Hydrogen Combustion Engine Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Hydrogen Combustion Engine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydrogen Combustion Engine Global Market Report 2024, The hydrogen combustion engine market size has grown rapidly in recent years. It will grow from $38.46 billion in 2023 to $43.06 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to environmental regulations, renewable hydrogen production, decarbonization initiatives, hydrogen infrastructure development, government incentives and subsidies.

The hydrogen combustion engine market size is expected to see rapid growth in the next few years. It will grow to $65.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to global push for green transportation, economic viability and cost reduction, global focus on hydrogen as an energy carrier, rising geopolitical concerns, consumer demand for zero-emission vehicles. Major trends in the forecast period include research and development initiatives, integration with hybrid systems, hydrogen safety standards, collaborations and partnerships.

The increasing use of fuel-cell cars is expected to propel the growth of the hydrogen combustion engine market going forward. A fuel cell car is an electric vehicle that generates electricity for propulsion using a fuel cell. Hydrogen is used as the fuel for fuel-cell electric vehicles. They are more effective than typical internal combustion engines and don’t have any hazardous exhaust emissions. The increasing use of fuel-cell cars contributes to the growth of the hydrogen combustion engine. For instance, in February 2022, according to a report published by InsideEVs, a US-based automotive podcast, by the end of 2021, 12,272 hydrogen fuel cell cars were sold in the United States, up 37% over the previous year. Therefore, the increasing use of fuel-cell cars is driving the growth of the hydrogen combustion engine market.

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The hydrogen combustion engine market covered in this report is segmented –

1) By Technology: Proton Membrane Exchange, Phosphoric Acid Fuel Cell, Other Technologies

2) By Installation: OEM (Original Equipment Manufacturer), Retrofit

3) By Application: Passenger Vehicle, Commercial vehicle, Ships, Other Applications

Technological advancements are a key trend gaining popularity in the hydrogen combustion engine market. Companies operating in the hydrogen combustion engine market are adopting recent technologies to sustain their position in the market. For instance, in February 2023, Bayerische Motoren Werke AG (BMW), a Germany-based luxury vehicle company, launched its first hydrogen-operated BMW iX5 Hydrogen models. The BMW Group has created specialized hydrogen components for its new fuel cell system. These components are designed to enhance the system’s functionality and draw parallels to ingredients found in traditional combustion engines. These include the intercooler, air filter, control units, and sensor technology.

The hydrogen combustion engine market report table of contents includes: