The Hydrogen Aircraft Market size is expected to reach USD 7,427 million by 2030 from USD 143 million in 2020, at a CAGR of 28.9% during the forecast period.
Some of the major factors driving this market include the increasing focus of the aviation industry on decarbonization, increasing air passenger traffic across the globe, and advantages of hydrogen aircraft over conventional aircraft.
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Collaborative activities are helping in the continuous development and growth of the hydrogen aircraft market and can be expected to yield positive results in the future. One of the examples can be H2GEAR project. H2GEAR is supported by approximately USD 37 million Aerospace Technology funding, matched by GKN Aerospace and its industrial partners to enable a total investment of USD 75 million. H2GEAR aims to develop a liquid hydrogen propulsion system for short-distance aircraft that is expected to be scaled up to larger aircraft. Liquid hydrogen is being converted to electricity within a fuel cell system. The project is being undertaken by collaboration of organizations like GKN Aerospace, Intelligent Energy, Aeristech, etc. with universities like Newcastle University, University of Manchester, and University of Birmingham.
Key Players in the hydrogen aircraft market such as Airbus SE (Netherlands), GKN Aerospace (UK), and Urban Aeronautics Ltd. (Israel) are leading in the research and development of hydrogen aircraft and related components. These companies are leading in the developing market and their products have the high demand or are expected to be leading products in the future. The market is upcoming and futuristic and hence the funding received, internally or externally is also considered while determining the market leaders.
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Airbus SE is the leading player in the hydrogen aircraft market. The company may be expected to generate the highest revenue after the market matures. The company is focusing on the development of commercial aircraft powered by hydrogen fuel. In 2020, Airbus announced its plans to launch three concepts zero-emission commercial aircraft by 2035, by the name of ‘ZEROe’. All three ZEROe variants will be hybrid-hydrogen aircraft. They are expected to be powered by hydrogen combustion through modified gas turbine engines.
GKN Aerospace is ranked second in the hydrogen aircraft market. The company has begun doing significant developments in the field of hydrogen aircraft. In January 2021, GKN Aerospace announced that it is leading the development of hydrogen propulsion systems for hydrogen-powered aircraft. It is a part of the collaborative H2GEAR program worth USD 74 million to develop the hydrogen technology. H2GEAR aims to develop a liquid hydrogen propulsion system for sub-regional aircraft that could be scaled up to larger aircraft.
Urban Aeronautics Ltd. is an upcoming startup with major developments in the new segment of urban air mobility. The company designs and develops the hydrogen-powered aircrafts that can enable easy movement in crowded urban spaces. The utilities of such aircraft are wide and include Emergency Medical Services (EMS) aircraft, Air Taxis, etc.
Related Reports:
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
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