With an ever-increasing demand for efficient fuel sources and transportation systems, the global hydrogen combustion engine market is expected to grow as it provides an efficient solution in automotive and public transportation.
DUBAI, United Arab Emirates, 08 Dec. 2022 (GLOBE NEWSWIRE) — The Global Hydrogen Combustion Engine Market Is Set To See A Breakthrough Pace CAGR of 9.78% during the forecast period. The current valuation of the hydrogen combustion engine market is $18.22 billion in 2023. The value of the hydrogen combustion engine market is expected to reach a peak of US$46.31 billion by 2033.
The main aspects pushing the adoption of hydrogen combustion engine are due to the government’s attempts to promote the use of fuel cell cars, a growing demand for fuel cells in automotive and transport and an increase in demand for passenger transport. Internal combustion engines have long been popular.
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Despite this, OEMs are turning their attention to natural gas and hydrogen engines due to the rising cost of crude oil, stringent emissions regulations, fuel supply security and pollution. sound. This is obviously likely to promote the global hydrogen combustion engine.
Furthermore, an increase in governmental and organizational support for the development and commercialization of refueling infrastructure across the globe is expected to drive rapid progress in the global hydrogen combustion engine market over the coming years.
In addition, the impending decline in fuel cell costs, driven by the increasing use of creative strategies by fuel producers to drive down fuel prices, is expected to improve the market development prospects in the coming years. Hydrogen combustion engines are gradually evolving as a result of different technical breakthroughs and inventions, allowing them to deliver high power while improving fuel efficiency.
Despite an increase in demand for electric motors and a corresponding decrease in demand for internal combustion engines powered by traditional sources, it is estimated that hydrogen combustion engines will continue to play an important role in the evolution of the industry. automobile. Additionally, they have the ability to improve in various areas including thermal efficiency, emissions, and electrification.
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The need for research is always filled by researchers. Because more hydrogen vehicles could be produced and brought to market through the development of low-cost hydrogen power generation technology, hydrogen vehicles became a reality.
More and more scientific studies have pushed car manufacturers to bring environmentally friendly automobiles to the market in order to minimize carbon emissions in the environment. These factors are expected to increase the global hydrogen combustion engine market size over the forecast period.
However, hydrogen (in gaseous form) is often produced from water by electrolysis, which involves sending a strong electric current through water to separate the oxygen and hydrogen atoms. The electrolysis technique is very expensive due to high energy requirements. Additionally, the stringent greenhouse gas emission standards and regulations are expected to hamper the growth of the market.
Key points to remember:
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During the forecast period, North America is expected to account for the largest share of the global hydrogen combustion engine market. The market in this region is expected to grow due to increased investment in R&D to provide state-of-the-art solutions and meet end-user demands. Additionally, the US government’s renewable energy programs are driving the market growth across the country.
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The hydrogen combustion engine market in Europe is expected to grow rapidly, especially in Germany, over the projected period. This is due to the country’s major players actively developing a hydrogen internal combustion engine, pushing back the pan-European goal of becoming the world’s first climate-neutral continent by 2050, based on their significant knowledge and skills. years of research experience in this field. .
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Due to its ability to transfer protons across the membrane from the anode to the cathode and its importance to the efficiency of the electrochemical process, the “membrane proton exchange” type of technology is expected to generate the largest revenue. throughout the forecast period.
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As it fits the market niche by serving the nation’s middle class with low prices, high-quality equipment, small sizes, and simple financing options, the “commercial vehicles” application type accounts for a large share and is the most preferred type.
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Competitive landscape:
Due to the existence of international and local players, the global market for hydrogen combustion engines is fragmented. A large number of manufacturers hold significant market share in their respective regions. Organic developments, such as product releases and approvals, are often widely adopted by key companies. For example, in April 2021, Toyota announced that it was developing a hydrogen combustion engine for use in sports vehicles and seeks to create a prosperous and sustainable mobility society. These factors are estimated to increase the global hydrogen combustion engine market size. The following companies are key leaders in the global hydrogen combustion engine market:
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