Market Definition
With the swiftly increasing carbon emissions, several nations worldwide are actively coming together & looking for ways to decarbonize different industries. Among all, the aviation industry is solely responsible for generating massive emissions due to the vast passenger & air traffic and is the most challenging sector to attain net-zero-emission. Hence, the industry is actively taking initiatives to go green & reduce its usage of traditional carbon-based fuels and opt for more sustainable fuel alternatives.
Numerous governments globally & prominent companies are investing substantially in several research & development activities to bring hydrogen as an aircraft power source. The hydrogen-powered aircraft can utilize hydrogen energy by either burning it in the jet/ICE engines or powering a fuel cell to run the aircraft propellers.
Market Insights
According to MarkNtel Advisors, the Global Hydrogen Aircraft Market is projected to grow at a CAGR of around 27.5% during the forecast period, 2022-27. The market is driven primarily by various technological advancements across the aviation industry like improved propulsion systems & fuel cells, enhanced fuel efficiency, & better aircraft design that are achievable using hydrogen-powered aircraft. Currently, the market is in its development phase where private companies & governments are massively investing in hydrogen-aircraft technology to decarbonize the aviation industry.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 27.5% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Russia | |
| Asia-Pacific: China | |
| Key Companies Profiled | Airbus SE, Alaka’i Technologies, Pipistrel Aircraft, Tupolev PJSC, Urban Aeronautics Ltd., ZeroAvia, INC., Honeywell International Inc., Hydrogenics, Aerovironment Inc., Flyka, HyPoint Inc., Doosan Corporation, Apus Group, Intelligent Energy, Universal Hydrogen |
| Unit Denominations | USD Million/Billion |
According to International Air Transportation Association (IATA), 2021 shall continue to bring positive changes to the industry and boost the number of airline passenger transportation across different regions. Hence, start-ups & prominent players are presenting new concepts in the market to expand the scalability of aircraft for applications like urban air mobility, defense, surveillance, etc.
For instance, a British-American start-up company, ZeroAvia, is developing hydrogen-powered aircraft to decarbonize & reduce the adverse effects of conventional aircraft on the environment. Besides, the UK government, along with private investors & commercial partners, is supporting ZeroAvia in developing the aircraft with a hydrogen-electric (fuel cell) powertrain that could carry up to 20 passengers for about 648kms. The start-up has also secured experimental certificates from Federal Aviation Administration (FAA) & Civil Aviation Authority (CAA) for its two prototype aircraft.
Covid-19 Severely Impacted the Global Hydrogen Aircraft Market
With the Covid-19 pandemic in 2020, aviation was the most severely affected industry, principally due to the imposition of stringent travel restrictions & nationwide lockdowns that significantly reduced passenger & air traffic. This combination of changes in passenger travel behavior led to substantial economic loss to the aviation sector.
However, with canceled flights and grounded aircraft, emission levels reduced substantially amidst the crisis. Besides, movement restrictions & shut down of research centers resulted in a temporary halt on several development activities for Hydrogen Aircraft.
Furthermore, due to the gradual upliftment of these restrictions, the market has been slowly gaining traction since 2021, with the maximum recovery pronounced for domestic travel than international. Nonetheless, the resumption of development activities with the reopening of research facilities shall further promote market growth in the coming years.
