What Fueled The Previous Growth In The Hydrogen Combustion Engine Market?
The hydrogen combustion engine market has seen considerable growth due to a variety of factors.
•In recent times, there has been swift expansion in the market size of the hydrogen combustion engine. Its growth is projected to accelerate from $42.74 billion in 2024 to $47.68 billion in 2025, flaunting an 11.5%.
compound annual growth rate (CAGR). Factors contributing to this proliferation in the past include strict environmental rules, a surge in renewable hydrogen production, efforts towards decarbonization, the construction of hydrogen infrastructure, and government-driven incentives and subsidies.
What Is The Expected Growth In The Hydrogen Combustion Engine Market Size?
The hydrogen combustion engine market is expected to maintain its strong growth trajectory in upcoming years.
• The market for hydrogen combustion engines is projected to experience swift expansion in the coming years, ballooning to a whopping $72.99 billion by 2029 with a compound annual growth rate (CAGR) of 11.2%.
This predicted surge for the forecasted period is due to an array of factors such as the global drive towards green transportation, economic feasibility, cost-cutting initiatives, international interest in hydrogen as a source of energy, increasing geopolitical issues, and consumers' growing preference for vehicles with no emissions. The forecast period will also see trends like intensive research and development efforts, integration with hybrid systems, adherence to hydrogen safety standards, and collaborations and partnerships.
What Are the Critical Driver Fuelling the Hydrogen Combustion Engine Market's Growth?
The rise in popularity of fuel-cell vehicles is set to spur the expansion of the hydrogen combustion engine industry in the future. Essentially, a fuel cell vehicle is an electric car that propels itself by creating electricity through a fuel cell, with hydrogen serving as the fuel source. These vehicles offer a higher efficiency rate than standard internal combustion engines and produce zero harmful exhaust emissions. The growing adoption of fuel-cell cars is facilitating the expansion of the hydrogen combustion engine market. As an example, data from the International Energy Agency (IEA), an independent intergovernmental organisation based in France, highlighted that the count of hydrogen fuel-cell vehicles (FCEVs) on the roads experienced a 40% surge in 2022, resulting in over 72,000 such vehicles worldwide. Hence, the escalating use of fuel-cell vehicles is steering the progress of the hydrogen combustion engine industry.
How Is the Hydrogen Combustion Engine Market segmented?
The hydrogen combustion engine market covered in this report is segmented –
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
Subsegments:
1) By Proton Membrane Exchange: Proton Exchange Membrane Fuel Cells (PEMFC), Applications In Vehicles And Power Systems
2) By Phosphoric Acid Fuel Cell: PAFC For Transportation, PAFC For Stationary Applications
3) By Other Technologies: Solid Oxide Fuel Cells (SOFC), Alkaline Fuel Cells (AFC), Direct Methanol Fuel Cells (DMFC)
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What New Trends Are Influencing the Hydrogen Combustion Engine Market?
Rapid advancements in technology are leading the growth trends in the hydrogen combustion engine market. Entities in this market are leveraging innovative technologies to stay competitive. The Germany-based luxury car producer Bayerische Motoren Werke AG (BMW), for instance, rolled out its initial hydrogen-run BMW iX5 Hydrogen models in February 2023. This innovation involves specialized hydrogen apparatus meant to increase the efficiency of the car’s fuel cell system. These tools are replicative of elements built into conventional combustion engines, such as the intercooler, air filter, control units, and sensor technology.
Who Are the Key Players in the Hydrogen Combustion Engine Market?
Major companies operating in the hydrogen combustion engine market include:
• Toyota Motor Corporation
• Stellantis N.V.
• Ford Motor Company
• General Motor Company
• Honda Motor Co. Ltd.
• Robert Bosch GmbH
• Caterpillar Incorporated
• 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.
• PowerCell Sweden AB
• H2 PowerTech LLC
• HyTech Power LLC
• Origin Engines Inc.
What Is The Most Dominant Region In The Hydrogen Combustion Engine Market?
North America was the largest region in the hydrogen combustion engine market in 2024. 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.
