogen-fueled drone has an improved flight duration as compared to drones powered by lithium batteries.
Who Are the Key Players in the Hydrogen Aircraft Market?
Major companies operating in the hydrogen aircraft market include:
• Aerodelft
• Airbus SE
• Apus Group
• Doosan Mobility Innovation
• Boeing Company
• ZeroAvia Inc.
• HES Energy Systems Pte. Ltd.
• Universal Hydrogen Co.
• Pipistrel d.o.o Ajdovšcina
• 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.
• H2FLY GmbH
• Pipistrel Aircraft d.o.o
What Is The Most Dominant Region In The Hydrogen Aircraft Market?
North America was the largest region in the hydrogen aircraft market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen aircraft market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
