Hydrogen IC Engines Market by State (Gas and Liquid), Application (Transportation and Power Generation), Power Rating (Low, Medium, and High), Blending (Mix Blend and Pure Hydrogen) and Region - Global Forecast to 2035
The global hydrogen IC engines market is estimated to grow from USD 12 million in 2024 to USD 327 million by 2035; it is expected to record a CAGR of 34.7% during the forecast period. Hydrogen internal combustion engines (ICEs) are gaining traction as a potential alternative to traditional fossil-fuel engines and even to battery electric vehicles (EVs), driving the demand for hydrogen IC engines infrastructure.
Scope of the Report
Years Considered for the Study
2022-2035
Base Year
2023
Forecast Period
2024-2035
Units Considered
Value (USD Million)
Segments
Hydrogen IC Engines Market by state, power rating, application, blending and Region.
Regions covered
North America, Europe, Asia Pacific, and RoW.
"Liquid": The fastest growing segment of the Hydrogen IC Engines market, by state "
Based on state, the hydrogen IC engines market has been segmented into gas and liquid. The liquid segment is expected to be the fastest-growing segment during the forecast period. Recent advancements in the production and storage of liquid hydrogen are significantly enhancing its viability as a fuel option for internal combustion engines (IC engines). These improvements span several key areas, including cost reductions, increased efficiency, and technological innovations, making hydrogen a more practical and attractive alternative to traditional fossil fuels.
"By power rating, the medium segment is expected to be the fastest growing segment during the forecast period."
Based on power rating, the hydrogen IC engines market is segmented into low, medium and high. The medium segment is expected to be the fastest-growing segment of the hydrogen IC engines market during the forecast period. Industries such as shipping, heavy-duty transport, and stationary power generation are looking for sustainable alternatives to diesel and natural gas engines. Hydrogen ICEs provide a feasible option due to their similar operational characteristics.
"Asia Pacific" is expected to be the largest region in the Hydrogen IC Engines market."
Asia pacific is expected to be the largest region in the hydrogen IC engines market during the forecast period. The rapid economic growth and urbanization in the Asia-Pacific region are boosting the demand for clean and efficient transportation solutions, creating a substantial market opportunity for hydrogen IC engines. Governments in the Asia Pacific region are increasingly implementing policies and providing incentives to promote the adoption of hydrogen technology. Countries like Japan and South Korea have set ambitious hydrogen roadmaps, offering subsidies and tax incentives for hydrogen-powered vehicles and infrastructure development.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 20%, Europe- 25%, Asia Pacific- 30%, ROW-25%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The hydrogen IC engines market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen IC engines market are Wartsila (Finland), GARRETT MOTION INC. (Switzerland), BeHydro (Belgium), DEUTZ AG (Germany), MAN Energy Solutions (Germany). The major strategy adopted by the players includes new product launches, contracts, agreements, partnerships, joint ventures, acquisitions, and investments & expansions.
Research Coverage:
The report defines, describes, and forecasts the global hydrogen IC engines Market based on state, power rating, application, blending and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the hydrogen IC engines market.
Key Benefits of Buying the Report
Government initiatives at the national and international levels amplify the impact of investment on the hydrogen IC engines market. Robust policy frameworks, often accompanied by financial incentives, subsidies, and regulatory support, encourage widespread adoption of hydrogen IC engines. Factors such as high initial cost and lack of infrastructure restrain the growth of the market. The growing energy transition towards renewable energy sources and rapid urbanization are expected to present lucrative opportunities for the players operating in the hydrogen IC engines.
Product Development/ Innovation: The hydrogen IC engines market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe and sustainable products. Companies are investing in developing advanced hydrogen IC engines technologies for various applications.
Market Development: DEUTZ AG and RheinEnergie AG have partnered to initiate a pilot project focused on generating power using a stationary hydrogen engine. The objective is to utilize this engine to drive a generator capable of producing 170 kilovolt-amperes of electricity. The trial will take place at RheinEnergie's cogeneration plant in Cologne-Niehl, where RheinEnergie is responsible for sourcing the hydrogen and ensuring its supply. Initially, the two partners plan to invest a combined total of approximately USD 1.54 million in the trial operation at the Niehl facility.
Market Diversification: Wartsila has entered into a partnership with energy firms EPV Energy and Vaasan Sahko to develop a hydrogen engine power plant. This collaboration presents a significant opportunity to explore Power-to-X-to-Power solutions. Extensive research will be conducted on various future fuels and engine technologies to expedite progress towards a cleaner environment. Additionally, both hydrogen production and storage capacities can be expanded in the future.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include Wartsila (Finland), GARRETT MOTION INC. (Switzerland), BeHydro (Belgium), DEUTZ AG (Germany), MAN Energy Solutions (Germany), among others in the hydrogen IC engines market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
FIGURE 1 HYDROGEN IC ENGINES MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
FIGURE 2 HYDROGEN IC ENGINES MARKET SEGMENTATION, BY REGION
1.3.3 YEARS CONSIDERED
FIGURE 3 STUDY PERIOD CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 RESEARCH LIMITATIONS
1.6 STAKEHOLDERS
1.7 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
FIGURE 4 HYDROGEN IC ENGINES MARKET: RESEARCH DESIGN
2.2 PRIMARY AND SECONDARY RESEARCH
2.2.1 SECONDARY DATA
2.2.1.1 List of key secondary sources
TABLE 1 LIST OF KEY SECONDARY SOURCES
2.2.1.2 Key data from secondary sources
FIGURE 5 KEY DATA FROM SECONDARY SOURCES
2.2.2 PRIMARY DATA
2.2.2.1 List of primary interview participants
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS
2.2.2.2 Key data from primary sources
FIGURE 6 KEY DATA FROM PRIMARY SOURCES
2.2.2.3 Breakdown of primaries
FIGURE 7 BREAKDOWN OF PRIMARY SOURCES, BY COMPANY TYPE, DESIGNATION, AND REGION
2.3 MARKET SIZE ESTIMATION METHODOLOGY
2.3.1 BOTTOM-UP APPROACH
FIGURE 8 HYDROGEN IC ENGINES MARKET: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 9 HYDROGEN IC ENGINES MARKET: TOP-DOWN APPROACH
2.3.3 DEMAND-SIDE ANALYSIS
FIGURE 10 METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND FOR HYDROGEN IC ENGINES
2.3.3.1 Assumptions for demand-side analysis
2.3.3.2 Calculations for demand-side analysis
2.3.4 SUPPLY-SIDE ANALYSIS
FIGURE 11 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF HYDROGEN IC ENGINES
2.3.4.1 Assumptions for supply-side analysis
2.3.4.2 Calculations for supply-side analysis
2.4 FORECAST
2.5 DATA TRIANGULATION
FIGURE 12 DATA TRIANGULATION
2.6 RISK ASSESSMENT
2.7 RECESSION IMPACT
3 EXECUTIVE SUMMARY
TABLE 3 HYDROGEN IC ENGINES MARKET SNAPSHOT
FIGURE 13 EUROPE ACCOUNTED FOR LARGEST SHARE OF HYDROGEN IC ENGINES MARKET IN 2023
FIGURE 14 LOW RATING HYDROGEN IC ENGINES TO DOMINATE MARKET THROUGH 2035
FIGURE 15 LIQUID HYDROGEN IC ENGINES TO ACCOUNT FOR SIGNIFICANT SHARE OF MARKET THROUGH 2035
FIGURE 16 TRANSPORTATION APPLICATION TO DOMINATE HYDROGEN IC ENGINES MARKET THROUGH 2035
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HYDROGEN IC ENGINES MARKET
FIGURE 17 INVESTMENT IN HYDROGEN INFRASTRUCTURE TO DRIVE MARKET DURING FORECAST PERIOD
4.2 HYDROGEN IC ENGINES MARKET, BY REGION
FIGURE 18 NORTH AMERICA TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
4.3 HYDROGEN IC ENGINES MARKET, BY STATE
FIGURE 19 LIQUID SEGMENT DOMINATED MARKET IN 2023
4.4 HYDROGEN IC ENGINES MARKET, BY POWER RATING
FIGURE 20 LOW POWER RATING WAS LARGEST SEGMENT IN 2023
4.5 HYDROGEN IC ENGINES MARKET, BY APPLICATION
FIGURE 21 TRANSPORTATION APPLICATION ACCOUNTED FOR LION'S SHARE IN 2023
4.6 ASIA PACIFIC: HYDROGEN IC ENGINES MARKET, BY STATE & APPLICATION
FIGURE 22 LIQUID AND TRANSPORTATION ACCOUNTED FOR LARGEST SEGMENTAL SHARES IN 2023
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 23 HYDROGEN IC ENGINES MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Potential for long range and fast refueling
5.2.1.2 Growing Investments and government policies
FIGURE 24 POTENTIAL DEMAND AND PRODUCTION TARGETS FOR LOW-EMISSION HYDROGEN, BY SECTOR, 2030 (METRIC TON)
5.2.2 RESTRAINTS
5.2.2.1 Safety concerns regarding flammability
5.2.3 OPPORTUNITIES
5.2.3.1 Continuous technological advancements
5.2.3.2 Growing consumer interest
5.2.4 CHALLENGES
5.2.4.1 Competition from electric and fuel cell vehicles
5.2.4.2 Challenge in storing and distributing hydrogen safely and efficiently
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.