The global hydrogen aircraft market size was valued at US$ 189.14 million in 2021 and is expected to hit over US$ 1,720.2 million by 2030 with a registered CAGR of 27.8% from 2022 to 2030.
The shifting focus of the aviation industry towards de-carbonization, the benefits of hydrogen aircraft over traditional one and growing number of air passengers are the most prominent factors that are expected to augment the growth of the global hydrogen aircraft market. The global aviation industry contributes around 2.5% of the total carbon emission across the globe. The rising government initiative to reduce carbon footprint and promote the adoption of sustainable and eco-friendly commute solutions is significantly fostering the growth of the hydrogen aircraft market. Various country members of the European Union such as France, UK, and Germany are formulating their own National Hydrogen Strategy to reduce the carbon footprint from the aviation industry.
The rising concerns over climate change and global warming has forced the governments across the globe to opt for strategies that promotes de-carbonization. The governments of various countries who are a part of the Paris agreement are under huge pressure to achieve their climate change targets set up the United Nations to fight the climate change concerns. Therefore, the collective efforts of the different countries to promote the adoption of the sustainable aviation solutions are projected to drive the growth of the global hydrogen aircraft market.
Report Scope of the Hydrogen Aircraft Market
|Market Size by 2030||USD 342.48 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 5.1%
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Passenger Capacity, Range, Technology, Application, Distance Range, Platform, Geography|
|Companies Mentioned||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.|
Passenger Capacity Insights
Based on the passenger capacity, the hydrogen aircraft market is segregated into less than 100, 101 to 200, and Above 200. In 2020, less than 100 segment dominated the global hydrogen aircraft market. This growth is primarily due to the growing investments and ongoing development works on the development of safer, efficient, and sustainable hydrogen aircrafts that can carry less number of passengers for the time being. The rising investments on the technological advancements of this less capacity aircraft makes this segment the fastest-growing segment.
Based on the range, the short haul segment was the leading segment in 2021 followed by the medium haul segment. This is owing to the rising demand for the drones across the globe. Moreover, the ongoing technological advancements regarding the development of short range aircrafts has resulted in the dominance of this segment across the globe. The increasing demand for the domestic travel across the globe and rising number of air passengers is significantly boosting the growth of the short haul hydrogen aircraft market.
Medium haul segment is expected to exhibit the highest CAGR during the forecast period. The rising investments in the research and development of extending the distance range of the hydrogen aircrafts is expected to fuel the growth of this segment. Furthermore, the rising number of international and domestic travels across the globe, owing to the globalization of business and rapidly growing tourism industry is expected to foster the growth of this segment during the forecast period. Medium haul will enable the aircraft operators to earn extra profits.
Based on the technology, the hybrid electric aircraft was the dominant segment in 2021. This dominance is attributed to ability of the hybrid aircraft to run using both the hydrogen and electric power. The shortage of one fuel may be fulfilled by using the alternative fuel. The electric power infrastructure is developed as compared to the hydrogen power infrastructure. Moreover, the increasing adoption of the hybrid electric aircraft owing to the rising concerns over the carbon emissions is expected to fuel its demand during the forecast period.
The fully hydrogen aircraft is anticipated to be the fastest-growing segment during the forecast period. The rising investments in the development of strong hydrogen power infrastructure across the developed and developing countries is expected to fuel the demand for the fully hydrogen powered aircrafts. The hydrogen power is more eco-friendlier than the electric power and the rising focus towards achieving 100% sustainable transport solutions is attracting more investments towards the development of the hydrogen infrastructure across the globe. Thus the demand for the fully hydrogen-powered aircraft segment is expected to grow at the highest CAGR during the forecast period.
North America was the leading hydrogen air craft market in 2021. The increased demand for the technologically advanced and pure sustainable and eco-friendly transport solutions has propelled the growth of the hydrogen air craft market. Furthermore, the increasing government initiatives to reduce carbon footprint and promote the sustainable transportation across the region is expected to further boost the growth of the market. The growing corporate and government investments towards building electric and hydrogen powered infrastructure to control the carbon emissions to protect environment is fueling the demand for hydrogen aircraft. The strict government regulations pertaining to environment protection is another major factor which is expected to fuel the demand for hydrogen aircraft across the North America. The presence of top multinational companies and the increase in globalization of businesses is boosting the number of domestic and international travels in North American market. The growing need for sustainable and cost effective commute solutions has significantly boosted the growth of the hydrogen aircraft market in North America.
Asia Pacific is anticipated to be the fastest growing market during the forecast period. The rising disposable income, growing demand for fast travelling solutions, rising number of passengers, and presence of huge multinational companies in the region are supporting the growth of the hydrogen aircraft market. The travelling frequency is high among the travelers due to the presence of multinational companies in Asia Pacific region. The government policies have attracted huge investments in the form of FDIs which resulted in the increased number of international travels. Furthermore, the rising government initiatives especially in countries like India and China which are the major attraction for investments for the western countries is favoring the growth of the hydrogen aircraft market. The availability of factors of production at low costs and growing investments in the development of hydrogen powered infrastructure is expected to provide various opportunities due to the manufacturers in the production of hydrogen aircrafts at low costs. Moreover, the huge demand for domestic travels in the Asia Pacific region is further boosting the growth of the market.
Key Market Developments
Some of the prominent players in the global hydrogen aircraft market include:
Segments Covered in the Report
By Passenger Capacity
By Distance Range
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