Hydrogen Aircraft Market to Reach $174.02 Bn, Globally, by 2040 at 20.20% CAGR Allied Market Research
Increase air passenger traffic worldwide, preference for hydrogen as an aviation fuel, and lowered GHG emissions drive the growth of the global hydrogen aircraft market
PORTLAND, Ore., Jan. 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Aircraft Market by Passenger Capacity (Less than 100, 100-200, and More than 200), Range (Short Haul, Medium Haul, and Long Haul), and Application (Passenger Aircraft and Cargo Aircraft): Global Opportunity Analysis and Industry Forecast, 2030–2040." According to the report, the global hydrogen aircraft industry is estimated at $27.68 billion in 2030 and is anticipated to hit $174.02 billion by 2040, registering a CAGR of 20.20% from 2030 to 2040.
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Drivers, restraints, and opportunities-
Rising air passenger traffic across the globe, high suitability of hydrogen as aviation fuel, and reduced GHG emissions fuel the growth of the global hydrogen aircraft market. On the other hand, high costs associated with the production & handling of hydrogen and huge investments required for the approval and certification of hydrogen based aircrafts impede the growth to certain extent. However, proactive government initiatives toward hydrogen powered aircrafts and growth in infrastructural development for hydrogen across the globe are projected to pave the way for lucrative opportunities in the industry.
- The outbreak of COVID-19 led to worldwide lockdown and this, in turn, affected the manufacturing facilities of hydrogen aircrafts to a significant extent.
- Also, the pandemic happened to force the governments across the globe to put more emphasis on medical services, due to which, the countries are directing most of the capital in the healthcare industry which is bowling over the investments in the hydrogen aircraft sector.
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The less than 100 segment to dominate by 2040-
Based on passenger capacity, the less than 100 segment is expected to contribute to more than three-fourths of the global hydrogen aircraft market share in 2030, and would lead the trail by 2040. Initially the hydrogen aircrafts can occupy less than 100 passengers. This factor drives the segment growth. The 101-200 segment, on the other hand, would manifest the fastest CAGR of 22.30% during the forecast period, owing to higher feasibility and ROI associated with more number of passengers, in regards with the available hydrogen aircraft technologies.
The short haul segment to maintain the dominant share-
Based on range, the short haul segment is anticipated to account for nearly half of the global hydrogen aircraft market revenue in 2030, and would rule the roost by the end of 2040, due to the fact that they are the simplest in design and first-enters in the hydrogen aircraft market space. Simultaneously, the medium haul segment would exhibit the fastest CAGR of 21.10% by 2040, owing to the increasing demand and viability for medium haul flights.
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Europe, followed by North America, is expected to garner the major share in 2030 –
Based on geography, Europe, followed by North America, is expected to garner the major share in 2030, holding more than half of the global hydrogen aircraft market. This is because the major countries in the region such as UK, Germany, France, and Spain have invested extensively to shove the development for hydrogen-fuelled aircraft. The market across Asia-Pacific, however, would register the fastest CAGR of 22.80% throughout the forecast period. This is attributed to the fact that China and Japan are one of the biggest manufacturing hubs across the world.
Key players in the industry-
- AEROVIRONMENT, INC.
- Airbus S.A.S.
- Alaka'i Technologies
- HES Energy Systems
- Pipistrel d.o.o
- PJSC Tupolev
- The Boeing Company
- Urban Aeronautics Ltd
- ZeroAvia, Inc.
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