Hydrogen Combustion Engine Market to Hit $94.68 billion by 2031, at a CAGR of 9.8%, says Coherent Market Insights
Burlingame, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The global Hydrogen Combustion Engine Market Size to Grow from USD 49.23 Billion in 2024 to USD 94.68 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Environmental concerns due to rising pollution levels from conventional internal combustion engines have become one of the primary factors fueling growth in the hydrogen combustion engine market. While hydrogen is touted as a clean fuel that emits only water vapor as a byproduct during combustion, widespread adoption of associated technologies has been relatively slow until now.
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Market Dynamics:
The hydrogen combustion engine market is primarily driven by the increasing demand for emission-free vehicles. Hydrogen combustion engines do not emit greenhouse gases such as carbon dioxide and have the potential to reduce dependence on fossil fuels. They utilize hydrogen as fuel and generate water and heat as by-products during operation. Furthermore, governments across regions are promoting the use of hydrogen-powered vehicles through incentives and supportive policies in order to meet greenhouse gas emission reduction targets.
An additional driver for the market growth is the focus of leading automotive OEMs on the development of hydrogen combustion engine-powered vehicles. For instance, in June 2021, Toyota Motor Corporation announced plans to commercialize solid oxide fuel cell systems for commercial vehicles by 2024.
Hydrogen Combustion Engine Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $49.23 billion |
| Estimated Value by 2031 | $94.68 billion |
| Growth Rate | Poised to grow at a CAGR of 9.8% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Engine Type, By Power Output, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing environmental concerns • Rise of Renewable Energy |
| Restraints & Challenges | • Limited infrastructure for hydrogen storage and distribution • Safety concerns and lack of standardization in hydrogen combustion engine technology |
Market Trends:
Electric hybrid hydrogen vehicles are gaining traction in the market. Such vehicles utilize both electric batteries and hydrogen fuel cells or combustion engines as the power source. They offer benefits such as zero emissions during electric-only operation and extended range capabilities through the use of hydrogen. Major automakers such as Hyundai Motor Company and Toyota Motor Corporation are launching electric hybrid hydrogen passenger vehicle models.
Countries worldwide are focusing on expanding their hydrogen refueling infrastructure in order to promote the adoption of hydrogen-powered vehicles. For example, in Europe, Germany and France have announced investments of over US$ 8.2 billion until 2030 to develop a network of at least 1,000 hydrogen refueling stations. Such initiatives are expected to fuel demand for hydrogen combustion engine vehicles during the forecast period.
Hydrogen combustion engines are increasingly being used in power generation applications as a clean alternative to diesel generators. The technology provides reliable baseload power with zero emissions. Several companies are developing hydrogen-fueled turbines and fuel cells for integrated energy solutions.
Hydrogen combustion engines are gaining traction in transportation sectors such as trucks, buses, marine vessels and railroads. Heavy-duty vehicles require high energy density fuels and hydrogen meets this need. Many countries are introducing hydrogen refueling infrastructure and offering incentives for fleet operators to adopt the technology.
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Key Market Takeaways:
The global hydrogen combustion engine market is anticipated to witness a CAGR of 9.8% during the forecast period 2024-2031, owing to growing demand for clean and reliable power solutions. On the basis of engine type, reciprocating engines segment is expected to hold a dominant position, owing to higher efficiency and power density compared to rotary engines.
On the basis of power output, less than 500 KW power output segment is expected to hold a dominant position over the forecast period, due to widespread application in power generators, trucks and backup power systems.
On the basis of application, power generation segment is expected to be the key end-user, owing to increasing installation of hydrogen power plants and fuel cells.
By region, North America is expected to hold a dominant position over the forecast period, due to supportive government policies and investments in hydrogen infrastructure by top automakers.
Key players operating in the hydrogen combustion engine market include AGCO Corporation, Ballard Power Systems Inc., BMW Groups, Caterpillar Incorporated, Cummins Inc., Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., JCB, Jaguar Land Rover Automotive plc., Mazda Motor Corporation, MAN Energy Solutions, Mitsubishi Heavy Industries, Renault SA, and Toyota Corporation. These players are engaging in new product development and partnerships with hydrogen technology companies.
Recent Developments:
In April 2021, Toyota Motor Corporation, announced the development of a hydrogen combustion engine specifically designed for sports cars.
In April 2021, Alstom, strengthened its hydrogen capabilities by acquiring Helion Hydrogen Power, a subsidiary of AREVA Energies Renouvelables.
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Detailed Segmentation:
By Engine Type:
- Reciprocating Engines
- Rotary Engines
By Power Output:
- Less than 500 kW
- 500 kW to 1 MW
- Above 1 MW
By Application:
- Power Generation
- Transportation
- Industrial
- Others (Marine, Aerospace, etc.)
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
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