Hydrogen Aircraft Market Size Worth US$ 2,148.53 Mn By 2032

The hydrogen aircraft market size is expected to be worth around US$ 2,148.53 million by 2032 and it is growing at a CAGR of 27.5% from 2023 to 2032.

Key Takeaways:

• North America dominated the market in 2022.
• Asia Pacific is expected to witness significant growth in the market during the predicted timeframe.
• By passenger capacity, the less than 100 segment dominated the global market in 2022.
• By range, the short haul segment captured the largest market share in the year 2022.
• By range, the medium haul segment is expected to grow at a significant rate during the forecast period.
• By technology, the hybrid electric aircraft segment is expected to be the leading segment of the market. On the other hand, the fully hydrogen aircraft segment will grow at a significant rate during the forecast period.

The global aviation industry has significant contribution of about 2.5% of carbon emissions across the globe. The rising focus of the aviation industry to de-carbonize the aircrafts is significantly fueling the adoption of hydrogen aircraft across the globe. The traditional fuel transport solutions results in excess carbon emissions thereby contributing to the increased level of air pollution.

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The rising government initiatives to control carbon footprint from transport solutions is boosting the investments towards the development of hydrogen powered infrastructure, which is expected to foster the growth of the hydrogen aircraft market during the forecast period. The countries of European Union such as Germany, France, and UK are formulating their own National hydrogen strategy to control carbon footprint from the aviation industry. These government initiatives are expected to support the adoption of hydrogen aircraft across the globe and fuel the demand for sustainable transport solutions.

Report Highlights

• On the basis of passenger capacity, the less than 100 segment led the market in 2021. The huge spaces required by the hydrogen fuel tanks has resulted in the development of less than 100 passenger capacity aircrafts across the globe, and hence resulted in its dominance.
• Based on the range, the short haul dominated the market in 2021. This is attributed to the presence of huge number of short haul aircrafts that can effectively and safely cover a short range owing to the space limitations.
• Based on the technology, the fully hydrogen powered aircraft is expected to witness the highest CAGR. The rising government and corporate investments in the development hydrogen fuel infrastructure and efficient hydrogen aircrafts are the major factors that are expected to boost the growth of this segment.

Report Scope of the Hydrogen Aircraft Market

Regional Snapshot

North America dominated the global hydrogen aircraft market in 2021. This growth is attributed to the huge demand for advanced and sustainable transport solutions among the population. The presence of leading multinational corporations in North America and their subsidiary companies across the globe results in huge number of international and domestic travels. Therefore the increased frequency of flight travels is resulting in the production of increased level of air pollution. The rising government initiatives to curb the carbon emission and promote sustainable and eco-friendly commute solutions are significantly fueling the adoption of hydrogen aircraft in North America.

Moreover, the investments are increasing towards the development of hydrogen and electric powered infrastructure which is significantly fostering the growth of the North America hydrogen aircraft market. The rising investments in the research and development of long range hydrogen aircrafts and ongoing developments on the seating ergonomics to increase the number of passers in a single aircraft is anticipated to offer lucrative growth opportunities to the market players in the upcoming future.

The Asia pacific hydrogen aircraft market is expected to witness the highest CAGR during the forecast period. The presence of various subsidiary companies and several MNCs in the region is resulting in growing number of international and domestic travels across borders owing to the globalization of businesses. Asia Pacific is a huge market owing to the presence of huge population and it successfully attracts huge investments from the multinational corporations.

Furthermore, the rapidly growing tourism industry in Asia Pacific is resulting in significant number of domestic and international tours which is a prominent factor behind the growing demand for aircraft travel. The rising government and corporate initiatives to control carbon emission from the airplanes is significantly boosting the growth of hydrogen aircraft market.

Market Dynamics

Driver

Rising focus on de-carbonization

The global aviation industry has significant contributions towards the carbon emissions. The huge need for air travel facilities among the global population, the air traffic is significantly high, which results in huge volume of carbon emission. The deteriorating environmental condition owing to the carbon emission from transport vehicles is shifting the focus towards the de-carbonization. Therefore, the demand for the hydrogen aircraft is expected to grow at a significant pace during the forecast period.

Restraint

High costs of hydrogen production

The traditional fuel emits huge volume of harmful gases. The best eco-friendly alternative is to produce hydrogen from water. The production of hydrogen fuel is a costly affair and hence the high costs of hydrogen production may hamper the growth of the hydrogen aircraft market during the forecast period.

Opportunity

Increasing government focus on hydrogen aircrafts

The increasing government initiatives in the past few decades to preserve environment and to encourage the adoption of clean and green energy is significantly offering growth impetus to the hydrogen aircraft market. The government, in the form of incentives and subsidies is offering huge advantages to the hydrogen aircraft manufacturers across the globe.

Challenge

Challenges associated with retrofitting

The manufacturers are involved in redesigning of the existing aircrafts to convert it into hydrogen aircrafts, which is a complex task. Hydrogen requires huge fuel tank that is creating space issues for the manufacturers. Furthermore, the liquid hydrogen fuel needs to be stored at a very low temperature which requires expensive cryogenic tanks. These complexities are the major challenges for the manufacturers of the hydrogen aircraft market.

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Recent Developments

• In March 2021, AeroDelftlaunched its latest Phoenix PT aircraftprototype, which will be powered by liquid hydrogen fuel and it can cover a distance of 500 Km.

Key Market Developments

• In March 2021, AeroDelft introduced its new prototype called Phoenix PT aircraft. It will be powered by liquid hydrogen and it is expected to fly for seven hours.
• In September 2020, Airbus revealed its three aircraft concepts that are expected to run on hydrogen and it is expected to become operational by the year 2035.

Some of the prominent players in the global hydrogen aircraft market include:

• Aerodelft
• Aerovironment Inc.
• Airbus Se
• Apus Group
• Doosan Mobility Innovation
• Flyka
• Gkn Aerospace
• Hes Energy Systems
• Honeywell International Inc.
• Hypoint Inc.
• Intelligent Energy Holdings
• Pipistrel D.O.O
• Plug Power Inc.
• Shanghai Pearl Hydrogen Energy Technology Co. Ltd.
• Urban Aeronautics Ltd.
• Zeroavia Inc.

Segments Covered in the Report

By Passenger Capacity

• Less than 100
• 101 to 200
• Above 200

By Range

• Short Haul
• Medium Haul
• Long Haul

By Technology

• Fully Hydrogen-Powered
• Hybrid Electric Powered
• Hydrogen Fuel Cell Aircraft
• Liquid Hydrogen Aircraft

By Application

• Passenger Aircraft
• Cargo Aircraft

By Distance Range

• Up to 20 km
• 20 km to 100 km
• More than 100 km

By Platform

• Unmanned Aerial Vehicles
• Air Taxis
• Business Jets

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Malaysia
  • Philippines
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East & Africa (MEA)
  • GCC
  • North Africa
  • South Africa
  • Rest of the Middle East & Africa

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