Hydrogen Aircraft Market Size and Regional Forecast

The global hydrogen aircraft market size was valued at USD 533.29 million in 2023. The market is expected to expand from USD 610.09 million in 2024 to USD 5,122.48 million by 2032, exhibiting a CAGR of 30.47% over the study period.

A hydrogen aircraft is an aircraft that deploys hydrogen as a power source and fuel for operations. The increasing environmental regulations to control the emissions of carbon are set to flourish demand, accelerating market expansion. The major trend expected in the coming years is the growing strictness of environmental regulatory norms and an emphasis on ambitious climate goals.

During the COVID-19 pandemic, aviation industry’s significant carbon footprint was taken into consideration. The market faced several hurdles which were primarily related high costs of hydrogen infrastructure.

Fortune Business Insights™ provides this information in its research report, titled “Hydrogen Aircraft Market, 2024-2032”.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/hydrogen-aircraft-market-108161

List of Key Players Mentioned in the Hydrogen Aircraft Market Report:

Airbus (Netherlands)

Bell Textron Inc. (U.S.)

The Boeing Company (U.S.)

Embraer (Brazil)

GKN Aerospace (U.K.)

Honeywell International Inc. (U.S.)

Rolls Royce (U.K.)

Safran SA (France)

Urban Aeronautics Ltd (Israel)

ZeroAvia, Inc. (U.S.

Segmentation: Hydrogen Aircraft Market

Hybrid Electric Aircraft Segment Led Driven by Increasing Efficiency

In terms of technology, the market is bifurcated into hybrid electric aircraft and full hydrogen powered aircraft. The hybrid electric aircraft segment secured the largest hydrogen aircraft market share in 2023 on account of growing viability and efficiency of this aircraft for both military and commercial applications. This can be credited to technological advancements in hybrid propulsion systems, batteries, and electric motors.

Ability of Urban Air Mobility to Decrease Fuel Consumption to Fuel Segment Growth

By platform, the market is divided into business jets, urban air mobility, and others. The urban air mobility segment registered the largest share in 2023, which can be attributed to its ability to decrease fuel consumption and emissions by up to around 90% as compared to conventional aircraft. This creates new applications with eVTOL aircraft.

Government Funding to Expedite the Hydrogen Combustion Segment Expansion

On the basis of power source, the market is categorized into hydrogen fuel cell and hydrogen combustion. The hydrogen combustion segment led in 2023, fueled by the encouragement of the creation of aircraft through government regulations, funding, and initiatives. This is increasing wide-scale uptake, which include those with hydrogen combustion technology.

Critical Role of Short Haul Flights in Connection of Cities to Fuel Segment Growth

With respect to range, the market is segregated into long haul (>1000 Km), medium haul (1000 Km-2000 Km), and short haul (<1000 Km). The short haul (<1000 Km) segment is expected to witness the highest CAGR during the study period, driven by the criticality of these flights in connecting regions and cities that are a few hours from each other by air.

Commercial Segment Held Leading Position Owing to Surging Awareness of Environmental Issues

On the basis of application, the market is categorized into cargo, military, and commercial. The commercial segment depicted the largest share in 2023, propelled by growing awareness of tightening regulations and environmental problems. These factors are putting pressure on airlines to reduce their carbon footprint.

From the regional standpoint, the market is classified into Europe, Asia Pacific, North America, and the rest of the world.

Report Coverage:

The report offers a detailed analysis of the key driving and restraining factors affecting the market growth. In addition, it provides a comprehensive coverage of the latest trends, notable industry developments, and dominating segments. Besides this, the strategic moves implemented by leading companies to gain a competitive edge have been mentioned in the report.

Drivers and Restraints:

Incorporation of Hydrogen Fuel Cells for Hydrogen Aircraft to Escalate Market Expansion

Hydrogen fuel cells provide a considerable opportunity for hydrogen-powered aircraft in terms of environmental impact, recent developments in technology, and efficiency. Moreover recent innovations, for example, those in March 2024 from NREL have boosted the fuel cell power density by 20%. This factor has improved the cells for application on passenger aircraft by improving the power output and decreasing weight.

However, the shortage of hydrogen related fuel infrastructure support may hamper hydrogen aircraft market growth.

Regional Insights:

Europe Led Driven by Focus on Technological Innovations

Europe market for hydrogen aircraft captured the dominating position in 2023, which can be ascribed to the region’s focus on innovation in technology in this area. Moreover, in France, players including Airbus are involved in R&D advancement with their government and academic partners associated with hydrogen powered aircraft.

North America occupied a significant market share in 2023 owing to extensive investments by private aerospace and government bodies. Thus, the region is dominating hydrogen powered aircraft development.

Competitive Landscape:

Top Companies Focus on Product Innovations to Boost Their Position

The hydrogen aircraft market has a consolidated structure dominated by several companies. Joint ventures, mergers, and acquisitions are some of the strategies adopted by top companies to outshine the competition. Many companies are also focusing on product innovations to strengthen their position.

Key Industry Development:

August 2021: Embraer S.A., a prominent name in aircraft manufacturing, announced the release of the new Energia family with four new aircrafts. This family is inclusive of a new renewable energy propulsion technology.