PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211732
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1211732
Hydrogen powered engine market size was valued at USD 22,008.7 Million in 2022, expanding at a CAGR of 12.8% from 2023 to 2030.
Hydrogen-powered engines are the zero-emission engine that uses hydrogen fuel for the propulsion of the vehicle. Additionally, the hydrogen-based powered engine needed the electrochemical usage of hydrogen as compared to the combustion process. Moreover, for hydrogen-powered vehicles hydrogen engine act as a power source. Furthermore, fuel cell vehicles are equipped with fuel cell units to use hydrogen & air and drive the vehicle in an environmentally viable manner.
Market Dynamics:
The key factors including rising demand for fuel cells in automotive and transportation, rising demand for passenger transportation, and government initiatives to stimulate the adoption of fuel cell vehicles are projected to drive the hydrogen-powered engine market growth. However, high production costs and adequate refueling infrastructure are the restraining factor of the hydrogen-powered engine market.
Moreover, the development of a green hydrogen ecosystem in the aerospace industry and the rigid emission norms are expected to create lucrative opportunities for the hydrogen-powered engine industry during the forecast period. The COVID-19 had a negative impact on the hydrogen-powered engine market. Due to the lockdown manufacturing facilities were closed which simultaneously impact the demand. Additionally, due to the restriction imposed by the government, import and export were restricted and it was difficult for manufacturers to acquire necessary raw materials.
Segmentation Analysis:
The Computer-Aided Drug Discovery Market is segmented on the basis of technology, application, propulsion, and by region.
The market is divided into two categories based on technology: proton membrane exchange, phosphoric acid fuel cells, and others. The proton membrane exchange segment is expected to dominate the market. The potential to decrease overall energy consumption, high energy density, and zero carbon emission make proton membrane exchange suitable for the transportation sector further expected to propel the hydrogen-powered engine market growth.
The market is divided into two categories based on application: railways, airways, roadways, and marine. The roadways segment is expected to possess the market share. Due to safety and cost transportation sector is working to develop technologies to tackle challenges linked with a hydrogen storage infrastructure that further increases the demand for the roadways segment.
The market is divided into two categories based on propulsion: hybrid and electric. Fuel cells vehicle is considered a feasible transportation option owing to their power capacity and long-distance range. To run the vehicle it requires electricity with further expected to dominate the electric segment market growth.
Competitive Landscape:
Key players are focusing on R&D and technological advancements which leads to the hydrogen-powered engine market growth. Based on advanced technologies and emission-free features hydrogen-powered vehicles are gaining popularity during the forecast period. Additionally, such companies are constantly focusing on the process of developing efficient and better hydrogen-powered engines for vehicles. Moreover, market players are focusing on increasing their presence by adopting collaboration strategies and mergers & acquisitions to oppose competition in the market.
For instance, in August 2023, Proton Motor Power announced the launch of a large power generation pack, producing 90 kW of gross power based on its 'PM' module. It would be installed in a cabinet with a volume of 452 liters, for 0.2 kW per liter. It also includes a complete balance of power electronics and plants.
Key features of the study:
This proposed research study on hydrogen powered engine market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for hydrogen powered engine market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the hydrogen powered engine market.
Impact of COVID-19 on hydrogen powered engine market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on hydrogen powered engine market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the hydrogen powered engine market, we have also included competitive landscape and key innovator analysis for the hydrogen powered engine market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the hydrogen powered engine market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global hydrogen powered engine market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
HYDROGEN POWERED ENGINE MARKET KEY PLAYERS
Aerodelft
Airspace Experience Technologies, Inc.
AERODELFT
Ballard Power Systems
Deere & Company
Thales Group
GKN Aerospace Services Limited
Siemens
URBAN AERONAUTICS LTD
Alisport Srl
Apus Group
Alstom
Hitachi Ltd.
Bell Textron Inc.
Toyota Motor Corporation
Urban Aeronautics Ltd
BAE Systems Plc.
HYDROGEN POWERED ENGINE MARKET, BY TECHNOLOGY
Proton Membrane Exchange
Phosphoric Acid Fuel Cell
Others
HYDROGEN POWERED ENGINE MARKET, BY APPLICATION
Railways
Airways
Roadways
Marine
HYDROGEN POWERED ENGINE MARKET, BY PROPULSION
Hybrid
Electric
HYDROGEN POWERED ENGINE MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA