The global hydrogen aircraft market was valued at USD 533.29 million in 2023. It is expected to grow from USD 610.09 million in 2024 to USD 5,122.48 million by 2032, reflecting a compound annual growth rate (CAGR) of 30.47% over the forecast period.

Hydrogen aircraft makes use of hydrogen as its source for propulsion as hydrogen is considered as one of the promising substitutes for conventional fossil fuels. Increasing awareness for climate change and reduction in the greenhouse gases and dependency on the non-renewable sources of energy which is set to drive the market growth. Governments all over the globe are implementing the policies for the promotion of sustainable aviation solutions. Fortune Business Insights presents this information in their report titled "Hydrogen Aircraft Market, 2024–2032."

COVID-19 Impact

Delay In The Technological Developments During The Pandemic Led To A Negative The Market Growth

The COVID-19 outbreak led to a sudden halt on the manufacturing industry. This led to delay in the technological developments and production of hydrogen aircrafts and their related components. The pandemic led to supply chain disruptions, distribution network, delay in the supply of essential components, and raw materials.

Key Players: Hydrogen Aircraft Market

• Airbus (Netherlands)
• Bell Textron Inc. (U.S.)
• The Boeing Company (U.S.)
• Embraer (Brazil)
• GKN Aerospace (U.K.)
• Honeywell International Inc. (U.S.)
• Rolls Royce (U.K.)
• Safran SA (France)
• Urban Aeronautics Ltd (Israel)
• ZeroAvia, Inc. (U.S)

Information Source:

https://www.fortunebusinessinsights.com/hydrogen-aircraft-market-108161