Hydrogen Aircraft Market to Reach $489 billion, Globally, by 2050 at 15.4% CAGR: Allied Market Research

The growth of the global hydrogen aircraft market is driven by factors such as increase in air passenger traffic across the globe, high suitability of hydrogen as an aviation fuel, and rise in the environmental awareness and zero emission targets.

PORTLAND, Ore., July 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Aircraft Market by Passenger Capacity (Less than 100, 101 to 200, More than 200), Range (Short Haul (Less Than 1000 Km), Medium Haul (1000 to 2000 Km), Long Haul (Above 2000 Km)), Application (Passenger Aircraft and Cargo aircraft), Power Source (Liquid Hydrogen Aircraft, Fully Hydrogen Powered Aircraft, Hybrid Electric Aircraft, and Hydrogen Fuel Cell Aircraft), and Power Output (0 to 100 KW, 100 KW to 1 MW, and 1 MW and Above): Global Opportunity Analysis and Industry Forecast, 2030-2050". According to the report, the hydrogen aircraft market was valued at $27.7 billion in 2030, and is estimated to reach $489 billion by 2050, growing at a CAGR of 15.4% from 2030 to 2050.

The growth of the global hydrogen aircraft market is driven by factors such as increase in air passenger traffic across the globe, high suitability of hydrogen as an aviation fuel, and rise in the environmental awareness and zero emission targets. However, high costs associated with production and handling of hydrogen, and technical challenges related to aircraft design, and hydrogen storage hamper the growth of the market. On the contrary, development of green hydrogen ecosystem, proactive government initiatives toward hydrogen powered aircraft are expected to offer remunerative opportunities for the expansion of the hydrogen aircraft market during the forecast period.

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The less than 100 segment to maintain its leadership status by 2050.

By passenger capacity, less than 100 segment held the highest market share in 2030, accounting for more than two-thirds of the global hydrogen aircraft market revenue, and is estimated to maintain its leadership status throughout the forecast period, as the companies are increasingly planning to manufacture hydrogen aircraft with 100 passenger capacity and develop sustainable aviation solutions to mitigate climate change and reduce the environmental footprint of the aviation industry. However, the more than 200 segment is projected to manifest the highest CAGR of 19.6% from 2031 to 2050, owing to the focus on development of full-scale hydrogen-fueled aircraft several leading manufacturers that are able to carry more than 200 passengers as large capacity aircraft are anticipated to be in high demand in the future.

The short haul segment to maintain its leadership status by 2050.

By range, the short haul segment held the highest market share in 2030, accounting for more than half of the global hydrogen aircraft market revenue, and is estimated to maintain its leadership status throughout the forecast period as various startups such as AeroDelft and ZeroAvia have undertaken efforts to manufacture small passenger hydrogen powered aircraft, which have a higher range. The study by the International Council on Clean Transportation (ICCT) titled 'Performance Analysis of Evolutionary Hydrogen-Powered Aircraft,' published in January 2022, explores the potential of hydrogen-powered aircraft to dominate the small and medium-haul aircraft market by 2050. However, the long haul is projected to manifest the highest CAGR of 17.0% from 2031 to 2050, owing to factors such as rise in international air travel, increase in demand for zero-emission, coupled with continuous development which in turn increases the demand for long-haul segment.

The passenger aircraft segment to maintain its lead position by 2050.

By application, the passenger aircraft segment accounted for the largest share in 2030, accounting for more than four-fifths of the global hydrogen aircraft market revenue, and is estimated to maintain its leadership status throughout the forecast period as there is significant growth in air travel and surge in need for cleaner & quieter aircraft, along with rise in innovations and development of new hydrogen aircraft technologies. However, the cargo aircraft segment is projected to manifest the highest CAGR of 17.3% from 2031 to 2050, owing to the rise in the strategies to revolutionize the air cargo delivery industry by offering low cost, low-carbon emissions solutions for cargo transportation.

The liquid hydrogen aircraft segment to maintain its lead position during the forecast period.

By power source, the liquid hydrogen aircraft segment accounted for the largest share in 2030, accounting for more than half of the global hydrogen aircraft market revenue, and is estimated to maintain its leadership status throughout the forecast period as liquid hydrogen aircraft has the potential to drastically reduce the environmental emission along with the operating cost of commercial aircraft, and surge in initiatives taken by leading market players to develop liquid hydrogen aircraft. However, the hydrogen fuel cell aircraft segment is projected to manifest the highest CAGR of 18.4% from 2031 to 2050, owing to the increase in technological advancement in fuel cell-based propulsion system along with the surge in developments and introduction of hydrogen fuel-cell planes prototypes.

The 0 to 100 KW segment to maintain its lead position during the forecast period.

By power output, the 0 To 100 KW segment accounted for the largest share in 2030, accounting for more than three-fifths of the global hydrogen aircraft market revenue, and is estimated to maintain its leadership status throughout the forecast period as Hydrogen aircraft manufacturers constantly work toward the development of hydrogen aircraft with 0 to 100kW for short distance travel. However, the 1MW and above segment is projected to manifest the highest CAGR of 18.6% from 2031 to 2050, owing to the several factors, such as escalating environmental regulations, the burgeoning desire for eco-friendly air travel, and the continual advancements in hydrogen propulsion technology.

Europe to maintain its dominance by 2050.

By region, Europe held the highest market share in terms of revenue in 2030, accounting for more than half of the hydrogen aircraft market revenue, and is likely to dominate the market during the forecast period, as there is an increase in hydrogen aircraft investments and R&D in prominent countries such as Germany, France, Spain, and other countries. However, the Asia-Pacific region is expected to witness the fastest CAGR of 18.0% from 2031 to 2050, owing to research centers in the region aiming to develop hydrogen-powered aircraft as objective to transition towards sustainable aviation practices, and countries investing in the R&D, innovation, and development of hydrogen-fueled aircraft.

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Leading Market Players: -

• Thales
• AeroVironment, Inc.
• GKN Aerospace
• Pipistrel
• Urban Aeronautics Ltd
• Alaka'i
• Airbus
• AeroDelft
• HES Energy Systems
• ZeroAvia, Inc.

The report provides a detailed analysis of these key players of the hydrogen aircraft market. These players have adopted various strategies such acquisition, contract, product launch, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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