Hydrogen fuel cells provide onboard electricity with only water as a byproduct, making them an eco-friendly alternative to conventional jet fuels. Hydrogen fuel cells can power aircraft auxiliary systems and offer a range of over 1,000 nautical miles.
The global hydrogen aircraft market is estimated to be valued at US$ 7.76 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Green Flight Plans Drive Adoption of Hydrogen Technology
Major airlines and aircraft manufacturers have announced plans to introduce hydrogen-powered commercial aircraft by 2035 as part of their commitments to achieving net-zero carbon emissions by 2050. The development of hydrogen fuel cell and storage systems suitable for aviation is being pursued through collaborative research programs. Government incentives and potential carbon credits for green aviation technologies are encouraging greater investment in hydrogen aircraft development. As the technology matures and production costs decline, hydrogen fuel cell systems could replace jet fuel or hybridize with turbine engines to significantly reduce aviation's carbon footprint.
Segment Analysis
The Global Hydrogen Aircraft Market Share is segmented by aircraft type into commercial aircrafts, military aircrafts, and general aviation aircrafts. The commercial aircraft segment is expected to dominate the market during the forecast period. This is primarily due to the increasing focus of prominent commercial aircraft OEMs to develop hydrogen-powered passenger aircrafts due to their clean and renewable characteristics. For instance, major aircraft manufacturers like Airbus, Boeing are developing prototypes of zero-emission hydrogen passenger aircrafts which is expected to drive the demand for this segment.
Key Takeaways
The global hydrogen aircraft market is expected to witness high growth during the forecast period of 2023-2031. The global hydrogen aircraft market is estimated to be valued at US$ 7.76 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2031.
Regional analysis
Europe is expected to dominate the global hydrogen aircraft market during the forecast period. This is attributed to the presence of major aircraft OEMs like Airbus in the region which are investing heavily in developing hydrogen-powered aircraft technologies. The European Union has also set ambitious targets to achieve carbon neutrality by 2050 which is likely to drive the demand for hydrogen aircrafts from the region.
Key players
Key players operating in the hydrogen aircraft market are Arkema Group, Asahi Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont, Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc. Major aircraft manufacturers like Airbus and Boeing are partnering with these hydrogen technology players for development of hydrogen-powered prototype aircrafts.
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