Press release
Growth In Air Passenger Traffic Expected To Boost Hydrogen Aircraft Market: Key Factor Driving The Growth In The Hydrogen Aircraft Market
Hydrogen Aircraft
What Is the Expected Hydrogen Aircraft Market Size During the Forecast Period?
Recent years have witnessed a significant expansion in the hydrogen aircraft market. The market size, which currently stands at $1.73 billion in 2024, is predicted to increase to $2.18 billion in 2025, indicating a compound annual growth rate (CAGR) of 25.8%. Factors such as environmental regulations, government policies, increase in the number of air travellers, and a surge in aerospace expenditure have contributed to the historical growth of this market.
The market size for hydrogen aircraft is predicted to witness substantial expansion in the coming years, increasing to a valuation of $4.83 billion by 2029, with a compound annual growth rate (CAGR) of 22.0%. The growth projected for this period is likely due to factors such as rising demand for unmanned aerial vehicles, a surge in demand for sustainable aviation fuel, an increase in domestic travel needs, and growth in emerging markets. Key trends for this forecast period include heightened investment in research and development, the hybridization of hydrogen, sustainability certifications, and collaborations and partnerships.
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What Are the High-Growth Segments in the 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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What Key Drivers Are Expected to Influence Future Hydrogen Aircraft Market Growth?
The anticipated escalation in the worldwide air passenger traffic is believed to enhance the expansion of the hydrogen aircraft market. The term 'air passenger traffic' denotes the total number of scheduled passengers (excluding charter flights) served by the global airline industry. With passenger numbers on the rise, there are more operational flights than ever before, resulting in pollution caused by toxic gases emitted by these aircraft. To address this environmental issue, hydrogen aircraft emerge as an eco-friendly alternative. As per the passenger data released by the International Air Transport Association (IATA) for March 2022, there was a 76% surge in total traffic (tracked in terms of revenue passenger kilometers or RPKs) in comparison to March 2021. Hence, the growth in aviation is expected to fuel the aviation analytics market.
Which Companies Hold the Largest Share Across Different Hydrogen Aircraft Market Segments?
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 Trends Are Driving Growth in The Hydrogen Aircraft Market?
The trend of constructing hydrogen-powered unmanned aircraft is greatly impacting the hydrogen aircraft market. Unmanned aerial vehicles (UAVs), also known as 'drones,' can operate without a human pilot or passengers and can either be totally autonomous or remotely operated. There's an increasing shift toward the development of hydrogen-propelled unmanned aircraft, using hydrogen as an eco-friendly propellant. In a notable development in January 2022, Drone Works, from Japan, collaborated with the air mobility technology firm from Singapore, H3 Dynamics, to create a drone powered by hydrogen. H3 Dynamics' Aerostak hydrogen fuel cell system is equipped with a unique grade proton-exchange membrane (PEM) fuel cell stack, control electronics, enclosures light in weight with built-in air conditioning fans, and a LiPo (lithium-ion polymer) compatible hybrid electronic board. This lighter hydrogen-run drone boasts more longevity than its lithium battery-powered counterparts.
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What Are the Emerging Geographies for The Hydrogen Aircraft Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hydrogen Aircraft Market?
2. What is the CAGR expected in the Hydrogen Aircraft Market?
3. What Are the Key Innovations Transforming the Hydrogen Aircraft Industry?
4. Which Region Is Leading the Hydrogen Aircraft Market?
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