Categories: Market Research

Hydrogen Combustion Engine Market Growth Outlook Through 2024-2033

Overview and Scope
A hydrogen combustion engine is an engine that burns hydrogen gas as its primary fuel. A hydrogen internal combustion engine compresses hydrogen and air together in its cylinders, igniting a spark plug, resulting in a controlled explosion that produces mechanical power.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

North America was the largest region in the hydrogen combustion engine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen combustion engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players

Major companies operating in the hydrogen combustion engine market report are Toyota Motor Corporation, Stellantis N.V., Ford Motor Company, General Motor Company, Honda Motor Co. Ltd., Robert Bosch GmbH, Caterpillar Incorporated, Rio Tinto Group, Renault SA, Bayerische Motoren Werke AG, Magna International Inc., Mitsubishi Heavy Industries, Cummins Inc., Komatsu Ltd., Rolls-Royce Holdings PLC, Mahindra And Mahindra Ltd., AGCO Corporation, Air Products and Chemicals Inc., MAN Energy Solutions, Plug Power Inc., Bloom Energy Corporation, Ballard Power Systems Inc., Proton Motor Fuel Cell Inc., PowerCell Sweden AB, H2 PowerTech LLC, HyTech Power LLC, Origin Engines Inc., Hyzon Motors Inc., Loop Energy Inc.

The hydrogen combustion engine market report table of contents includes:

1. Executive Summary
2. Hydrogen Combustion Engine Market Characteristics
3. Hydrogen Combustion Engine Market Trends And Strategies
4. Hydrogen Combustion Engine Market – Macro Economic Scenario
5. Global Hydrogen Combustion Engine Market Size and Growth
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31. Hydrogen Combustion Engine Market Other Major And Innovative Companies
32. Global Hydrogen Combustion Engine Market Competitive Benchmarking
33. Global Hydrogen Combustion Engine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hydrogen Combustion Engine Market
35. Hydrogen Combustion Engine Market Future Outlook and Potential Analysis
36.Appendix

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