DUBLIN--(BUSINESS WIRE)--The "Hydrogen Aircraft Market by Power Source (Hydrogen Combustion, Hydrogen Fuel Cell), Platform (Unmanned Aerial Vehicles, Air Taxis, and Business Jets), Range, Passenger Capacity, Technology, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The hydrogen aircraft market is estimated to be USD 143 million in 2020 and is projected to grow from USD 1,411 million in 2025 to USD 7,427 million by 2030, at a CAGR of 28.9% from 2025 to 2030.
The aviation industry contributes significantly towards carbon emissions with approximately 2.5% of the global CO2 emissions. Since the massive reduction of air traffic due to COVID-19, industry stakeholders are making efforts in the decarbonization of the aviation industry. This is of concern for governments in the European Union (EU), particularly Germany, UK, and France. Governments of these nations have formulated their own National Hydrogen Strategies with a focus on the decarbonization of transportation and aviation.
Based on power source, hydrogen fuel cell segment is projected to lead hydrogen aircraft market during the forecast period
Based on power source, the hydrogen aircraft market is segmented into hydrogen combustion based and hydrogen fuel cell based. The hydrogen fuel cell segment is expected to dominate the market as hydrogen fuel cells are widely commercialized and can be easily sourced.
Based on passenger capacity, up to 4 passengers segment projected to dominate hydrogen aircraft market during the forecast period
Based on passenger capacity, the hydrogen aircraft market has been segmented into up to 4 passengers, 5 to 10 passengers, and more than 10 passengers. The up to 4 passengers segment leads the market. It is because the unmanned hydrogen aircraft leads the market currently, which means that the aircraft carries no passengers.
Based on range, the up to 20 km segment accounts for the largest market size during the forecast period
Based on range, the hydrogen aircraft market is segmented into up to 20 km, 20 km to 100 km, and more than 100 km. the up to 20 km segment dominates the market. This is because the hydrogen aircraft market is dominated by UAVs, surveillance drones, etc. that do not need to travel long distances.
Based on platform, the unmanned aerial vehicles segment accounts for the largest market size during the forecast period
Based on the platform, the hydrogen aircraft market has been segmented into unmanned aerial vehicles, air taxis, and business jets. The unmanned aerial vehicles segment is expected to dominate the market. This is since the hydrogen aircraft market is still in the developing stage and unmanned aircraft like drones and other unmanned military and surveillance aircraft make an overwhelmingly large proportion of the market.
Based on technology, the hybrid electric aircraft segment accounts for the largest market size during the forecast period
Based on technology, the hydrogen aircraft market is segmented into fully hydrogen powered aircraft and hybrid electric aircraft. The fully hydrogen powered aircraft uses hydrogen fuel as the sole power source while the hybrid electric aircraft uses both, hydrogen, and batteries as power source. The market is currently dominated by hybrid electric aircraft. This is because the fully hydrogen powered aircrafts are in the developing stage and hydrogen fuel cells are already commercialized in automotive sector which makes their adoption in Aerospace and Defense feasible.
North America accounted for the largest share in 2020
The hydrogen aircraft market has been studied for North America, Europe, Asia Pacific, and Rest of the World. North America is estimated to account for the largest share of the global market in 2020. Major developments and start-ups in unmanned hydrogen aircraft like UAVs and surveillance drones has enabled the North America to stay at the top of the share. Further developments expected in the fields of passenger and commercial hydrogen aircrafts will propel the growth of hydrogen aircraft market and North America is expected to retain its top position throughout the forecast period.
Market Dynamics
Drivers
- Focus of the Aviation Industry on Decarbonization
- Increasing Air Passenger Traffic Across the Globe
- Advantages of Hydrogen Aircraft Over Conventional Aircraft
- Hydrogen Offers Alternative Air Transportation Solutions
Restraints
- High Costs Associated with the Production of Hydrogen
Opportunities
- Development of Fuel Cell Technologies in the Aviation Industry
- Focus of Governments on the Development of Hydrogen Aircraft
Challenges
- Retrofitting Existing Aircraft into Hydrogen Aircraft
- Storage of Hydrogen Fuel in Aircraft
- Sustainable Hydrogen Production for Aircraft
Companies Mentioned
- Aerodelft
- Aerovironment Inc.
- Airbus Se
- Apus Group
- Doosan Mobility Innovation
- Flyka
- GKN Aerospace (Under Melrose Industries plc.)
- HES Energy Systems
- Honeywell International Inc.
- Hypoint Inc.
- Intelligent Energy Holdings
- Pipistrel D.O.O
- Plug Power Inc.
- Shanghai Pearl Hydrogen Energy Technology Co. Ltd.
- Urban Aeronautics Ltd.
- Zeroavia Inc.
For more information about this report visit https://www.researchandmarkets.com/r/bt882s
