Hydrogen Powered Engine Market Size, Trends, Share, Growth Status and Forecast 2031

The global hydrogen-powered engine market revenue was around US$ 34.9 billion in 2030 and is estimated to reach US$ 87.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 10.4% during the forecast period from 2031 to 2040.

Hydrogen-powered engines are those that need hydrogen fuel to operate. This fuel is used to propel the vehicle. Hydrogen must be used electrochemically rather than through combustion to power hydrogen-based engines. The power source for hydrogen-powered cars is hydrogen engines. In recent years, there has been an increase in research into hydrogen as a potential fuel for zero-emission engines. To address issues with infrastructure for hydrogen storage, public perceptions of safety, and cost, the transportation sector is working to create technology.

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Factors Influencing Market Growth

• Rising government initiatives to promote the use of fuel-cell vehicles, rising demand for fuel cells in the automotive and transportation sectors, and rising demand for passenger transportation fuel the growth of the hydrogen-powered engine market.
• The lack of suitable refueling infrastructure and expensive handling and production costs for hydrogen is predicted to impede the expansion of the global industry.
• The growth of a green hydrogen ecosystem in the aerospace sector and the rise in stringent emission norms create lucrative opportunities for market growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the global hydrogen-powered engine market. The COVID-19 pandemic not only had an impact on the automobile and transportation industry, but the economic downturn also reduced investment in advanced technologies like hydrogen-powered engines. Governments from all over the world focused on making significant investments in hydrogen-powered vehicles and related technology. However, to reduce the risks associated with the pandemic, several governments reduced spending in other areas and invested heavily in enhancing hospital infrastructure. During the pandemic, government authorities and operators are projected to quickly and resume the development of clean fuel technology, which is anticipated to positively impact the market.

Regional Insights

Europe is predicted to dominate the market in terms of revenue. Hydrogen-powered engine market is expanding due to increased government regulations on vehicle emissions and increased OEM R&D spending on the creation of hydrogen-powered automobiles. For instance, the European Union committed to focus on boosting the adoption of green vehicles to reduce vehicular emissions by 80% from 1990 levels by 2050.

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Leading Competitors
The leading competitors in the global hydrogen-powered engine market are:
• AeroDelft
• Airspace Experience Technologies
• Alisport Srl
• Alstom
• Apus Group
• BAE systems
• Ballard Power Systems Inc.
• Bell Textron Inc
• Cummins Inc
• Deere Company
• Doosan Mobility Innovation
• Embraer
• GKN Aerospace Services Limited
• Hitachi
• Siemens Mobility
• Thales Group
• Toyota
• Urban Aeronautics Ltd
• Wabtec
• ZeroAvia
• Others
Segmentation Analysis
The global hydrogen-powered engine market segmentation focuses on Installation, Technology, Application, Propulsion, and Region.
Segmentation based on Installation
• OEM
• Retrofit
Segmentation based on Technology
• Proton Membrane Exchange
• Phosphoric Acid Fuel Cell
• Others
Segmentation based on Application
• Railways
• Airways
• Roadways
• Marine

Segmentation based on Propulsion
• Hybrid
• Electric

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Segmentation based on Region
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific

• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

• South America
• Brazil
• Argentina
• Rest of South America

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This release was published on openPR.