Hydrogen aircrafts utilize hydrogen fuel cells or internal combustion engines powered by liquid hydrogen to generate electricity for propulsion. They provide a zero-emission mode of air travel and help reduce carbon footprint of the aviation industry. The growing need to curb environmental pollution from conventional jet fuel powered airplanes is driving research and development of hydrogen powered aircraft technology.
The global Hydrogen Aircraft market is estimated to be valued at US$ 6.73 Bn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for zero-emission air travel is one of the major factors augmenting the hydrogen aircraft market growth. Stringent emission norms aimed at limiting pollution from airplanes is compelling aircraft manufacturers to invest in developing hydrogen powered aircraft. Various technology demonstrations and test flights in recent years have validated the viability of hydrogen as an emission free aviation fuel. This is encouraging further research and commercialization efforts to introduce hydrogen aircrafts for passenger transportation in the coming decade.
Strength: Hydrogen aircraft can be more environmentally friendly with zero direct carbon emissions. Hydrogen has a higher energy density per unit weight than conventional jet fuel.
Weakness: Developing hydrogen storage and distribution infrastructure would require very large investments. Aircraft powered by liquid hydrogen need heavy cryogenic tanks to store the fuel, which reduces aircraft payload capacity and increases structural weight.
Opportunity: Countries and regions aiming to achieve carbon neutrality by mid-century see hydrogen aircraft as integral to decarbonizing air travel. Original equipment manufacturers are investing heavily in developing hydrogen-powered aircraft.
Threats: Batteries may emerge as a more economically viable zero-emissions solution for smaller aircraft before hydrogen technologies mature. Sustained high oil prices would be required for hydrogen to achieve cost parity with conventional jet fuel.
The Global Hydrogen Aircraft Market Analysis is expected to witness high growth over the forecast period as countries aim to decarbonize the aviation industry. Europe is expected to dominate the market due to supportive government policies and initiatives promoting clean technologies. Major aircraft manufacturers like Airbus, Boeing and ZeroAvia are partnering with energy companies to develop hydrogen-powered aircraft prototypes and conduct test flights by the end of this decade.
Key players operating in the hydrogen aircraft market include Aerovironment, Inc., Airbus S.A.S., Pipistrel D.O.O and The Boeing Company. Airbus unveiled three hydrogen aircraft concepts in 2020 and aims to introduce the world’s first zero-emission commercial aircraft by 2035. Boeing partnered with ZeroAvia to develop a retrofit powertrain option for their HyFlyer II 19-seat airplane which conducted a successful maiden hydrogen flight in September 2021.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it