Hydrogen Aircraft Market Is Estimated To Witness High Growth Owing To Increasing Concerns Over Carbon Emissions
Hydrogen powered aircraft offers solution to reduce carbon emissions as it emits only water vapor during operation. Growing concerns over carbon emissions from increasing air traffic is driving demand for zero emission aircraft technologies. Various commercial and cargo airliners are testing hydrogen powered aircraft designs to replace existing fleets with cleaner technologies by 2030. For example, Airbus is developing three hydrogen powered concept planes - Turbofan, Blended Wing Body and Flying V that can carry 100-200 passengers. Another driver is support from governments and regulatory bodies through funding and policies to encourage aviation industry's transition towards sustainable fuels. The European Union aims to power at least 2% of flights with sustainable fuels by 2025 and targets net-zero emissions by 2050.
The global hydrogen aircraft market size is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to stringent emission norms to decarbonize air travel. Asia Pacific dominates the global market with China emerging as the largest producer and consumer of hydrogen fuel. Government plans to develop hydrogen refuelling stations and manufacture clean aircraft will boost the regional market.
Hydrogen aircraft uses hydrogen as fuel to power its propulsion systems. Hydrogen has many advantages over traditional jet fuel as it is a clean energy source and does not produce carbon emissions. It can help airlines and aircraft manufacturers to achieve their sustainability goals of reducing environmental impact of air travel.
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