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| Hydrogen Aircraft Market |
Hydrogen fuel cells provide onboard electricity with only water as a byproduct, making them an eco-friendly alternative to conventional jet fuels. Hydrogen fuel cells can power aircraft auxiliary systems and offer a range of over 1,000 nautical miles.
The global
hydrogen aircraft market is estimated to be valued at US$ 7.76 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024-2031,
as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Green Flight Plans Drive Adoption of Hydrogen Technology
Major airlines and aircraft manufacturers have announced plans to introduce
hydrogen-powered commercial aircraft by 2035 as part of their commitments to
achieving net-zero carbon emissions by 2050. The development of hydrogen fuel
cell and storage systems suitable for aviation is being pursued through
collaborative research programs. Government incentives and potential carbon
credits for green aviation technologies are encouraging greater investment in
hydrogen aircraft development. As the technology matures and production costs
decline, hydrogen fuel cell systems could replace jet fuel or hybridize with
turbine engines to significantly reduce aviation's carbon footprint.
Segment Analysis
The global Hydrogen
Aircraft Market Share is
segmented by aircraft type into commercial aircrafts, military aircrafts, and
general aviation aircrafts. The commercial aircraft segment is expected to
dominate the market during the forecast period. This is primarily due to the
increasing focus of prominent commercial aircraft OEMs to develop
hydrogen-powered passenger aircrafts due to their clean and renewable
characteristics. For instance, major aircraft manufacturers like Airbus, Boeing
are developing prototypes of zero-emission hydrogen passenger aircrafts which
is expected to drive the demand for this segment.
Key Takeaways
The global hydrogen aircraft market is
expected to witness high growth during the forecast period of 2024-2031. The
global hydrogen aircraft market is estimated to be valued at US$ 7.76 Mn in
2024 and is expected to exhibit a CAGR of 5.0% over the forecast period
2024-2031.
Regional analysis
Europe is expected to dominate the global hydrogen aircraft market during the
forecast period. This is attributed to the presence of major aircraft OEMs like
Airbus in the region which are investing heavily in developing hydrogen-powered
aircraft technologies. The European Union has also set ambitious targets to
achieve carbon neutrality by 2050 which is likely to drive the demand for
hydrogen aircrafts from the region.
Key players
Key players operating in the hydrogen aircraft market are Arkema Group, Asahi
Kasei Corporation, BASF SE, Celanese Corporation, Covestro, DSM N.V., Dupont,
Lanxess, LG Chem., Mitsubishi Engineering-Plastics Corporation, Saudi Basic
Industries Corporation (Sabic), Solvay SA, Teijin, Toray, and Victrex Plc.
Major aircraft manufacturers like Airbus and Boeing are partnering with these
hydrogen technology players for development of hydrogen-powered prototype
aircrafts.
For more insights, read- https://www.newsstatix.com/hydrogen-aircraft-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/the-global-luxury-travel-market-growth.html
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