HYDROGEN AIRCRAFT MARKET ANALYSIS

Hydrogen Aircraft MarketSize and Trends

The global hydrogen aircraft market size was valued at US$ 5.5 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 22.4% from 2023 to 2030. Hydrogen aircraft market is projected to grow at a robust pace in the forecast period. The growth is attributed to the increasing focus on de-carbonization of transport vehicles, as traditional fuel emits huge volume of carbon. Increasing focus of market players on R&D activities to develop more efficient technologies and collaboration with other companies to scale up the production of hydrogen jet engines and fuel cells is also driving the market growth.

Global Hydrogen Aircraft Market Trends:

Growing infrastructures of green hydrogen is a growing trend

The development of technology for building first ever zero-emission commercial aircrafts continues in the aerospace sector. One of the newest developments in the industry is green hydrogen that can be used for net-zero climate strategies. This new development will be an important factor in the future of aviation industry. As a result, several authorities are increasingly investing in green hydrogen. This trend is further expected to support growth of the global hydrogen aircraft market over the forecast period.

Rise in development of hydrogen-powered unmanned aircrafts is another trend

Unmanned aerial vehicles do not require human pilots and do not have passengers. These vehicles are sometimes also called drones. Drones can be partially or totally automated; yet they are mostly remotely piloted by humans. Several companies are focusing on development of such automated unmanned aircrafts that are powered by hydrogen fuel. This trend is further expected to grow in the global hydrogen aircraft market over the forecast future.

Figure 1: Global Hydrogen Aircraft Market Share (%), 2022: Regional Insights

Growing global air passenger traffic to boost the market growth

With increasing traveling and disposable income among population across the globe is leading to rise in air passenger traffic. For instance, as per the International Civil Aviation Organization (ICAO), in 2019, the number of air passenger increased to 4.38 billion, which was a 3.65% higher compared to the year before. As per the International Air Transport Association (IATA) October 2018 statistics, the number of passenger count with the developing air transport projects is likely to increase to 8.2 billion in 2037. Thus, this factor is expected to drive growth of the global hydrogen aircraft market over the forecast period.

High suitability of hydrogen to fuel the market growth

With increasing air traffic, the need for replacing petroleum-based jet aviation fuel is growing rapidly. The new fuel will need to be environment-friendly and accessible at a global level. It will also have to meet the fundamental need of safety performance, economic considerations, and environment. Hydrogen fuel can cater all these needs and is a potential element to be used as a substitute for aviation fuel used in present time. Thus, this factor in turn is expected to fuel demand for hydrogen-fueled aircraft, which in turn is likely to boost growth of the global hydrogen aircraft market over the forecast period.