Global hydrogen combustion engine market expected to reach $94.68 billion by 2031, driven by environmental concerns
From GlobeNewswire: 2024-09-19 11:14:00
The global Hydrogen Combustion Engine Market is set to grow from USD 49.23 billion in 2024 to USD 94.68 billion by 2031, at a CAGR of 9.8%. The market is driven by environmental concerns and the increasing demand for emission-free vehicles. Governments are promoting hydrogen-powered vehicles to meet emission reduction targets and major automotive OEMs are focusing on developing hydrogen combustion engine-powered vehicles.
Electric hybrid hydrogen vehicles are gaining traction, offering zero emissions during electric-only operation and extended range capabilities through the use of hydrogen. Countries like Germany and France are investing in expanding their hydrogen refueling infrastructure to promote adoption of hydrogen-powered vehicles. Hydrogen combustion engines are increasingly used in power generation applications as a clean alternative to diesel generators, offering reliable baseload power with zero emissions.
The global hydrogen combustion engine market is expected to witness a CAGR of 9.8% from 2024 to 2031. Reciprocating engines are expected to dominate due to higher efficiency, while less than 500 KW power output segment will hold a dominant position. North America is expected to lead the market, supported by government policies and investments in hydrogen infrastructure by top automakers. Key players include Toyota, Honda, Ford, GM, and BMW, among others.
Recent developments in the market include Toyota’s announcement of a hydrogen combustion engine for sports cars and Alstom’s acquisition of Helion Hydrogen Power to strengthen its hydrogen capabilities. The market is segmented by engine type (reciprocating, rotary), power output (less than 500 kW, 500 kW to 1 MW, above 1 MW), application (power generation, transportation, industrial), and region (North America, Europe, Asia Pacific, Middle East, Africa).
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